Interim Results

28th Nov 2007 07:01

DSG International PLC28 November 2007 28 November 07 - PR 160/07Strictly embargoedFor release at 07.00 hours DSG international plc INTERIM RESULTS FOR THE 24 WEEKS ENDED 13 OCTOBER 2007 DSG international plc, one of Europe's largest specialist electrical retailers,today announces Interim results for the 24 weeks ended 13 October 2007: Financial highlights •Group sales up 8% to £3,377.6 million (2006/07(1): £3,123.5 million) •Group sales up 9% excluding PC City France(2) •Group like for like sales(3) up 5% •International sales now represent 42% of total Group sales •Underlying pre-tax profit(4) £52.4 million (2006/07: £70.3 million) •Profit after tax £37.3 million (2006/07: £29.8 million) •Underlying diluted earnings per share 2.0 pence (2006/07: 2.6 pence); Basic earnings per share 2.0 pence (2006/07: 1.9 pence) •Interim dividend per share 2.02 pence (2006/07: 2.02 pence) €39.9 million shares repurchased for a total consideration of £61.2 million •On track to deliver over £30 million of cost savings in the full year, ahead of target •Continued focus on working capital maintaining zero average paid days stock(5) Operational highlights •Group continues to capitalise on strong demand for digital products such as flat panel televisions, games consoles and laptops •Unique structure of five core logistics hubs now operational across Europe •The TechGuys sales doubled, responding to demand for support and service from customers •Successful launch of new large space mixed electrical format in Europe and introduction of mezzanines into Currys stores •Electro World brand launched in Greece and Turkey •Strong growth in internet sales, underpinning the Group's multi-channel and pure play approach •Recycling and in-store take-back of used products launched in the UK with 12,000 tonnes collected so far Sir John Collins, Group Chairman commented: "We had an encouraging start to the year in terms of sales, and I am pleasedwith the performances of the UK Electricals businesses as well as our operationsin the Nordics, Greece and Central Europe. Across the UK and Europe we continuedto capitalise on strong demand for flat panel, high definition televisions,laptop computers, digital SLR cameras, games consoles and accessories. Whilst most parts of the Group performed well, overall profit was disappointing,primarily due to PC World and UniEuro. PC World performed well against a strong prior year comparative in the importantback to school period, however profitability was significantly impacted in thefirst half as a result of the overstock of laptops and increasing hardware inthe mix. Laptop stock levels are now back to normal. UniEuro remains disappointing and we are working hard to improve the operationalperformance of the business against the backdrop of a difficult consumerenvironment. We are making progress with recruiting a new managing director forItaly. Our e-commerce division of Dixons and PIXmania grew strongly with like for likesales up 26%. The Group continues to exploit, and benefit from, the systems ande-tailing skills FotoVista brings to existing online retailing operations of theGroup. During the first half our five core logistics hubs across Europe became fullyoperational, giving us a unique advantage over our competitors. In addition wecontinued to make progress in leveraging the benefits of international buyinginitiatives across Europe. We are looking forward to the arrival of our new chief executive, John Browett,next week. In the meantime the Group is focused on its core priorities ofcapital discipline, cost and margin management as well as retail innovation. We are in the middle of an exciting product cycle led by high definitiontelevisions, i-Pods, MP3 players, laptops, digital cameras, games consoles andsatellite navigation equipment. This will be a Christmas for multi-channelretailers, and we are accessible to our customers everywhere, online and instore. We are well prepared for the important Peak season ahead of us. There is much debate about the uncertain outlook in many of our markets and theeconomic fundamentals make it difficult to extrapolate trends into the rest ofthe financial year, accordingly it is appropriate to be cautious about theconsumer environment in 2008." For further information: David Lloyd-Seed Director of Investor Relations, DSGi 01727 205 065 Mark Webb Corporate Media Relations Manager, DSGi 01727 205 019 Susan Gilchrist or Laura Cummings Brunswick Group 020 7404 5959-------------------------------------------------------------------------------Information on DSG international plc is available at http://www.dsgiplc.com------------------------------------------------------------------------------- An audio webcast of the analyst presentation being held this morning will beavailable from 3.00pm today at http://www.dsgiplc.com (click "financial information", then "presentations").------------------------------------------------------------------------------- NOTES 1. Throughout the highlights and the business review, references to 2006/07 results are to proforma figures for the 24 weeks ended 14 October 2006, unless otherwise stated. 2. As reported in the Interim trading announcement on 18 October 2007 the percentage change for the Group excluding PC City France is 9%. On the same basis the percentage change for the Computing division and International Computing is 4% and 16% respectively. 3. Like for like sales are calculated based on stores that have been open for a full financial year both at the commencement and end of the financial period. Customer support agreement sales are excluded from all UK like for like calculations. Operations that are subject to closure have sales excluded as of the announcement date. 4. Throughout this statement, references are made to 'underlying' performance measures. Underlying results are defined as being before amortisation of acquired intangibles, exceptional asset impairments, net restructuring charges and other one off items, profit on sale of investments, net fair value remeasurements of financial instruments and, where applicable, discontinued operations. The financial effect of these items is shown in the analyses on the face of the income statement and in note 3 to the interim financial statements. 5. Average paid days stock is a measure of average period stock days across the year less average period trade creditor days. 6. Free Cash Flow relates to continuing operations and comprises cash generated from operations before special pension contributions, plus net finance income, cash flows related to finance leases, less income tax paid and net capital expenditure. 7. Unless otherwise noted, throughout this statement figures relate to continuing operations. Total revenue including discontinued operations was £3,383.7 million (2006/07: £3,242.7 million). 8. Certain statements made in this announcement are forward looking statements. 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. Underlying sales and profit analysis Sales Underlying profit / (loss)----------------------------------------------------------------------------------- ----------------------------------- Proforma Proforma 24 weeks 24 weeks 24 weeks 24 weeks ended ended ended ended 13 October 14 October Like for 13 October 14 October 2007 2006 Total(1) like 2007 2006 £million £million %change %change £million £million----------------------------------------------------------------------------------- -----------------------------------Electricals UK & Ireland Electricals 1,191.5 1,133.9 5% 6% 14.1 8.9Nordic(2) 598.1 546.9 8% 4% 35.2 36.5Southern Europe(3) 396.0 371.8 6% (3)% (4.3) 1.6Central Europe(4) 66.8 55.4 16% n/a (5.7) (6.0)----------------------------------------------------------------------------------- -----------------------------------Total Electricals 2,252.4 2,108.0 7% 4% 39.3 41.0----------------------------------------------------------------------------------- ----------------------------------- Computing UK Computing(5) 772.0 757.0 2% 2% 14.8 38.4International Computing(6) 128.6 130.9 (2)% n/a (8.9) (14.9)----------------------------------------------------------------------------------- -----------------------------------Total Computing 900.6 887.9 1% 1% 5.9 23.5----------------------------------------------------------------------------------- -----------------------------------Int'l Computing -excl PC City France 128.6 110.4 16% n/aTotal Computing -excl PC City France 900.6 867.4 4% 1% ----------------------------------------------------------------------------------- -----------------------------------e-commerce 224.6 127.6 n/a 26% 0.9 1.9----------------------------------------------------------------------------------- ----------------------------------- ----------------------------------------------------------------------------------- -----------------------------------TOTAL RETAIL 3,377.6 3,123.5 8% 5% 46.1 66.4----------------------------------------------------------------------------------- ----------------------------------- Corporate and Group shared services - - - - (10.2) (10.8)Property profits - - - - 6.8 5.9----------------------------------------------------------------------------------- -----------------------------------Corporate Centre - - - - (3.4) (4.9)----------------------------------------------------------------------------------- ----------------------------------- ----------------------------------------------------------------------------------- -----------------------------------Group 3,377.6 3,123.5 8% 5% 42.7 61.5----------------------------------------------------------------------------------- -----------------------------------Group - excl PC City France 3,337.6 3,103.0 9% 5% Underlying net finance income 9.7 8.8----------------------------------------------------------------------------------- -----------------------------------GROUP UNDERLYING PROFIT BEFORE TAX 52.4 70.3----------------------------------------------------------------------------------- ----------------------------------- 1. Total sales percentage change is reported in local currency for regional sales and in pounds sterling for divisional and Group totals. 2. Nordic comprises the Elkjop Group, which operates in Norway, Sweden, Finland, Denmark, Iceland and Faroe Islands. 3. Southern Europe comprises Italy, Greece and, for the first time, Turkey. 4. Central Europe comprises Electro World that operates in Hungary, the Czech Republic and Poland. 5. UK Computing comprises PC World, DSGi Business and The TechGuys. 