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Dixonsgroupplcinterimresultsforth Dixons Group plc interim results for the 28 weeks ended 15 November 2003 Dixons Group plc, Europe's leading specialist electrical retailer, today announces interim results. INTERIM RESULTS • Turnover increased by 21% to £3.1 billion (2002/03: £2.6 billion). • Group like for like sales up 1%; UK like for like sales were flat and International like for like up 3%. • Operating profit (including goodwill amortisation) increased by 15% to £102.4 million (2002/03: £89.4 million). • Profit before tax (excluding goodwill amortisation) increased by 9% to £105.7 million (2002/03: £97.1 million). • Profit before tax (including goodwill amortisation) increased by 9% to £103.4 million (2002/03: £94.8 million). • Basic earnings per share increased by 3% to 3.7 pence (2002/03: 3.6 pence). Interim dividend of 1.660 pence (2002/03: 1.510 pence), an increase of 10%. • On 24 November 2003, the Group successfully sold 48.4 million Wanadoo SA shares, raising ?310 million (£216 million) cash • On 8 December 2003, the Group disposed of its European property development business, Codic International SA for ?33 million (£23 million) cash. CHRISTMAS TRADING Group sales for the 8 weeks ended 10 January 2004 were up 12% in total and 5% on a like for like basis. In the UK, sales increased by 7% in total and 4% on a like for like basis. Sales in the International division increased by 28% in total and 7% on a like for like basis. Sir John Collins, Chairman, commented as follows: "The Group achieved solid results in the first half year, with good sales and profit growth in a challenging retail market. Performance in the UK has improved throughout the period and our International businesses have continued to make good progress. The Competition Commission's 15-month long investigation into extended warranties has continued to absorb a significant amount of management time. We are encouraged that the final recommendations reflect many of the Group's longstanding policies and practices governing the sales of extended warranties, and that the Commission has concentrated on practical and proportionate measures to ensure the spread of best practice across the industry. The successful disposal of Codic, on attractive terms, will allow the Group to focus on the development of our portfolio of strong retail brands. Christmas sales in the UK have been in line with our expectations and our International businesses have continued to perform well. Despite continuing uncertainty over the economic environment in Europe, the Group is well placed for a year of further progress." RESULTS AND DIVIDENDS Shortly after the half year end, the Group disposed of its European property development business, Codic International SA. This business has accordingly been treated as a discontinued operation. For the 28 weeks ended 15 November 2003 the Group's total and underlying results, excluding these discontinued operations and goodwill amortisation, are as follows: Total results Underlying results * £ million % change £ million % change Turnover 3,135 + 21% 3,101 + 21% Operating Profit 102.4 + 15% 102.5 + 20% Net interest receivable 1.0 - 81% 0.9 - 83% Profit before tax 103.4 + 9% 103.4 + 14% Basic EPS (pence) 3.7 p + 3 % Adjusted diluted EPS (pence) 3.8 p + 9% * excluding discontinued operations and goodwill amortisation The Group's underlying turnover increased by 21% to £3,101 million (2002/03: £2,572 million) reflecting sales growth in all divisions and the full consolidation of UniEuro from the second half of last financial year. Excluding UniEuro, turnover increased by 9%. Group like for like sales were 1% higher. The increase of 14% in underlying profit before tax to £103.4 million (2002/03: £90.8 million) includes £7.7 million of UK property profits (2002/03: £6.3 million). Adjusted diluted earnings per share were 3.8 pence (2002/03: 3.5 pence), an increase of 9%. The lower rate of growth of earnings per share compared with pre-tax profit growth reflects an increase in the effective rate of taxation. The directors have declared an interim dividend of 1.660 pence per share (2002/03: 1.510 pence), an increase of 10%, payable on 1 March 2004 to shareholders registered on 30 January 2004. POST BALANCE SHEET EVENTS On 24 November 2003, the Group sold a further 48.4 million Wanadoo SA shares. The shares were placed at a price of ?6.40 per share and raised ?310 million cash. On 8 December 2003, the Group disposed of its European property development business, Codic International SA for ?3 million cash. The consideration was equal to the Group's share of the net asset value of Codic of ?37 million at 31 October 2003. As part of the transaction, the purchasers assumed ?42m of net debt DIVISIONAL PERFORMANCE UK RETAIL The UK Retail division made an operating profit before goodwill amortisation of £81.6 million (2002/03: £77.9 million), an increase of 5%. Turnover in the period increased by 4% to £2,246 million (2002/03: £2,153 million), with flat like for like sales. Gross margins increased by 0.1 percentage points. Improvements made in product margins were partially offset by a lower mix of Coverplan contract sales versus the same period in 2002/03 and lower mobile phone margins. The division's cost to sales ratio was 0.1 percentage points worse. Strong progress was made in reducing payroll, service and central department cost ratios, which delivered 50 basis points of improvement. However, these benefits were offset by increased rental inflation and a higher level of advertising investment during the period. PRODUCT MARKETS The division's product markets grew in value terms by 3% overall. The brown goods market grew by 4% with strong growth in new technology products including plasma & LCD TVs, DVD players and digital photography. These growth categories were partially offset by lower sales of games consoles, VCRs and analogue photography. The white goods market grew by 4% with strong growth in small appliances and refrigeration. The overall computing market grew by 1%. The desktop and laptop market fell by 5%, but was more than offset by continued strong growth in both the PC peripheral and PC accessory markets. The mobile phone market grew strongly with total connections up by an estimated 10% as a result of strong sales of entry level prepay connections. New contract connections declined slightly year on year. CURRYS Currys sales were £823 million (2002/03: £806 million), an increase of 2%. Like for like sales were flat. Good sales growth was achieved in digital photography, plasma and LCD TVs, personal computers and refrigeration. Sales declined in games, mobile phones and hi-fi products. Currys' performance steadily improved throughout the first half as significant changes to ranging, merchandising, advertising and in-store operations were introduced. Currys continued to re-locate to larger out of town sites, opening or re-siting seven new stores during the period, taking the total number of stores to 380. New store openings included two large stores featuring an enhancement to the standard 'marketplace' design. Four further new stores are expected to open or resite during the second half of this financial year. PC WORLD Total PC World sales grew by 7% to £729 million (2002/03: £683 million) with flat like for like sales. There was strong growth in laptop PCs, TFT monitors and digital photography, although desktop PC sales were held back by a weak market. During the period, PC World implemented a number of important initiatives. These included an increased focus on ultra-thin laptops and wi-fi networking products, and an extended component centre offering. Nine new PC World stores were opened or re-sited during the half year, taking the total to 133. Five new stores are expected to open during the second half. PC World Business sales grew by 5% to £99 million (2002/03: £94 million) with sales to small businesses through PC World stores particularly strong. The total number of actively traded accounts with PC World Business increased by 9% to 86,000 with continued strong growth in the Public sector. DIXONS Dixons sales at £392 million (2002/03: £393 million) were unchanged, with like for like sales down 2%. Strong sales of digital cameras, PCs and accessories were offset by declines in audio products, games and mobile phones. Focus continued on improving gross margins through higher sales of add-ons and packages. Four stores were opened or re- sited during the period, including three large format xL stores in Birmingham, Swansea and Hull. In addition, as part of the ongoing store-restructuring programme, twelve smaller stores were closed. The number of Dixons stores at the half year was 318. THE LINK Sales in The Link were £201 million (2002/03: £186 million), an increase of 8% in total and 6% on a like for like basis. The Link opened a new concept store during the period. Initial results have been encouraging, with an increased mix of contract sales. Two new stores were opened during the half year, and five stores are expected to open or resite during the second half of this financial year. At the half year, The Link traded from 288 stores. Genesis Communications, the business to business mobile phone service provider acquired 18 months ago, grew strongly during the period, achieving a 21% increase in its customer base and a 26% increase in sales. Just after the half year, Genesis relocated its operations to the PC World Business head office at Bury. EXTENDED WARRANTIES In December, the Government announced that it had accepted the recommendations contained in the Competition Commission's Report on extended warranties following its 15-month investigation.
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