2016/17 Preliminary Results

28 Jun 2017

Good results with headline profit before tax up 10%

Preliminary results for the 12 months to 29 April 2017*

  • Group like-for-like revenue up 4%. Statutory revenue up 9%
  • Strong profit performance:
    • Headline PBT of £501 million (2015/16: £457 million), up 10%.
    • Headline basic EPS 33.8p (2015/16: 30.2p), statutory basic EPS 25.6p (2015/16: 14.0p)
    • Total statutory profit before tax of £386 million (2015/16: £263 million) after non-headline charges of £115 million (2015/16: £194 million).
  • Free cash flows of £160 million (2015/16: £202 million) and net debt broadly flat year-on-year at £271 million
  • Final dividend of 7.75p (2015/16: 6.50p) proposed, taking total dividends for the year to 11.25p (2015/16: 9.75p), up 15% year-on-year

Headline results*

 

 

Headline revenue

Headline profit / (loss)

2016/17
£million

2015/16
restated
£million

Reported rate
% change

Local currency
% change

Like-for-like
% change

2016/17
£million

2015/16
restated
£million

UK & Ireland

6,550

6,402

2%

2%

4%

385

371

Nordics

3,156

2,632

20%

5%

1%

89

79

Southern Europe

661

550

20%

4%

6%

22

17

Connected World Services

213

152

41%

37%

N/A

21

11

Group

 

10,580

9,736

9%

3%

4%

517

478

Net finance costs

 

 

 

 

 

 

(16)

(21)

Profit before tax

 

 

 

 

 

 

501

457

Tax

 

 

 

 

 

 

(112)

(110)

Profit after tax

 

 

 

 

 

 

389

347

Headline basic EPS

 

 

 

 

 

 

33.8p

30.2p

Notes:
- In the UK & Ireland, like-for-like revenues in the full year improved by approximately 3% as a net result of sales successfully transferred from closed stores and sales disruptions.
* See notes on page 2 for an explanation of the basis of preparation and defined terms.

Seb James, Group Chief Executive, said:

“Over the last few years a great deal of work has been done to make the company stronger, lower risk and more resilient. We are seeing the upside of these efforts now as we declare record headline profits before tax of over half a billion pounds – up 10%. More importantly, the improvement in our cost base, the strong leadership position that we have built, the investment that we have made in our digital business and, above all, the enormous shift in customer satisfaction and price competitiveness that we have driven leave us well positioned to flourish in the years ahead.

While the UK consumer environment seems to be holding up for us, there will undoubtedly continue to be changes in the way people buy all of the products that we sell from phones to washing machines. Change always represents opportunity, and our job is to find the propositions that keep us compelling to our customers forever. We are excited about our plans in services and about the myriad of initiatives that will drive long-term relationships with our customers.

In short, it has been a good year for Dixons Carphone and it gives me great pleasure once again to thank my 43,000 colleagues for the work that they have done to deliver so well and so energetically for our customers.”

Investor and analyst webcast

There will be a conference call with presentation for investors and analysts at 9:00 am today. The presentation slides will be available via webcast (listen only) on our corporate website, www.dixonscarphone.com

Next announcement

The Group will publish its Q1 trading statement on 7th September 2017.

For further information

Kate Ferry
IR, PR & Corporate Affairs Director
+44 (0)7748 933 206

Mark Reynolds
Head of Investor Relations
+44 (0)7979 696 498

Hannah Collyer
Head of Media Relations
+44 (0)7834 256 775

Nick Cosgrove, Helen Smith
Brunswick Group
+44 (0)207 404 5959

Information on Dixons Carphone plc is available at www.dixonscarphone.com

Follow us on Twitter: @dixonscarphone and @DCSebJ

About Dixons Carphone

Dixons Carphone plc is Europe's leading specialist electrical and telecommunications retailer and services company, employing over 43,000 people in ten countries.

Focused on helping customers navigate the connected world, Dixons Carphone offers a comprehensive range of electrical and mobile products, connectivity and expert after-sales services from the Geek Squad and Team Knowhow.

Dixons Carphone's primary brands include Carphone Warehouse and CurrysPCWorld in the UK & Ireland, Elkjøp, Elkjøp Phonehouse, Elgiganten, Elgiganten Phone House, Gigantti and Lefdal in the Nordic countries, Kotsovolos in Greece, Dixons Travel in a number of UK airports as well as Dublin and Oslo, and Phone House in Spain. Our key service brands include Team Knowhow in the UK, Ireland and the Nordics, and Geek Squad in the UK, Ireland and Spain.

Business-to-business (B2B) services are provided through Connected World Services, CurrysPCWorld Business and Carphone Warehouse Business. Connected World Services aims to leverage the Group's existing expertise, operating processes and technology to provide a range of services to businesses.

Dixons Carphone was voted ‘Retailer of the Year’ at the Retail Week Awards last year.

Certain statements made in this announcement are forward-looking. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward-looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Information contained on the Dixons Carphone plc website or the Twitter feed does not form part of this announcement and should not be relied on as such.

View the results in full (PDF)