6. International Computing comprises the PC City operations in Spain, Sweden and Italy. The 24 weeks ended 14 October 2006 also included France. BUSINESS PERFORMANCE Group sales were up 8% to £3,377.6 million (2006/07: £3,123.5 million). Excluding the PC City France operations, total sales were up 9%. Like for likesales were up 5%. Group underlying profit before tax was £52.4 million (2006/07:£70.3 million). Total Group profit after tax was £37.3 million (2006/07: £29.8million). ELECTRICALS DIVISION Total sales in the Electricals division were up 7% to £2,252.4 million (2006/07:£2,108.0 million) and like for like sales were up 4% with strong sales of flatpanel televisions and digital products. Underlying operating profit was £39.3million (2006/07: £41.0 million). UK & IRELAND Total sales in the UK & Ireland Electricals operations were up 5% at £1,191.5million (2006/07: £1,133.9 million) with like for like sales up 6%. Underlyingoperating profit was £14.1 million (2006/07: £8.9 million). Flat paneltelevisions continued to drive growth of the brown goods category. Having shownsigns of stability, the white goods market is now more subdued. Currys, including Currys.digital, experienced a strong year on year performancein terms of sales and profit growth, with share gains in key categories. Curryscontinues to manage costs and to exploit initiatives in its supply chain as wellas Group buying synergies. Currys has converted 8 stores to mezzanines. The addition of the extra spaceenables greater ranging and densities of products as well as improved display ofessentials and accessories. Early indications for this trial have been veryencouraging and a further 4 mezzanines will be opened in time for Peak. Ireland grew total sales by 21% across the first half, driven by the opening ofnew stores underpinning the Group's market leading position in that market. Likefor like sales were down 3%, affected by a weakening consumer environment. Dixons Tax Free continues to perform well in UK airports. The Group is lookingforward to the opening of Terminal 5 at Heathrow where there will be a further 4stores, including for the first time a PC World format store and a dedicatedaccessories and essentials outlet, taking its total store count to 29. NORDIC In the Nordic region, Elkjop grew total sales by 8% at constant exchange ratesto £598.1 million (2006/07: £546.9 million) with like for like sales up 4%.Underlying operating profit was £35.2 million (2006/07: £36.5 million). Elkjopdelivered particularly strong performances in Sweden and Norway. During the first half Elkjop invested in integrating Markantalo more fully intothe Group. This involved refits to stores to improve ranges of key products,improvements in the availability of accessories and essentials and reducingolder ranges. Having grown significantly in recent years Elkjop has invested inits head office and logistics infrastructure. Elkjop grew its franchiseoperations adding a further 7 in the first half, taking the total number offranchise stores to 85. Profit growth in Elkjop in the first half was held back by the investment inMarkantalo, investment in the infrastructure and a weaker consumer environmentin Denmark. Elkjop's multi-channel offering continued to grow in all markets with a 19%increase in online sales which now represent 3% of total sales. It hasintroduced a reserve and collect service for customers in time for ChristmasPeak in most of its operations. SOUTHERN EUROPE Sales in the Group's Southern European operations grew in total by 6% atconstant exchange rates to £396.0 million (2006/07: £371.8 million), with likefor like sales down 3%. The underlying operating loss of £(4.3) million (2006/07: profit of £1.6 million) reflects the strong performance in Greece being morethan offset by the investment in new stores in Turkey and, in particular, by thedisappointing performance in Italy. Italy UniEuro in Italy grew total sales by 2% at constant exchange rates to £250.0million (2006/07: £243.8 million). Like for like sales were down 8% affected bythe weakening consumer environment combined with the very competitive electricalretailing market as it starts to consolidate. UniEuro has been working hard in this difficult market and continues to investfor the future with the opening of 10 new stores in the first half as well asrefurbishing a total of 39 stores. Initial sales from these stores areencouraging. This programme, together with UniEuro's new advertising campaignand great value for customers, continue to drive an improving perception ofUniEuro amongst customers. UniEuro has held market share and grown margins inthe first half and the Group remains confident in its prospects over the longterm. At the beginning of October the managing director of UniEuro left the Group dueto personal reasons. Per Bjorgas, Managing Director of the Electricals division,has taken direct day to day responsibility of the UniEuro business until areplacement is found. Greece Total sales in Greece grew by 13% to £144.3 million (2006/07: £128.0 million) atconstant exchange rates, with like for like sales up 7%. This was another strongperformance as the Group reinforces its position as Greece's leading specialistelectrical retailer. Four new large space out of town stores were opened during the first half. Threeof these were under the Electro World brand. These stores are based on a newlarge space proposition of around 40,000 sqft. These formats provide an excitingretail environment for customers, delivering greater depth of ranges in allproduct areas especially for accessories and essentials. Early trading from thisnew format is very encouraging. Kotsovolos also opened 3 franchise stores andclosed 9 smaller stores during the first half. Turkey During the first half the Group commenced operations in Turkey with the openingof two stores under the Electro World brand. These new stores, one in Bursa andone in Konya, are both based around the Group's new large space format. Withexciting promotions for both these openings, initial trading has been ahead ofexpectations. A further 4 stores are expected to be opened before the end of thefinancial year. CENTRAL EUROPE In Central Europe our Electro World operations continue to perform in line withexpectations, with total sales growth at constant exchange rates of 16% to £66.8million (2006/07: £55.4 million). Underlying investment operating losses were £(5.7) million (2006/07: £(6.0) million). Operations in the Czech Republic continue to perform well. Despite the continuedausterity programme being implemented by the Government, operations in Hungarydelivered a more encouraging performance during the half. Whilst Poland remainsa competitive market, the Group is growing from a small store base there. Atotal of 3 stores were opened across all three markets in the first half. TheGroup continues to invest across these important growth markets with a further 8stores expected to be opened in Central Europe during the remainder of thefinancial year. COMPUTING DIVISION Total sales in the Computing division were up 1% to £900.6 million (2006/07:£887.9 million). Excluding the PC City France operations, total sales were up4%. Like for like sales were up 1%. Underlying operating profit was £5.9 million(2006/07: £23.5 million). UK Computing UK Computing comprises PC World, DSGi Business and The TechGuys. Total saleswere up 2% at £772.0 million (2006/07: £757.0 million) with like for like salesup 2%. Underlying operating profit was £14.8 million (2006/07: £38.4 million),including an investment of almost £3 million in The TechGuys. PC World performed well against a strong period in the previous year during theimportant back to school period. PC World's margins were materially impacted bythe need to reduce laptop stocks following lower than expected demand for Vistaenabled products, and the effect of increasing hardware in the mix as thecomputing retail market continues to evolve. PC World entered the second half ofthe financial year with normal levels of laptop stocks. PC World is at the heart of a changing computing retail market. Technologychange, digital products, convergence and connectivity in the home as well ascustomers increasing need for service and support are driving PC World's movefrom selling computers to computing. PC World is uniquely positioned tocapitalise on, and benefit from, these changing dynamics and continues to leadthe market, growing share in hardware and other categories and increasingcustomer satisfaction metrics by driving in store service and The TechGuyssupport proposition. Collect@store continues to engage customers and is proving to be a popular routeto purchase. PC World continues to develop this proposition both on-line andin-store to increase attachment levels. The TechGuys performed very strongly in its first year, doubling sales. Itemploys 500 field engineers, 1,500 call centre technicians, 40 productevaluation specialists and 450 in-store engineers. The TechGuys service is a keypart of the Group's offering to customers. The TechGuys service desks are nowoperational in all PC World stores. PC World is very well placed to leverage thebenefit of product and services being available together for customers in store.The Group remains excited about the prospects for The TechGuys, particularly asa significant differentiator for the specialist in the computing market. DSGi Business sales were £172.9 million with gross margin percent showing animprovement over last year. It continued to perform in line with profitexpectations with strong sales of desktops, laptops and software. Newinitiatives in customer service, training and development have started todeliver benefits to customers with, for example, a significant improvement innext day customer fulfilment. International Computing PC City sales for Spain, Italy and Sweden were up 16% at constant exchange ratesto £128.6 million (2006/07: £110.4 million), with growth in all markets.Including PC City France, which was closed towards the end of the previousfinancial year, total sales were down 2%. Underlying investment operating losseswere £(8.9) million (2006/07: £(14.9) million). The Group is planning for moresubdued consumer environments in Spain in the second half. In Sweden, PC Citycontinues to perform in line with expectations. During the first half PC Cityopened 4 stores in Spain and 2 in Italy. E-COMMERCE DIVISION The e-commerce division includes Dixons.co.uk and PIXmania. Total sales for thee-commerce division were £224.6 million (2006/07: £127.6 million). Underlyingoperating profit was £0.9 million (2006/07: £1.9 million). Dixons.co.uk has gone from strength to strength as it continues to widen itsappeal and customer base through the addition of more categories to the coreproposition of electricals such as white goods as well as growing ranges ofnon-electricals products. FotoVista continues to make good progress, benefiting from strong sales acrossEurope, particularly in its less developed markets. Key growth has come fromproducts introduced since becoming part of the Group, particularly flat paneltelevisions and computing. Sales of its traditional product set, such as digitalimaging, have performed less well, in line with these markets. The Group willexploit, and benefit from, the systems and e-tailing skills FotoVista hasbrought to existing online retailing operations. Dixons and PIXmania are well placed to take advantage of the growing onlinegifting market in the lead up to Christmas. FINANCIAL POSITION The Group delivered underlying profit before tax of £52.4 million (2006/07:£70.3 million), including property profits of £6.8 million (2006/07: £5.9million). Underlying diluted earnings per share was 2.0 pence (2006/07: 2.6pence). Total Group profit before tax was £51.4 million (2006/07: £52.1million). Group gross margin, excluding the e-commerce division, was down 0.6%.The results are reported against proforma comparatives for the 24 weeks ended 14October 2006, unless otherwise stated. ADJUSTMENTS TO UNDERLYING RESULTS 24 weeks ended 24 weeks ended 13 October 2007 14 October 2006 £million £million------------------------------------------------------------------------------- Profit before tax 51.4 52.1 Add back operating items: Amortisation of acquired intangibles 1.8 1.9 Distribution Network transformation - 14.8------------------------------------------------------------------------------- 1.8 16.7------------------------------------------------------------------------------- Add back financing items: Net fair value remeasurements (0.8) 1.5------------------------------------------------------------------------------- (0.8) 1.5-------------------------------------------------------------------------------Net charges to add back 1.0 18.2-------------------------------------------------------------------------------Underlying profit before tax 52.4 70.3------------------------------------------------------------------------------- Underlying profit before tax is reported before amortisation of acquiredintangibles of £1.8 million and non-underlying finance income of £0.8 millionrelating to the net fair value remeasurement gains on revaluation of financialinstruments as required by IAS 39. Free Cash Flow In the period Free Cash Flow generated was £68.6 million (2006/07: £121.7million). 