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.