DSGi, owner of PC World and Currys, today posted a pre-tax loss of £140.4 million, in what chief executive John Browett described as 'a year of change.'
While the figures represent a 78 per cent year-on-year drop, they were actually slightly above the firm's expectations.
The firm blamed Europe's economic backdrop as the chief cause of the loss, and claimed it didn't expect to see significant recovery until late 2010.
“This has been a year of significant change for the Group," said Browett. "We have taken wide ranging actions to re-organise and restructure the business as well as implementing our Renewal and Transformation plan. Following our successful rights issue and placing, which received very strong support from our shareholders, and was well received by our suppliers, we now have the resources and flexibility to deliver on our Renewal and Transformation plan at a faster pace.
The CEO remained positive about the long term situation, claiming the Renewal and Transformation plan will eventually help it reach its goals.
"We are well positioned to emerge from the recession with a compelling offer for customers. We remain confident of our medium term target of achieving a three per cent to four per cent return on sales.”
DSGI will not pay a dividend after the rights issue last month, and will look to make a payout to shareholders in the next fiscal year.
Advertisement
Related Stories
- Lenovo net profits soar by 73% May 23rd 2012 at 10:55AM
- HP Folio 13-1000 ultrabook a DSG exclusive Feb 8th 2012 at 6:06AM
- Apple hires former CEO of Dixons Feb 1st 2012 at 10:31AM
- John Lewis profits down Sep 14th 2011 at 4:13PM
- Samsung Galaxy Tab 10.1 goes on sale next week Jul 26th 2011 at 8:38AM
- Target profits up 56% Jul 8th 2011 at 12:45PM
- Dixons Retail: We?re on course for growth Dec 8th 2010 at 11:01AM
- Dixons reports almost ?8m loss Nov 25th 2010 at 10:43AM
- Dixons launches Advent tablet range Oct 7th 2010 at 12:40PM
- Comet unveils rebranding plans Sep 10th 2010 at 2:45PM