24 weeks ended 24 weeks ended Change 13 October 2007 14 October 2006 £million £million £million------------------------------------------------------------------------------- Underlying profit before tax 52.4 70.3 (17.9)Depreciation & amortisation 61.7 59.4 2.3Working capital 45.2 74.6 (29.4)Taxation (26.6) (44.0) 17.4Capital expenditure+ (73.0) (70.7) (2.3)Sale of freehold property+ 27.8 54.2 (26.4)Other cash items (18.9) (22.1) 3.2-------------------------------------------------------------------------------Free Cash Flow 68.6 121.7 (53.1)------------------------------------------------------------------------------- + Sale of freehold property in the current period excludes £10.0 millionrelating to PC City France. Capital expenditure in the prior period excludes£8.1 million relating to the restructuring of distribution assets in the UK.Both are shown under Other cash items. Underlying working capital improvements in the period were £45.2 million (2006/07: £74.6 million), driven largely by higher creditor days. The Group exceededits target of zero average paid days stock. Capital expenditure was £73.0 million (2006/07: £70.7 million). Cash generatedfrom the sale of freehold property was £27.8 million (2006/07: £54.2 million).Other cash items in the period principally related to property profits, PC CityFrance and distribution restructuring. Available net funds At 13 October 2007 the Group had available net funds (which exclude funds heldunder trust for customer support agreement liabilities) of £4.1 million,compared with £118.9 million in the previous year. 24 weeks ended 24 weeks ended 13 October 2007 14 October 2006 £million £million -------------------------------------------------------------------------------Opening net funds 224.9 439.6Free Cash Flow 68.6 121.7 Dividends (124.4) (119.9) Share buy back programme (59.6) - Acquisitions & disposals (15.9) (174.6) Other items 7.7 17.5-------------------------------------------------------------------------------Other movements in net funds (192.2) (277.0)-------------------------------------------------------------------------------Closing net funds 101.3 284.3Less: Funds held under trust (97.2) (165.4)-------------------------------------------------------------------------------Available net funds 4.1 118.9------------------------------------------------------------------------------- Movements in net funds include £124.4 million of dividend payments and £15.6million relating to the exercise of a put option held by Fourlis Holding SA, themain minority shareholder in Kotsovolos, whereby the Group acquired a further10% of Kotsovolos for this amount. Share buyback On 22 June 2007 the Group announced a programme to repurchase £100 million ofits own shares. During the first half the Group purchased a total of 39.9million shares for cancellation for a total consideration of £61.2 million, ofwhich £59.6 million had been paid by 13 October 2007. Dividends The directors have resolved to pay an interim dividend of 2.02 pence per share(2006/07: 2.02 pence). This will be paid on 25 January 2008 to shareholdersregistered on 14 December 2007. The Group's policy is to increase dividends inline with earnings over time balanced against appropriate dividend cover. TAX The Group's tax rate on underlying profit was 31% (2006/07: 30%). The increasein the tax rate reflects the reduced benefit of lower overseas tax rates. PENSIONS At 13 October 2007, excluding deferred tax benefits, the deficit of the UKdefined benefit pension scheme amounted to £3.1 million (28 April 2007: £38.4million). The assumptions for determining the accounting valuation use aconsistent basis to that adopted in prior periods and the improvement in thedeficit position arises from increases in the value of the assets of the schemeand a flat liabilities position which is influenced by a higher discount rate. The Group is currently part way through its triennial actuarial valuation forwhich the results are expected early in 2008 and despite the accountingvaluation showing a £nil gain / deficit, the actuarial valuation is expected tocontinue to show a deficit. The results of the actuarial valuation will includerecommendations to address any deficit over the longer term and will alsoinclude actuarial assumptions which may influence those used in determining theaccounting valuation which, once known, will be taken into account for the fullyear accounting valuation. The defined benefit section of the UK pension scheme was closed to new entrantson 1 September 2002. OUTLOOK Commenting on the outlook Sir John Collins said: "We are in the middle of an exciting product cycle led by high definitiontelevisions, i-Pods, MP3 players, laptops, digital cameras, games consoles andsatellite navigation equipment. This will be a Christmas for multi-channelretailers, and we are accessible to our customers everywhere, online and instore. We are well prepared for the important Peak season ahead of us. There is much debate about the uncertain outlook in many of our markets and theeconomic fundamentals make it difficult to extrapolate trends into the rest ofthe financial year, accordingly it is appropriate to be cautious about theconsumer environment in 2008." - ENDS - Maylands Avenue Sir John CollinsHemel Hempstead Group ChairmanHertfordshire HP2 7TG 28 November 2007 -------------------------------------------------------------------------------Ex dividend date for interim dividend 12 December 2007Record date for interim dividend 14 December 2007Interim Report publication date 17 December 2007Proposed interim dividend payment date 25 January 2008 Copies of the Interim Report will be available from the CompanySecretary at the above address and on the Group's website at http://www.dsgiplc.com------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT ------------------------------------------------------------------------------------------------------------------------ Proforma 24 weeks ended 13 October 2007 24 weeks ended 14 October 2006 Unaudited Unaudited ------------------------------------------------------------------------------------------------------------------------ Non- Non- Note Underlying* underlying* Total Underlying* underlying* Total £million £million £million £million £million £million------------------------------------------------------------------------------------------------------------------------Continuing operations Revenue 2 3,377.6 - 3,377.6 3,123.5 - 3,123.5------------------------------------------------------------------------------------------------------------------------ Profit from operations before associates 41.3 (1.8) 39.5 61.3 (16.7) 44.6Share of post tax results of associates 1.4 - 1.4 0.2 - 0.2------------------------------------------------------------------------------------------------------------------------Operating profit 2,3 42.7 (1.8) 40.9 61.5 (16.7) 44.8 Finance income 41.9 4.8 46.7 44.3 4.0 48.3Finance costs (32.2) (4.0) (36.2) (35.5) (5.5) (41.0)------------------------------------------------------------------------------------------------------------------------Net finance income 4 9.7 0.8 10.5 8.8 (1.5) 7.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Profit before tax 52.4 (1.0) 51.4 70.3 (18.2) 52.1------------------------------------------------------------------------------------------------------------------------Income tax expense 5 (16.0) 0.2 (15.8) (21.1) 5.5 (15.6)------------------------------------------------------------------------------------------------------------------------Profit after tax - continuing operations 36.4 (0.8) 35.6 49.2 (12.7) 36.5Net profit/(loss) on disposals - - - - 1.0 1.0Profit/(loss) after tax from discontinued - 1.7 1.7 - (7.7) (7.7)operations------------------------------------------------------------------------------------------------------------------------Profit/(loss) after tax - discontinued 10 - 1.7 1.7 - (6.7) (6.7)operations------------------------------------------------------------------------------------------------------------------------Profit for the period 36.4 0.9 37.3 49.2 (19.4) 29.8 ------------------------------------------------------------------------------------------------------------------------Attributable to:Equity shareholders of the parent company 36.3 0.9 37.2 47.8 (13.6) 34.2Minority interests 0.1 - 0.1 1.4 (5.8) (4.4)------------------------------------------------------------------------------------------------------------------------ 36.4 0.9 37.3 49.2 (19.4) 29.8------------------------------------------------------------------------------------------------------------------------Earnings per share (pence) 6------------------------------------------------------------------------------------------------------------------------Basic - total 2.0p 1.9pDiluted - total 2.0p 1.8pBasic - continuing operations 1.9p 1.9pDiluted - continuing operations 1.9p 1.9p------------------------------------------------------------------------------------------------------------------------Underlying earnings per share (pence) 1,6------------------------------------------------------------------------------------------------------------------------Basic - continuing operations 2.0p 2.6p Diluted - continuing operations 2.0p 2.6p ------------------------------------------------------------------------------------------------------------------------ * 'Underlying' profit and earnings per share measures exclude the impact of amortisation of acquired intangibles, exceptional asset impairments, net restructuring charges and other one off items, profit on sale of investments, net fair value remeasurements of financial instruments and, where applicable, discontinued operations. Such items are described as 'Non-underlying'. Further information on these items is shown in notes 3, 4, 5 and 10. CONSOLIDATED INCOME STATEMENT (continued) ------------------------------------------------------------------------------------------------------------------------ 28 weeks ended 11 November 2006 52 weeks ended 28 April 2007 Unaudited Audited------------------------------------------------------------------------------------------------------------------------ Non- Non- Note Underlying* underlying* Total Underlying* underlying* Total £million £million £million £million £million £million------------------------------------------------------------------------------------------------------------------------Continuing operationsRevenue 2 3,752.2 - 3,752.2 7,929.7 - 7,929.7 ------------------------------------------------------------------------------------------------------------------------Profit from operations before associates 84.5 (16.9) 67.6 271.2 (170.5) 100.7Share of post tax results of associates 0.2 - 0.2 2.4 - 2.4 ------------------------------------------------------------------------------------------------------------------------Operating profit 2,3 84.7 (16.9) 67.8 273.6 (170.5) 103.1------------------------------------------------------------------------------------------------------------------------Finance income 50.1 2.7 52.8 94.5 12.7 107.2 Finance costs (37.8) (3.8) (41.6) (73.0) (23.2) (96.2)------------------------------------------------------------------------------------------------------------------------Net finance income 4 12.3 (1.1) 11.2 21.5 (10.5) 11.