Friday 19 January 2018

Irish losses rise to €3.15m at Dixons

Dixons reports ‘a very competitive and declining market’
Dixons reports ‘a very competitive and declining market’

Gordon Deegan

Pre-tax losses at the Irish arm of the Dixon's retail operation rose by 19pc to €3.15m last year.

Revenues at DSG Retail fell marginally from €152.38m to €150.5m in the 12 months to the end of April 30 last.

According to the directors' report, "the results reflect the continued difficult economic environment in which the company continues to trade in".

PC World and Currys also operate under the DSG banner in Ireland and the directors say revenues fell by 1pc, but that reflected a "strong performance in a very competitive and declining market".

The directors say "post-tax losses worsened by €1m from €2.6m to €3.6m inclusive of a write-off of a deferred tax asset".

In order to deliver an improvement in trading results, the directors say they continue to manage the cost base of the company and review regularly opportunities to drive efficiencies and savings.

The numbers employed fell from 663 to 647 with staff costs falling from €15.98m to €15.6m.

Emoluments for directors fell from €285,000 to €242,000.

The losses include a non-cash depreciation charge of €3.1m. The company paid rentals under operating leases of €11.7m compared to €11.5m in 2013. The firm's cash totalled €1.39m.

Irish Independent

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