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Dixons posts 5% rise in profits

Good laptop sales balance weak PC business

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Dixons today reported a five per cent rise in profits for the year ended April 28, 2001.

Excluding exceptional items and losses from ISP Freeserve, the retailer saw pre-tax profit of £277.8 million, compared to £263.7 million the previous year.

Pretax profit before exceptionals rose 37 per cent to £647.1 million, while sales grew 20 per cent to £4,643 million.

The company described sales performance in May as "disappointing", but said overall performance "improved significantly" in June.

Dixons said its retail division had strong sales in mobile phones, digital cameras, camcorders, and PC peripherals. But it added that good growth in laptop sales was "more than offset by a weak market for consumer desktop PCs".

"We expect continued volatility in our markets, with periods of strong growth in individual market segments being followed by a period of contraction, before growth is resumed," the company said in a statement.

"This has already happened in the PC market and is likely to occur with mobile phones."

Sir Stanley Kalms, Dixons chairman, commented: "We will continue to expand our activities in the UK and Europe.

"We are confident this will create long-term shareholder value and reinforce our position as Europe's leading electrical retailer." ®

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