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Profit before tax 97.0 (18.0) 79.0 295.1 (181.0) 114.1 ------------------------------------------------------------------------------------------------------------------------Income tax expense 5 (28.7) 5.3 (23.4) (88.5) 11.2 (77.3)------------------------------------------------------------------------------------------------------------------------Profit after tax - continuing operations 68.3 (12.7) 55.6 206.6 (169.8) 36.8Net profit/(loss) on disposals - 1.0 1.0 - (28.8) (28.8)Profit/(loss) after tax from discontinued operations - (6.6) (6.6) - (5.6) (5.6)------------------------------------------------------------------------------------------------------------------------Profit/(loss) after tax - discontinued operations 10 - (5.6) (5.6) - (34.4) (34.4)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Profit for the period 68.3 (18.3) 50.0 206.6 (204.2) 2.4 ------------------------------------------------------------------------------------------------------------------------Attributable to:Equity shareholders of the parent company 66.0 (12.4) 53.6 203.0 (198.0) 5.0Minority interests 2.3 (5.9) (3.6) 3.6 (6.2) (2.6)------------------------------------------------------------------------------------------------------------------------ 68.3 (18.3) 50.0 206.6 (204.2) 2.4 ------------------------------------------------------------------------------------------------------------------------Earnings per share (pence) 6------------------------------------------------------------------------------------------------------------------------Basic - total 2.9p 0.3pDiluted - total 2.9p 0.3pBasic - continuing operations 2.9p 1.8pDiluted - continuing operations 2.9p 1.8p------------------------------------------------------------------------------------------------------------------------Underlying earnings per share (pence) 1,6------------------------------------------------------------------------------------------------------------------------Basic - continuing operations 3.6p 11.1p Diluted - continuing operations 3.5p 10.9p ------------------------------------------------------------------------------------------------------------------------ CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE ------------------------------------------------------------------------------------------------------------------------ Proforma 24 weeks ended 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 14 October 2006 11 November 2006 28 April 2007 Unaudited Unaudited Unaudited Audited £million £million £million £million------------------------------------------------------------------------------------------------------------------------Profit for the period 37.3 29.8 50.0 2.4Actuarial gains/(losses) on defined benefit pension scheme 30.5 (27.2) (54.3) 45.7Cash flow hedges Fair value remeasurement(losses)/gains (1.4) 0.4 (4.1) 7.9 (Losses)/gains transferred to carrying amount of inventories (2.9) (1.8) 0.3 (3.1) Gains/(losses) transferred to income statement 0.9 0.4 (1.0) (5.4)Net investment hedges Fair value remeasurements (24.3) 25.2 25.8 13.2Investments Fair value remeasurement losses (0.6) (0.1) (0.1) (0.1) Tax on items taken directly to equity (0.7) 1.0 10.5 (18.1)Currency translation movements 51.5 (45.6) (31.3) (24.5)------------------------------------------------------------------------------------------------------------------------ Net income /(expense)recognised directly inequity 53.0 (47.7) (54.2) 15.6------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Total recognised income and expense for the period 90.3 (17.9) (4.2) 18.0------------------------------------------------------------------------------------------------------------------------Attributable to:Equity shareholders of the parent company 89.8 (13.3) (0.3) 20.7Minority interests 0.5 (4.6) (3.9) (2.7)------------------------------------------------------------------------------------------------------------------------ 90.3 (17.9) (4.2) 18.0------------------------------------------------------------------------------------------------------------------------ CONSOLIDATED BALANCE SHEET ------------------------------------------------------------------------------------------------------------------------ Proforma 13 October 2007 14 October 2006 11 November 2006 28 April 2007 Unaudited Unaudited Unaudited Audited Note £million £million £million £million------------------------------------------------------------------------------------------------------------------------Non-current assetsGoodwill 1,127.8 1,157.2 1,167.9 1,057.1Intangible assets 133.6 144.0 143.8 127.7Property, plant and equipment 567.4 581.2 595.2 580.6Investments in associates 25.0 2.2 2.2 21.8Trade and other receivables 57.1 23.5 20.3 40.2Deferred tax assets 85.1 119.9 127.2 82.2------------------------------------------------------------------------------------------------------------------------ 1,996.0 2,028.0 2,056.6 1,909.6------------------------------------------------------------------------------------------------------------------------Current assetsInventories 1,154.7 971.9 1,171.8 1,030.6Trade and other receivables 463.4 495.2 479.6 393.3Income tax receivable - - - 16.6Short term investments 9 145.1 173.8 201.8 185.9Cash and cash equivalents 9 354.6 519.9 511.2 440.5------------------------------------------------------------------------------------------------------------------------ 2,117.8 2,160.8 2,364.4 2,066.9Assets held for sale - 10.1 10.0 ------------------------------------------------------------------------------------------------------------------------- 2,117.8 2,170.9 2,374.4 2,066.9------------------------------------------------------------------------------------------------------------------------Total assets 4,113.8 4,198.9 4,431.0 3,976.5------------------------------------------------------------------------------------------------------------------------ Current liabilitiesBank overdrafts 9 (2.3) (8.4) (8.3) (5.7)Borrowings 9 (3.0) (0.2) (2.3) (2.9)Obligations under finance leases (1.2) (0.9) (0.9) (1.0)Trade and other payables (2,137.6) (1,859.4) (2,042.4) (1,807.5)Income tax payable (0.6) (25.3) (29.0) (19.6)Provisions (19.2) (30.8) (28.7) (32.7)------------------------------------------------------------------------------------------------------------------------ (2,163.9) (1,925.0) (2,111.6) (1,869.4)------------------------------------------------------------------------------------------------------------------------Net current(liabilities)/ assets (46.1) 245.9 262.8 197.5------------------------------------------------------------------------------------------------------------------------Non-current liabilitiesBorrowings 9 (291.8) (298.9) (301.1) (290.4)Obligations under finance leases (100.1) (101.0) (100.8) (101.5)Retirement benefit obligations 11 (3.1) (168.9) (195.6) (38.4)Other payables (293.7) (374.8) (375.3) (335.2)Deferred tax liabilities (21.9) (24.1) (24.3) (18.9)Provisions (13.8) (3.8) (4.1) (18.4)------------------------------------------------------------------------------------------------------------------------ (724.4) (971.5) (1,001.2) (802.8)------------------------------------------------------------------------------------------------------------------------Total liabilities (2,888.3) (2,896.5) (3,112.8) (2,672.2)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Net assets 1,225.5 1,302.4 1,318.2 1,304.3------------------------------------------------------------------------------------------------------------------------Capital and reserves 7Called up share capital 45.2 46.0 46.0 46.1Share premium account 169.3 163.5 165.2 166.2Other reserves (424.3) 43.0 40.7 (420.8)Retained earnings 1,415.7 1,050.4 1,066.0 1,490.2------------------------------------------------------------------------------------------------------------------------Equity attributable to equity holders of the parent company 1,205.9 1,302.9 1,317.9 1,281.7Equity minority interests 19.6 (0.5) 0.3 22.6------------------------------------------------------------------------------------------------------------------------Total equity 1,225.5 1,302.4 1,318.2 1,304.3------------------------------------------------------------------------------------------------------------------------ CONSOLIDATED CASH FLOW STATEMENT ------------------------------------------------------------------------------------------------------------------------ Proforma 24 weeks ended 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 14 October 2006 11 November 2006 28 April 2007 Unaudited Unaudited Unaudited Audited Note £million £million £million £million------------------------------------------------------------------------------------------------------------------------Operating activities - continuing operationsCash generated from operations * 9 123.7 177.0 216.0 358.0Special contribution to defined benefit pension scheme - - - (50.0)Income tax paid * (26.6) (44.0) (46.4) (100.8)-----------------------------------------------------------------------------------------------------------------------Net cash flow from operating activities 97.1 133.0 169.6 207.2-----------------------------------------------------------------------------------------------------------------------Investing activities - continuing operations Purchase of property, plant & equipment and other intangibles * (71.8) (78.0) (96.0) (167.0)Purchase of subsidiaries 7 (15.6) (184.4) (184.4) (185.0)Purchase of investment in associate - - - (16.8)Interest received * 19.7 24.7 26.2 47.6Decrease in short term investments 39.9 59.0 31.2 46.9Disposals of property, plant & equipment and other intangibles * 37.8 54.2 54.7 56.2Proceeds from sale of discontinued operations - 21.1 21.1 33.8-----------------------------------------------------------------------------------------------------------------------Net cash flows from investing activities 10.0 (103.4) (147.2) (184.3)-----------------------------------------------------------------------------------------------------------------------Financing