Jun 20, 2019

Changes in the UK mobile market hit Dixons Carphone

The electronics retailer took almost £500m of exceptional charges at its interim results in December, mostly relating to its UK mobile phone business. While the statutory pre-tax loss for the year to April was £259m, its "Headline" pre-tax number was a profit of £298m. In the new financial year, headline pre-tax profits are set to dip to £210m. Analysts had expected them to hold flat. Dixons said changes in the UK mobile market that have hit its business, as people upgrade handsets less frequently and opt for sim-only contracts, have accelerated since it took the writedown in December. Mobile will make a "Significant loss" in the current financial year. Markets speed-read. US government bond yields hit their lowest level since 2016 and the dollar extended losses on Thursday after the Federal Reserve took a more dovish line on monetary policy.

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