Dixons Carphone has reported a 21% rise in profits, in part helped by Greeks panic buying big-ticket items such as large-screen TVs as a safe haven for their cash amid the ongoing economic crisis in the country.
The company said that its pro-forma headline pre-tax profit had grown from £316 million to £381 million in the 13 months ended May 2.
The retailer said that total revenues had also edged 1.8pc higher to £9.9bn – slightly shy of analyst estimates that Dixons Carphone sales would top £10bn in its first results since its merger.
But – the old Etonian educated at Oxford and who featured alongside Prime Minister David Cameron and Tory MP Boris Johnson in the infamous 1987 Bullingdon Club photograph – added that the job was “far from done”.
Dixons Carphone chief executive officer Sebastian James said earlier this week that the Greek unit was seeing a boost in sales as fears of a collapse of the country’s banking system appeared to be encouraging consumer spending.
Dixons Carphone will pay a final dividend of 6 pence, up from the 4p it paid the year before, taking the total dividend for the year to 8.5p from 6p, a 42% increase.
Dixons, which owns Currys and PC World, said its integration was going well and was on target to save at least £80mln by 2016/17, one year ahead of plan.
“I am acutely aware that there is no room for complacency in a sector which has seen unprecedented change, bringing both opportunities and challenges”, he said. Dixons Carphone’s Nordics business saw sales jump four per cent to £2.7bn while in southern Europe, sales slumped 10 per cent to £637m.
It said the team in Greece have been very active in planning for every contingency.
“At the same time, we have continued to generate strong customer satisfaction numbers, made significant strides in our Connected World Services business including our agreement with Sprint, and launched a brand new mobile network”.