activities - continuing operationsIssue of ordinary share capital 3.2 18.2 19.7 20.8Purchase of own shares (59.6) - - -Capital element of finance lease payments * (1.2) (0.8) (1.0) (0.2)Interest element of finance leasepayments * (3.2) (3.4) (3.5) (7.0)Decrease in borrowings due within one year - (7.8) (5.6) (6.6)Increase/(decrease) in borrowings due after more than one year 0.1 (1.4) 0.9 (0.5)Interest paid * (9.8) (8.0) (8.4) (22.8)Investment from minority shareholder 1.9 - - -Equity dividends paid (124.4) (119.9) (119.9) (157.5)-----------------------------------------------------------------------------------------------------------------------Net cash flow from financing activities (193.0) (123.1) (117.8) (173.8)-----------------------------------------------------------------------------------------------------------------------Decrease in cash and cash equivalents (i)Continuing operations (85.9) (93.5) (95.4) (150.9)Discontinued operations 10 (0.3) (9.4) (16.6) (30.0)----------------------------------------------------------------------------------------------------------------------- (86.2) (102.9) (112.0) (180.9)Cash and cash equivalents atbeginning of period (i) 9 434.8 617.5 617.5 617.5 Currency translation differences 3.7 (3.1) (2.6) (1.8)-----------------------------------------------------------------------------------------------------------------------Cash and cash equivalents at end of period (i) 9 352.3 511.5 502.9 434.8----------------------------------------------------------------------------------------------------------------------- Free Cash Flow (ii) 68.6 121.7 141.6 164.0----------------------------------------------------------------------------------------------------------------------- (i) For the purposes of this cash flow statement, cash and cash equivalents comprise those amounts described as "cash and cash equivalents" on the face of the balance sheet, less overdrafts, which are classified within current liabilities on the face of the balance sheet. A reconciliation to the balance sheet amounts is shown in note 9. (ii) Free Cash Flow comprises those items marked * and comprises cash generated from continuing operations before special pension contributions, plus net finance income, cash flows related to finance leases, less income tax paid and net capital expenditure. The directors consider that "Free Cash Flow" provides additional useful information to shareholders in respect of cash generation and is consistent with how business performance is measured internally. NOTES TO THE INTERIM FINANCIAL STATEMENTS 1 Basis of preparation and accounting policies The interim financial statements for the 24 weeks ended 13 October 2007 were approved by the directors on 28 November 2007. The interim financial statements have been prepared in accordance with the Listing Rules of the Financial Services Authority, International Accounting Standard 34 'Interim financial reporting' (IAS 34), and the accounting policies set out in the Group's Annual Report and Accounts for the 52 week period ended 28 April 2007. Following the adoption by the UK Listing Authority of the European Union's Transparency Directive, the Group has reviewed the impact on its reporting calendar. As a result of the new timing restrictions applying to reporting dates, the Group has reported its interim results in respect of a 24 week period rather than the previous 28 week period. The condensed interim financial statements therefore present information for the 24 weeks ended 13 October 2007 with comparative information for the 28 weeks ended 11 November 2006 (Proforma information for the 24 weeks ended 14 October 2006 has also been presented for the primary reporting statements). The interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985, but have been reviewed by the auditors. The financial information for the 52 weeks ended 28 April 2007 does not constitute the Company's statutory accounts for that period but has been extracted from those accounts which have been filed with the Registrar of Companies. The auditors have reported on those accounts, their report was unqualified and did not contain statements under Sections 237(2) or (3) of the Companies Act 1985. The directors consider that the 'underlying' performance measures provide additional useful information for shareholders on the underlying performance of the business, and are consistent with how business performance is measured internally. Such measures exclude the amortisation of acquired intangibles, exceptional asset impairments, net restructuring charges and other one off items, profit on sale of investments, net fair value remeasurements of financial instruments and, where applicable, discontinued operations. These measures are not recognised profit measures under IFRS and may not be directly comparable with 'adjusted' profit measures used by other companies. 2 Segmental analysis The Group is managed and reported according to three operating divisions: Computing, Electricals and e-commerce. These divisions are the basis on which the Group reports its primary segmental information. The principal activities of each division are as follows: •The Computing division is engaged in the retail and business to business sale of computer hardware and software, associated peripherals and services and related financial and after-sales services. The division operates in the UK and Southern Europe (which also includes the small Nordic operations). Results for 2006/07 include the activities of the Group's store based operations in France, which the Group announced its withdrawal from late in that financial year. Any closure costs arising in 2007/08 have been categorised as non-underlying. •The Electricals division is engaged in the retail sale of high technology consumer electronics, domestic appliances, photographic equipment and related financial and after-sales services. The division operates in the UK, Ireland, the Nordic region, Southern Europe and Central Europe. •The e-commerce division is engaged in the on-line retail sale of high technology consumer electronics, domestic appliances, photographic equipment and related financial and after-sales services. The division operates in the UK, Ireland, Northern Europe, Southern Europe and Central Europe. There were no material exports from the locations in which the Group operates. 2. Segmental analysis (continued) (a) Revenue and operating profit------------------------------------------------------------------------------------------------------------------------ 24 weeks ended 13 October 2007 Corporate centre & Electricals Computing e-commerce shared services Total £million £million £million £million £million------------------------------------------------------------------------------------------------------------------------Revenue 2,252.4 900.6 224.6 - 3,377.6------------------------------------------------------------------------------------------------------------------------Underlying operating profit / (loss) before associates 37.9 5.9 0.9 (3.4) 41.3Share of post tax result of associates 1.4 - - - 1.4------------------------------------------------------------------------------------------------------------------------Underlying operating profit / (loss) 39.3 5.9 0.9 (3.4) 42.7Amortisation of acquired intangibles (0.4) (0.3) (1.1) - (1.8)Net restructuring costs - - - - - ------------------------------------------------------------------------------------------------------------------------Operating profit /(loss) 38.9 5.6 (0.2) (3.4) 40.9------------------------------------------------------------------------------------------------------------------------ Underlying operating profit / (loss) is stated after recognising net property profits of £6.8 million in Corporate centre & shared services. ------------------------------------------------------------------------------------------------------------------------ 28 weeks ended 11 November 2006 Corporate centre & Electricals Computing e-commerce shared services Total £million £million £million £million £million------------------------------------------------------------------------------------------------------------------------ Revenue 2,531.2 1,060.0 161.0 - 3,752.2------------------------------------------------------------------------------------------------------------------------Underlying operating profit / (loss) before associates 54.0 33.7 3.1 (6.3) 84.5Share of post tax result of associates 0.2 - - - 0.2------------------------------------------------------------------------------------------------------------------------Underlying operating profit / (loss) 54.2 33.7 3.1 (6.3) 84.7Amortisation of acquired intangibles (0.5) (0.7) (0.9) - (2.1)Net restructuring costs (14.8) - - - (14.8)------------------------------------------------------------------------------------------------------------------------Operating profit /(loss) 38.9 33.0 2.2 (6.3) 67.8------------------------------------------------------------------------------------------------------------------------ Underlying operating profit / (loss) is stated after recognising net property profits of £5.5 million in Corporate centre & shared services. ------------------------------------------------------------------------------------------------------------------------ 52 weeks ended 28 April 2007 Corporate centre & Electricals Computing e-commerce shared services Total £million £million £million £million £million -----------------------------------------------------------------------------------------------------------------------Revenue 5,280.5 2,197.8 451.3 0.1 7,929.7------------------------------------------------------------------------------------------------------------------------Underlying operating profit /(loss) before associates 190.4 96.6 1.2 (17.0) 271.2Share of post tax result of associates 2.4 - - - 2.4------------------------------------------------------------------------------------------------------------------------Underlying operating profit /(loss) 192.8 96.6 1.2 (17.0) 273.6Amortisation of acquired intangibles (1.0) (1.4) (2.3) - (4.7)Net restructuring costs (17.0) (38.4) - - (55.4)Other one-off charges - impairment (103.1) - - - (103.1) - other (12.0) - - - (12.0)Effect of changes in pension benefits 2.4 1.4 - 0.9 4.7------------------------------------------------------------------------------------------------------------------------Operating profit /(loss) 62.1 58.2 (1.1) (16.1) 103.1------------------------------------------------------------------------------------------------------------------------ Underlying operating profit / (loss) is stated after recognising net property profits of £8.7 million in Corporate centre & shared services. (b) Seasonality The Group's business is highly seasonal, with a very significant proportion of its revenue and operating profit generated during its third quarter, which includes the Christmas and New Year season. 