Dixons sales increase

Dixons Retail, which owns Currys and PC World in the UK, has announced a fall in both annual sales and profits but said like for like sales have risen 3 per cent on the year.

The group reported underlying pre-tax profits of £70.8 million in the financial year 2011-12, down from £85.3 million (€106m) in 2010-11. Net debt almost halved to £104 million from a year earlier.

The company added that it was “on target” to make a £160 million repayment due in November. This followed the agreement of a new credit facility with its banks last month.

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