Dixons Carphone profits fall on weak demand for mobiles

Profits at Dixons Carphone plunged by 60% in the first half as people shunned expensive mobile phones and held onto their old handsets for longer. Dixons Carphone warned on profits in August because of changes in the phone market. Shares in Dixons Carphone rose by 5% following the announcement. Pre-tax profits fell to £61m in the six months to 28 October compared with £154m in the same period last year on group sales down 1% at £4.8bn. Like-for-like sales, which strip out revenue from new shops opened during the period, rose by 4%. However, this was due to stronger turnover in Dixons Carphone's electricals business as well as its divisions in Greece and the Nordic region. Mr James said that will continue, but: "The question is who's paying for the phone at the moment - we're paying for the phone."

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