3 Non-underlying items------------------------------------------------------------------------------------------------------------------------ 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 11 November 2006 28 April 2007 £million £million £million------------------------------------------------------------------------------------------------------------------------Included in operating profit: Amortisation of acquired intangibles (1.8) (2.1) (4.7) Net restructuring charges (i) - (14.8) (55.4) Other one off charges including impairment (ii) - - (115.1) Effect of change in pension benefits (iii) - - 4.7 ----------------------------------------------------------------------------------------------------------------------- (1.8) (16.9) (170.5) Included in net finance income: Net fair value remeasurements of financial instruments (iv) 0.8 (1.1) (10.5) ------------------------------------------------------------------------------------------------------------------------ Total (1.0) (18.0) (181.0)------------------------------------------------------------------------------------------------------------------------ i. Net restructuring charges: 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 11 November 2006 28 April 2007 £million £million £million------------------------------------------------------------------------------------------------------------------------ Distribution network transformation - (14.8) (17.0) PC City France closure and reorganisation - - (38.4)------------------------------------------------------------------------------------------------------------------------ - (14.8) (55.4)------------------------------------------------------------------------------------------------------------------------ Net charges for both the distribution network transformation and PC City France comprise gains and losses on sale of properties associated directly with the reorganisation plans net of onerous lease contracts, asset impairments, employee severance and incremental transition / closure costs.ii. Other one-off charges including non-restructuring related impairment: 52 weeks ended 28 April 2007 relates to the impairment of UniEuro and comprised £98.1 million and £5.0 million for the impairment of goodwill and property, plant & equipment, respectively together with £12.0 million of onerous lease costs. Property, plant & equipment related to assets in individual under performing stores connected with the impairment review of UniEuro as a whole.iii.Effect of changes in pension benefits: 52 weeks ended 28 April 2007 relates to the change in benefits accruing to members of the UK defined benefit pension scheme following changes in legislation concerning lump sums allowed on retirement (commutation).iv. Net fair value remeasurement gains and losses on revaluation of financial instruments: items excluded from underlying finance income and expense represent the gains and losses arising from the revaluation of derivative financial instruments under methodologies stipulated by IAS 39 compared with those on an accruals basis. Remeasurement gains and losses arising from revaluing a put option held by a minority shareholder are included within this category. IAS 39 requires certain gains and losses on the value of derivative contracts to be taken through the income statement based on their value at the balance sheet date. Such a treatment is a form of revaluation gain or loss created by an assumption that the derivatives will be settled before their maturity. Such gains and losses are unrealised and in the directors' view also conflict with both the commercial reasons for entering into such arrangements as well as Group Treasury policy whereby early settlement in the majority of cases would amount to speculative use of derivatives. 4 Net finance income ------------------------------------------------------------------------------------------------------------------------ 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 11 November 2006 28 April 2007 £million £million £million------------------------------------------------------------------------------------------------------------------------Bank and other interest receivable 19.7 27.0 51.7Expected return on pension scheme assets 22.2 23.1 42.8Fair value measurement gains on financial instruments * 4.8 2.7 12.7------------------------------------------------------------------------------------------------------------------------Finance income 46.7 52.8 107.2------------------------------------------------------------------------------------------------------------------------6.125% Guaranteed Bonds 2012 interest and related charges (8.6) (10.0) (18.6)Bank loans, overdrafts and other interest payable (1.9) (3.7) (9.1)Finance lease interest payable (3.2) (3.5) (7.0)Interest on pension scheme liabilities (18.5) (20.6) (38.3)Fair value remeasurement losses on financial instruments * (4.0) (3.8) (23.2)------------------------------------------------------------------------------------------------------------------------Finance costs (36.2) (41.6) (96.2)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Total net finance income 10.5 11.2 11.0------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Underlying total net finance income 9.7 12.3 21.5------------------------------------------------------------------------------------------------------------------------ Underlying total net finance income excludes items marked *. See note 3 for a description of such items. 5 Tax------------------------------------------------------------------------------------------------------------------------ 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 11 November 2006 28 April 2007 £million £million £million------------------------------------------------------------------------------------------------------------------------Current taxUK corporation tax at 30% 16.8 16.4 31.5Net credit in respect of non-underlying items * - (4.4) (9.1)------------------------------------------------------------------------------------------------------------------------ 16.8 12.0 22.4Overseas taxation 10.0 7.1 23.7Adjustment in respect of earlier periods: UK corporation tax - (9.0) (16.5) Overseas taxation (1.1) 0.2 0.8------------------------------------------------------------------------------------------------------------------------ 25.7 10.3 30.4------------------------------------------------------------------------------------------------------------------------Deferred taxCurrent period 3.3 4.8 32.1Credit in respect of non-underlying items * (0.2) (0.9) (2.1)Adjustment in respect of earlier periods: UK corporation tax (10.8) 9.2 10.4 Overseas taxation (2.2) - 6.5------------------------------------------------------------------------------------------------------------------------ (9.9) 13.1 46.9------------------------------------------------------------------------------------------------------------------------Total income tax expense - continuing operations 15.8 23.4 77.3------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Underlying income tax expense - continuing operations 16.0 28.7 88.5------------------------------------------------------------------------------------------------------------------------ Underlying income tax expense excludes those items marked *. See note 3 for a description of such items. The taxation charge based on underlying results is based on the estimated effective rate of taxation of 31 per cent on underlying earnings for the 53 weeks ending 3 May 2008. The equivalent effective rate of taxation for the 52 weeks ended 28 April 2007 was 30 per cent. 6 Earnings per share ----------------------------------------------------------------------------------------------------------------------- 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 11 November 2006 28 April 2007 £million £million £million-----------------------------------------------------------------------------------------------------------------------Basic and diluted earningsTotal (continuing and discontinued operations) 37.2 53.6 5.0Discontinued operations - (profit) / loss after tax (1.7) 5.6 34.4 - minority interest - (5.9) (6.2)-----------------------------------------------------------------------------------------------------------------------Continuing operations 35.5 53.3 33.2-----------------------------------------------------------------------------------------------------------------------AdjustmentsAmortisation of acquired intangibles 1.8 2.1 4.7Net restructuring charges - 14.8 55.4Other one off charges including impairment - - 115.1Effect of change in pension benefits - - (4.7)Net fair value remeasurements of financial instruments (0.8) 1.1 10.5----------------------------------------------------------------------------------------------------------------------- 1.0 18.0 181.0 Tax on adjustments (0.2) (5.3) (11.2)-----------------------------------------------------------------------------------------------------------------------Total adjustments (net of taxation) 0.8 12.7 169.8-----------------------------------------------------------------------------------------------------------------------Underlying basic and diluted earnings 36.3 66.0 203.0----------------------------------------------------------------------------------------------------------------------- Million Million Million-----------------------------------------------------------------------------------------------------------------------Basic weighted average number of shares 1,825.7 1,834.0 1,836.7Employee share option and ownership schemes 8.0 28.2 19.1-----------------------------------------------------------------------------------------------------------------------Diluted weighted average number of shares 1,833.7 1,862.2 1,855.8----------------------------------------------------------------------------------------------------------------------- Pence Pence Pence-----------------------------------------------------------------------------------------------------------------------Basic earnings per shareTotal (continuing and discontinued operations) 2.0 2.9 0.3Discontinued operations (0.1) - 1.5-----------------------------------------------------------------------------------------------------------------------Continuing operations 1.9 2.9 1.8Adjustments (net of taxation) 0.1 0.7 9.3-----------------------------------------------------------------------------------------------------------------------Underlying basic earnings per share 2.0 3.6 11.1-----------------------------------------------------------------------------------------------------------------------Diluted earnings per shareTotal (continuing and discontinued operations) 2.0 2.9 0.3Discontinued operations (0.1) - 1.5-----------------------------------------------------------------------------------------------------------------------Continuing operations 1.9 2.9 1.8Adjustments (net of taxation) 0.1 0.6 9.1-----------------------------------------------------------------------------------------------------------------------Underlying diluted earnings per share 2.0 3.5 10.9----------------------------------------------------------------------------------------------------------------------- Basic and diluted earnings per share are based on profit for the period attributable to equity shareholders. Underlying earnings per share are presented in order to show the underlying performance of the Group. Adjustments used to determine underlying earnings are further described in note 3. 