independent

Wednesday 16 April 2014

Dixons profits revived as Great British Bake Off boosts sales of kitchen gadgets

Bake Off judges Paul Hollywood and Mary Berry
Bake Off judges Paul Hollywood and Mary Berry

Dixons, the electronic retailer that owns PC World and Currys, expects to sell one million computer tablets in the run-up to Christmas and has posted first-half results that were at the top end of forecasts.

The change in the group's fortunes comes after it restructured the business following the global financial crash by selling or closing some international units and revamping its stores.

Dixons said that sales in the six months to October 31 rose 6pc to £3.4bn (€4bn), while underlying group profit jumped 52pc to £48.1m (€57m). It said its UK and Ireland operations had a "strong start" to the year.

It's the first time in six years that the group has reported an underlying profit.

SUCCESS

While computer tablets are selling well for the group, it also said it had been helped by the success of the BBC show 'The Great British Bake Off' which had boosted sales of kitchen gadgets. The company has also been helped by the collapse of UK rival Comet last year.

Chief executive Sebastian James said that offloading its Pixmania business and realigning others had helped to remove a significant profit-drag. "These changes mean that we can really focus on new and exciting opportunities to do more for our customers and suppliers," he said.

But he cautioned investors about the outlook. "Very strong trading this time last year, together with the fact that we have now annualised Comet's exit, makes the second half more challenging," he said.

Irish Independent

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