Dec 16, 2020

Dixons Carphone holds back on repaying business rates

Electronics retailer Dixons Carphone has reported a 15 per cent rise in sales and a near tripling of UK profits in the six months to the end of October but indicated it will not repay the business rates relief it received during the pandemic. Furlough payments to staff and business rates relief totalled £103m. In the first half of its financial year to October, government financial assistance was worth £80m. The company said that although current trading remained strong, with electricals sales up 12 per cent in the six weeks to December 12, the immediate outlook was uncertain. Sales in the group's UK electricals business rose 15 per cent as customers bought laptops and printers for homeworking and gaming consoles. A surge in online sales while stores were closed added £800m to overall UK sales, with ecommerce accounting for 58 per cent of total UK sales during the first half, up from 27 per cent last year. Sales were up 13 per cent in Greece and 16 per cent in Scandinavia, with more modest increases in online revenue.

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