// Dixons Carphone made £24m in profit for this year’s H1, compared to £60m the year before
// The Currys, PC World and Carphone Warehouse owner said guidance for a £90m loss in the full financial year was unchanged.
// Group CEO: Business is “nowhere near its full potential”
Dixons Carphone has reported a 60 per cent fall in first half profit, after making adjusted profit before tax of £24 million in the first half of its year, compared with £60 million for the same time last year.
In the 26 weeks to October 26, like-for-like revenue in UK and Ireland fell by one per cent.
The electronics fared better internationally, with half year revenue up one per cent and like-for-like revenue up three per cent.
Outside of the UK and Ireland, Dixons Carphone noted it also managed to grow its share of all markets it trades in thanks to strong online growth.
It was mobile revenue that dragged its UK and Ireland figures down, falling 18 per cent for the half year and down 10 per cent like-for-like.
“We’re on track to deliver what we promised this year, and with our longer-term transformation,” chief executive Alex Baldock said.
“In a tough UK electricals market, we’ve gained significant share, and strengthened our market leadership.
“Our planned investments in the colleague and customer experience have played a big part in this resilient performance, demonstrated by sharply increased customer satisfaction scores.
“Our big International business also registered market share gains in every territory, with solid sales and margin improvements.
“Mobile is challenging as expected. As promised, this will be the trough year for Mobile losses, and it will be break-even by 2022.
“Good progress, yes, but all of us at Dixons Carphone are shareholders, and conscious that our business is still nowhere near its full potential.
“We’re determined to realise that potential, and confident we’re on the right path to do so.”
Dixons Carphone said its guidance for a £90 million loss in the full 2019-2020 financial year was unchanged.
Typically Dixons Carphone makes most of its annual profit in its second half, and said that it was on track to achieve adjusted pretax profit of around £210 million for its 2019-2020 financial year, in line with its previous forecasts.