Pre-tax profits rise at Dixons and Carphone Warehouse as £3.7bn merger given an unconditional all-clear
Annual pre-tax profits for high street retailer Dixons have increased by 53 per cent to £132.9m, a day after the European Commission granted an unconditional all-clear for its £3.7bn merger with Carphone Warehouse.
Pre-tax profits at Carphone Warehouse also rose some six per cent to £133m for the year ending 29 March, with like-for-like revenues up 5.3 per cent.
Dixons’ group chief executive, Sebastian James, said he was “very excited about the opportunities the proposed merger with Carphone Warehouse offers the group”.
Adding that the merger will enable the two brands to build “the first and best truly multi-channel proposition that allows customers not only to buy and experience the explosion of new connected products that are emerging, but also the get the advice, connectivity and services that will allow them to use technology as it should be used”.
According to James the new financial year had started well due to an “uplift in TV sales driven by the World Cup” combined with “early glimmers” of consumer recovery.
Earlier in the year IAB CEO Guy Phillipson praised the “bright future” of the merger stating that the deal marked a “significant” development in the retail and mobile landscapes.