7. Reconciliation of movements in equity ----------------------------------------------------------------------------------------------------------------------- Share Share premium Other Retained Minority Total capital account reserves earnings Sub total interests equity £million £million £million £million £million £million £million-----------------------------------------------------------------------------------------------------------------------At 28 April 2007 46.1 166.2 (420.8) 1,490.2 1,281.7 22.6 1,304.3Total recognised income and expense for the period - - (19.8) 109.6 89.8 0.5 90.3 Equity dividends paid - - - (124.4) (124.4) - (124.4)Purchase and cancellation of own shares (1.0) - 1.0 (61.2) (61.2) - (61.2)Minority interests - acquisitions - - - - - (5.4) (5.4) - increase in capital - - - - - 1.9 1.9 Transfers - - (0.3) 0.3 - - -Put option exercised - - 15.6 - 15.6 - 15.6Share based payments - - - 2.3 2.3 - 2.3 Tax on share based payments - - - (1.1) (1.1) - (1.1)Ordinary shares issued - employee options 0.1 3.1 - - 3.2 - 3.2 -----------------------------------------------------------------------------------------------------------------------At 13 October 2007 45.2 169.3 (424.3) 1,415.7 1,205.9 19.6 1,225.5----------------------------------------------------------------------------------------------------------------------- Included in other reserves is a reduction of £15.6 million which relates to the exercise on 24 May 2007 of a put option held by Fourlis Holding SA, the main minority shareholder of Kotsovolos, whereby the Group acquired a further 10% of Kotsovolos for this amount thereby increasing its stake from 79.1% to 89.1%. The transfer between retained earnings and other reserves represents the reclassification of the remeasurement of a remaining put option held by a minority shareholder. During the period, 2,725,877 shares were issued in respect of options exercised under employee share schemes. Also during the period, the Company purchased 39,870,000 of its own shares in the open market for an aggregate consideration of £61.2 million. Of these 34,620,000 had been cancelled as at 13 October 2007 with the remainder cancelled by 26 October 2007. ------------------------------------------------------------------------------------------------------------------------ Share Share premium Other Retained Minority Total capital account reserves earnings Sub total interests equity £million £million £million £million £million £million £million------------------------------------------------------------------------------------------------------------------------At 29 April 2006 45.6 145.9 26.1 1,196.8 1,414.4 9.3 1,423.7Total recognised income and expense for the period - - 14.6 (14.9) (0.3) (3.9) (4.2)Equity dividends paid - - - (119.8) (119.8) - (119.8)Minority interests - acquisitions - - - - - 11.4 11.4 - disposals - - - - - (16.5) (16.5)Share based payments - - - 3.3 3.3 - 3.3Tax on share based payments - - - 0.6 0.6 - 0.6Ordinary shares issued - employee options 0.4 19.3 - - 19.7 - 19.7------------------------------------------------------------------------------------------------------------------------At 11 November 2006 46.0 165.2 40.7 1,066.0 1,317.9 0.3 1,318.2------------------------------------------------------------------------------------------------------------------------ Share Share premium Other Retained Minority Total capital account reserves earnings Sub total interests equity £million £million £million £million £million £million £million------------------------------------------------------------------------------------------------------------------------At 29 April 2006 45.6 145.9 26.1 1,196.8 1,414.4 9.3 1,423.7Total recognised income and expense for the period - - 8.7 12.0 20.7 (2.7) 18.0Equity dividends paid - - - (157.0) (157.0) - (157.0)Minority interests - acquisitions - - - - - 11.7 11.7 - disposals - - - - - (16.5) (16.5)Transfers - - (455.6) 434.8 (20.8) 20.8 -Share based payments - - - 0.6 0.6 - 0.6Tax on share based payments - - - 3.0 3.0 - 3.0Ordinary shares issued - employee options 0.5 20.3 - - 20.8 - 20.8------------------------------------------------------------------------------------------------------------------------At 28 April 2007 46.1 166.2 (420.8) 1,490.2 1,281.7 22.6 1,304.3------------------------------------------------------------------------------------------------------------------------ 8. Dividends------------------------------------------------------------------------------------------------------------------------ 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 11 November 2006 28 April 2007 per share £million £million £million------------------------------------------------------------------------------------------------------------------------Amounts recognised as distributions to equity shareholders in the period- on ordinary shares of 2.5p eachFinal dividend for 2005/06 6.53p - 119.8 119.8Interim dividend for 2006/07 2.02p - - 37.2Final dividend for 2006/07 6.85p 124.4 - ------------------------------------------------------------------------------------------------------------------------- 124.4 119.8 157.0------------------------------------------------------------------------------------------------------------------------Proposed interim dividend 2007/08 2.02p 36.6 - ------------------------------------------------------------------------------------------------------------------------- As at 13 October 2007, the interim dividend for 2007/08 had not been approved by the Board and accordingly has not been recognised as a liability in these financial statements. 9 Notes to the cash flow statement (a) Reconciliation of operating profit to net cash generated from operating activities ------------------------------------------------------------------------------------------------------------------------ 24 weeks ended 28 weeks ended 52 weeks ended 13 October 2007 11 November 2006 28 April 2007 £million £million £million------------------------------------------------------------------------------------------------------------------------ Operating profit 43.4 60.9 97.4Operating (profit) /loss - discontinued operations (2.5) 6.9 5.7------------------------------------------------------------------------------------------------------------------------Operating profit - continuing operations 40.9 67.8 103.1Amortisation of acquired intangibles 1.8 2.1 4.7Amortisation of other intangibles 11.4 13.0 24.1Depreciation 50.3 56.6 109.8 Share based payment charge 3.8 4.2 2.8Share of post tax results of associates (1.4) (0.2) (2.4)Profit on disposal of property, plant & equipment (6.8) (5.0) (7.6)Profit on disposal of property, plant & equipment arising from restructuring(3.2) - (4.4)Net (utilisation of) /additions to non-underlying provisions and impairment(18.3) (2.6) 138.1------------------------------------------------------------------------------------------------------------------------Operating cash flows before movements in working capital 78.5 135.9 368.2 Movements in working capital:Increase in inventories (104.1) (310.8) (164.2)Increase in trade and other receivables (82.4) (87.8) (11.9)Increase in trade and other payables 231.7 478.7 165.9------------------------------------------------------------------------------------------------------------------------ 45.2 80.1 (10.2)------------------------------------------------------------------------------------------------------------------------Cash generated from operations - continuing operations 123.7 216.0 358.0------------------------------------------------------------------------------------------------------------------------ 9 Notes to the cash flow statement (b) Analysis of net funds ------------------------------------------------------------------------------------------------------------------------ Other non- cash Exchange 13 October 29 April 2007 Cash flow movements movements 2007 £million £million £million £million £million -----------------------------------------------------------------------------------------------------------------------Cash and cash equivalents (i) 440.5 (89.6) - 3.7 354.6Bank overdrafts (5.7) 3.4 - - (2.3)------------------------------------------------------------------------------------------------------------------------ 434.8 (86.2) - 3.7 352.3------------------------------------------------------------------------------------------------------------------------Short term investments 185.9 (39.9) (0.9) - 145.1 Borrowings due within one year (2.9) - - (0.1) (3.0)Borrowings due after more than one year (290.4) (0.1) (1.3) - (291.8)Obligations under finance leases (102.5) 1.2 - - (101.3)------------------------------------------------------------------------------------------------------------------------ (395.8) 1.1 (1.3) (0.1) (396.1)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Net funds 224.9 (125.0) (2.2) 3.6 101.3------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ Other non- Acquis- cash Exchange 11 November 30 April 2006 Cash Flow itions(ii) movements Movements 2006 £million £million £million £million £million £million -----------------------------------------------------------------------------------------------------------------------Cash and cash equivalents (i) 617.5 (103.7) - - (2.6) 511.2Overdrafts - (8.3) - - - (8.3)------------------------------------------------------------------------------------------------------------------------ 617.5 (112.0) - - (2.6) 502.9------------------------------------------------------------------------------------------------------------------------Short term investments 232.6 (31.2) 0.1 - 0.3 201.8 Borrowings due within one year (8.8) 5.6 - - 0.9 (2.3)Borrowings due after more than one year (301.1) (0.9) - 0.4 0.5 (301.1)Obligations under finance leases (100.6) 1.0 (2.0) (0.1) - (101.7)------------------------------------------------------------------------------------------------------------------------ (410.5) 5.7 (2.0) 0.3 1.4 (405.1)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Net funds 439.6 (137.5) (1.9) 0.3 (0.9) 299.6------------------------------------------------------------------------------------------------------------------------ Other non- 30 April Cash Acquis- cash Exchange 28 April 2006 flow Disposals(ii) itions(ii) movements movements 2007 £million £million £million £million £million £million £million ----------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents (i) 617.5 (175.2) - - - (1.8) 440.5Bank overdrafts - (5.7) - - - - (5.7)------------------------------------------------------------------------------------------------------------------------ 617.5 (180.9) - - - (1.8) 434.8------------------------------------------------------------------------------------------------------------------------Short term investments 232.6 (46.9) - 0.1 - 0.1 185.9 Borrowings due within one year (8.8) 6.6 0.1 - (1.2) 0.4 (2.9)Borrowings due after more than one year (301.1) 0.5 - - 9.9 0.3 (290.4)Obligations under finance leases (100.6) 0.2 - (2.0) (0.1) - (102.5)----------------------------------------------------------------------------------------------------------------------- (410.5) 7.3 0.1 (2.0) 8.6 0.7 (395.8)------------------------------------------------------------------------------------------------------------------------Net funds 439.6 (220.5) 0.1 (1.9) 8.6 (1.0) 224.9------------------------------------------------------------------------------------------------------------------------ 9 Notes to the cash flow statement (b) Analysis of net funds (continued) Funds held under trust to fund customer support agreements were £97.2 million (28 weeks ended 11 November 2006: £160.9 million, 52 weeks ended 28 April 2007: £111.2 million). Net funds excluding amounts held under trust to fund customer support agreements totalled £4.1 million (28 weeks ended 11 November 2006: £138.7 million, 52 weeks ended 28 April 2007: £113.7 million). i. Cash and cash equivalents are represented as a single class of assets on the face of the consolidated balance sheet. For the purpose of the consolidated cash flow, cash and cash equivalents comprise those amounts presented as such on the consolidated balance sheet as cash and cash equivalents, less bank overdrafts (which are disclosed separately on the consolidated balance sheet).ii. Excluding cash and cash equivalents and overdrafts. 