Dixons profits up

Euro expansion and 2,000 more jobs

Dixons Group has increased turnover by 13 per cent to £6.5bn for the year ended 1 May 2004. Pre-tax profits for the period were up 11 per cent to £331.6m. The electronics retailer plans European expansion and will take on 2,000 more staff, 1,000 of these jobs will be in the UK.

Dixons saw two per cent growth in the computing market but a two per cent fall in PC hardware where strong unit volume growth was more than offset by price deflation. PC peripherals and accessories performed well. Mobile phone sales continued to grow strongly - up 19 per cent for the year.

John Clare, group chief executive, said the company recorded strong performance in its largest chains - Currys, PC World, Elkjop and UniEuro. Sales in the new financial year were in line with expectations.

Dixons today announced a £200m share buyback scheme funded by the sale of Wanadoo shares and Codic International. Costs associated with the closure of 106 Dixons stores are now believed to be £44m, not the £48m originally set aside.

The full results can be downloaded here.

Dixons finance director Jeremy Darroch has been approached by BSkyB to be join the broadcaster as its finance director, according to today's FT. ®

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