UK retail group Dixons today reported a surge in annual profit driven by strong demand for mobile phones.
The company said that booming mobile sales, particularly in the pre-pay market, helped boost its revenue by 23 per cent from £3.16bn to £3.89bn, and its profit by 11 per cent from £238.6m to £263.7m during the year ended 29 April.
However, while mobile phone sales soared, the video games market saw a decline, with many customers waiting for the arrival of next generation games consoles, such as the Sony Playstation 2, said the company.
In a statement, Dixons chairman Sir Stanley Kalms, said: "It has been a year of achievement for the Group. We produced another strong set of results in a challenging retail environment. There are a number of challenges ahead, but the Group is in an excellent position to take advantage of the opportunities in its markets."
Dixons, which announced in May that it was considering its strategic options regarding its remaining 80 per cent stake in Freeserve, added that it is continuing to hold discussions with a number of different parties.
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