10 Discontinued operations The (profit) / loss after tax and cash flows from discontinued operations comprises the residual activities of The Link and Genesis following their disposal in 2006/07 (28 weeks ended 11 November 2006 and 52 weeks ended 28 April 2007: The Link, Genesis and Primaphot). 11 Retirement benefit obligations The Group's principal pension scheme operates in the UK and includes a funded defined benefit section whose assets are held in a separate trustee administered fund. The net obligation of this scheme is analysed as follows: ------------------------------------------------------------------------------------------------------------- 13 October 2007 11 November 2006 28 April 2007 £million £million £million -------------------------------------------------------------------------------------------------------------- Fair value of plan assets 725.8 619.9 688.3 Present value of defined benefit obligations (728.9) (815.5) (726.7) -------------------------------------------------------------------------------------------------------------- Net obligation (3.1) (195.6) (38.4) -------------------------------------------------------------------------------------------------------------- The value of obligations is particularly sensitive to the discount rate applied to liabilities at the assessment date as well as mortality rates. The value of the plan assets is sensitive to market conditions, particularly equity values. The assumptions used in the valuation of obligations are listed below: --------------------------------------------------------------------------------------------------------------- Rates per annum 13 October 2007 11 November 2006 28 April 2007 --------------------------------------------------------------------------------------------------------------- Discount rate 5.90% 5.05% 5.60% Rate of increase in pensionable salaries 4.70% 4.40% 4.50% Rate of increase in pensions in payment / deferred pensions 3.20% 2.90% 3.00% Inflation 3.20% 2.90% 3.00% -------------------------------------------------------------------------------------------------------------- Mortality rates are based on historical experience and standard actuarial tables. This includes a prudent allowance for future improvements in longevity. 12 Contingent liabilities -------------------------------------------------------------------------------------------------------------- 13 October 2007 11 November 2006 28 April 2007 £million £million £million -------------------------------------------------------------------------------------------------------------- Guarantees 99.9 77.0 92.7 Other 6.1 12.9 6.1 -------------------------------------------------------------------------------------------------------------- 106.0 89.9 98.8 -------------------------------------------------------------------------------------------------------------- Guarantees comprise potential obligations to financial institutions in respect of activities undertaken in the normal course of business. In addition, contingent liabilities also exist in respect of lease covenants relating to premises assigned to third parties. 13 Post balance sheet events Since 13 October 2007 the Company repurchased a further 26,400,000 of its own shares in the open market for an aggregate consideration of £31.0 million. PRINCIPAL RISKS AND UNCERTAINTIES Risks to achieving the Group's objectives for the remainder of the financial year together with estimates, judgements and critical accounting policies remain those detailed in the 2006/07 Annual Report & Accounts on pages 36 to 39 and in note 1.19 to the financial statements, respectively. In addition, the outlook section of this interim statement provides a commentary by the chairman concerning the remainder of the financial year. With respect to goodwill, as required by IFRS 3, goodwill is subject to annual impairment reviews and at other times where there are events or changes in circumstances which may be viewed as an indicator of potential impairment. In the 2006/07 Annual Report & Accounts, it was reported that the carrying value of goodwill attributable to UniEuro and FotoVista was particularly sensitive to management's five year projections and that it was reasonably possible that such a change could occur in the next financial period. Management has assessed the performance of these businesses for the 24 weeks ended 13 October 2007 and has concluded that their performance in this period does not give rise to any revisions in those five year projections at this stage. The carrying value of the goodwill remains sensitive to these projections and it remains reasonably possible that such a change could occur during the remainder of the financial period. STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors confirm that to the best of their knowledge: •the condensed set of financial statements has been prepared in accordance with IAS 34; •the financial highlights, review of business performance and interim financial statements include a fair review of the information required by DTR 4.2.7R (indication of important events during the first 24 weeks and description of principal risks and uncertainties for the remaining 29 weeks of the year); and •the financial highlights and review of business performance includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein). At the date of this statement, the directors are those listed in the Group's 2006/07 Annual Report and Accounts with the exception of John Clare who retired on 5 September 2007. By order of the Board Sir John Collins Kevin O'Byrne Chairman Group Finance Director 28 November 2007 28 November 2007 INDEPENDENT REVIEW REPORT To DSG international plc Introduction We have been engaged by the Company to review the condensed set of financial statements for the 24 weeks ended 13 October 2007 which comprises the consolidated income statement, the consolidated statement of recognised income and expense, the consolidated balance sheet, the consolidated cash flow statement and related notes 1 to 13. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the condensed set of financial statements contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Disclosure and Transparency Rules of the UK Financial Services Authority. As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this interim report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" (IAS 34) as adopted by the European Union. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim report based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the UK. A review of financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed set of financial statements for the 24 weeks ended 13 October 2007 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the European Union and the Disclosure and Transparency Rules of the UK Financial Services Authority. Deloitte & Touche LLP Chartered Accountants and Registered Auditors London 28 November 2007 ADDITIONAL INFORMATION Retail Store data Number of stores Selling space '000 sq ft ------------------------------------------------------------------------------------------------------------------------ 13 October 14 October 28 April 13 October 14 October 28 April 2007 2006 2007 2007 2006 2007------------------------------------------------------------------------------------------------------------------------ElectricalsCurrys * 535 553 535 4,981 4,999 4,966Ireland ** 29 23 28 289 230 281------------------------------------------------------------------------------------------------------------------------UK & Ireland Electricals 564 576 563 5,270 5,229 5,247------------------------------------------------------------------------------------------------------------------------Norway 99 97 99 1,199 1,120 1,191Sweden 57 53 56 1,001 961 985Finland 66 52 62 832 699 786Denmark 28 27 28 490 457 490Iceland 3 2 3 32 30 32Faroe Islands 3 3 3 9 9 9------------------------------------------------------------------------------------------------------------------------Nordic ** 256 234 251 3,563 3,276 3,493------------------------------------------------------------------------------------------------------------------------Italy ** 163 114 153 2,687 2,196 2,505Greece ** 83 81 85 903 729 789Turkey 2 - - 94 - -------------------------------------------------------------------------------------------------------------------------Southern Europe 248 195 238 3,684 2,925 3,294------------------------------------------------------------------------------------------------------------------------Czech Republic 14 9 12 463 317 393Hungary 7 7 7 239 240 239Poland 6 4 5 198 149 178------------------------------------------------------------------------------------------------------------------------Central Europe 27 20 24 900 706 810------------------------------------------------------------------------------------------------------------------------Total Electricals 1,095 1,025 1,076 13,417 12,136 12,844------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Computing PC World 161 155 157 2,545 2,481 2,505The TechGuys 8 2 7 9 2 8------------------------------------------------------------------------------------------------------------------------UK Computing 169 157 164 2,554 2,483 2,513------------------------------------------------------------------------------------------------------------------------Spain 33 25 29 533 438 491France - 11 11 - 190 190Italy 12 8 10 189 142 166Sweden 9 8 9 152 136 152------------------------------------------------------------------------------------------------------------------------International Computing 54 52 59 874 906 999------------------------------------------------------------------------------------------------------------------------Total Computing 223 209 223 3,428 3,389 3,512------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Total Retail 1,318 1,234 1,299 16,845 15,525 16,356------------------------------------------------------------------------------------------------------------------------ * Comprises Currys, Currys.digital and Dixons Tax Free. ** Includes franchise stores. This information is provided by RNS The company news service from the London Stock Exchange

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