Multi-channel electrical retail and services company Dixons Retail plc, owner of Currys and PC World, today declared its preliminary audited results for the financial year ended 30 April 2013, which showed a rise in UK and Ireland profits of 39%.
The increase in UK sales reportedly helped offset weaker trading in parts of the company’s European operations, as well as costs related to the restructuring of its online business Pixmania. Despite this, the company’s underlying pre-tax profits rose by 15% to GBP94.5m and like-for-like sales increased by 4% for the company’s full year.
Dixons also reported that as part of the two year GBP90m cost reduction initiative, it has reduced its group costs for the year by GBP45m. The group ended the year with net cash of GBP42.1m, in comparison to a net debt of GBP104.0m at the beginning of its financial year.
Group chief executive, Sebastian James, said: “We have returned to growth for the Group as a whole, and also to a net cash position, marking an important milestone in our transition from survivor to winner. On all of our strategic priorities I am pleased with the progress we have made, even though I am, of course, impatient for us to achieve even more, even faster, particularly in focusing on markets where we are, or can be, a leader.”