Dixons Group has reported an impressive 37 per cent increase in pre-tax profits for the year to 28 April 2001, thanks to increased mobile phone, camcorder and digital camera sales combined with its timely offloading of internet service provider Freeserve.
Profits jumped from £472.1m last year to £647.1m. However, while the figures are near the top end of analysts' expectations, underlying profits - not including exceptional items and Freeserve - showed a growth of five per cent to £277.8m from £263.7m.
In the UK retail division, operating profits rose 11 per cent in the period, with like-for-like sales rising by three per cent as the company reported strong sales of consumer electronics.
Dixons opened 23 new Currys stores and 16 new PC World outlets during the period, and is now set to expand PC World into Spain and France.
Chairman Sir Stanley Kalms, who is standing down in September, warned that these new ventures are expected initially to make losses.
Shares in the company were down 3.75p to 227.5p by 11.30am BST on Wednesday.
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