Dixons Store Group Plunges £30m Into The Red
PC World and Currys, both subsidiaries of DSG International, remain in 'tough and volatile' trading, after the owners plunged £30 million into the red, posting underlying losses of £29.8M in the 6 months following up to last month, a rather stark contrast to the £52.4M profit last year.
DSGi have announced that they are going to axe their dividend in view of the weak trading in the UK, Central Europe, Ireland, Spain, and Italy. The decision was made to 'preserve liquidity', hoping that the 2% reduction in interest rates would help improve their sales. Sales of computing products fell by 11% in the UK, with electrical goods down by 7%.