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Published on December 12th, 2018 | by The GC Team

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Dixons Carphone reports £440 million loss

Dixons Carphone has reported a pre-tax loss of £440 million for the six months to 27th October compared to a pre-tax profit of £54 million in the same period last year.

The loss was mainly due to a £490 million charge mostly related to a write-down in the value of its mobile business.

Group like-for-like revenue rose 2%.

The company said it had identified gross cost-savings of £200 million but it would not be cutting jobs.

An additional £200 million of capital expenditure would be allocated over three years to accelerate the transformation of the business.

The business also announced that over 30,000 colleagues would become shareholders through new share awards incentive.

Alex Baldock, Group Chief Executive, said: “We have set a clear long-term direction that will deliver more engaged colleagues, more satisfied customers and a more valuable business for shareholders.

“We’re focusing on our core, and on four things that matter most – two big profitable growth opportunities in online and credit, revitalising our mobile business and giving customers an easy experience. We’ll deliver these through capable and committed colleagues, working in one joined-up business, with strong infrastructure.”

Baldock spoke of headwinds and uncertainty facing businesses serving the UK consumer, “we’ve had our own challenges,” he said. “But, with this plan, we can now see the way to unleashing the true potential of this business.”

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