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Dixons Carphone slashed annual losses as cost cuts helped offset weaker revenues amid a tough backdrop in the UK electricals market and ongoing weakness in mobile.
For the half-year ended October 26., pre-tax losses narrowed to £86m from £440m even as revenue 4% to £4.7m.
Electricals growth was flat for the half and UK & Ireland mobile revenue fell 18% and dropped 10% on a like-for-like basis.
'Mobile is challenging as expected. As promised, this will be the trough year for Mobile losses, and it will be break-even by 2022,' the company said.
Looking ahead, Dixons maintained expectations to deliver adjusted pre-tax profit around £210m for fiscal 2020. Group adjusted EBIT margin improvement to at least 3.5% by FY23
At 8:31am: (LON:DC.) Dixons Carphone share price was +2.5p at 134.45p