The Greece geographical segment consists of ongoing operations in Greece. New accounting standards, amendments to standards and IFRIC interpretations which became applicable during the period were either not relevant or had not impact on the Group's net results or net assets. The systems were successfully rolled out to stores in Denmark in Q1, followed by our call centres and our B2B platform. The partnership gives us the opportunity to work more closely together than ever before, focusing on creating more innovative mobile solutions for customers.. Together with previously provided items the adjusting items to cashflow were GBP(50)m in the period. We also help customers get the most out of their products: through cloud subscriptions and lifestyle subscriptions, such as the Apple bundle of Apple Music, Apple Arcade and Apple News+ that has just launched. Four new regional hubs mean we now have capacity to handle four times as many big box deliveries per day than we did a year ago. Download View Online . The vast majority of our customers still had a good experience as evidenced by stable overall customer satisfaction, which is a great credit to our colleagues. For the 26 weeks ended 31 October 2020, a credit of GBP10m was recognised in relation to tax on adjusting items which has been more than offset following the derecognition of deferred tax assets in the period. RNS is approved by the Financial Conduct . We Help Everyone Enjoy Amazing Technology, however they choose to shop with us. This will serve the Group well as we continue to build on these achievements. Download View online . During the 26 weeks ended 31 October 2020 no profit or loss has been recognised in relation to other previously disposed operations (26 weeks ended 26 October 2019: GBP4m credit, year ended 2 May 2020: GBP4m credit in relation to other legacy European Carphone operations which are now in liquidation). We used the furlough scheme to preserve jobs in the first lockdown, and didn't use the scheme at all in the second. We estimate the cumulative impact of the enforced store closures and the reduction in our Travel business (a strong business that has effectively closed due to travel restrictions) have reduced store sales by at least GBP320m (1H 2020/21: GBP185m, 2019/20: GBP135m). This left us disadvantaged against our principal competitors. Empty column. Awards under the Dixons Carphone plc Long Term Incentive Plan 2016. Dixons Carphone plc is a leading omnichannel retailer of technology products and services, operating through 931 stores and 16 websites in eight countries. We have combined the online, technology and transformation teams together. Greece stores closed: November 7 and reopened on 14 December for collection-only. Our Dixons Travel brand has a presence across several UK airports as well as in Dublin and Oslo, and our services are provided through Team Knowhow. Dial in details: +44 (0)330 336 9125. The defined benefit section of the scheme was closed to future accrual on 30 April 2010. The Board has proposed a dividend for the full year of 3.00p per ordinary share for the financial year ended 1 May 2021. T his included GBP36m of restricted cash (2 May 20: GBP32m, 26 October 19: GBP44m). Brunswick Group +44 (0)207 4045959. During the period, we started the roll-out of our Next Generation Retail platform in the Nordics. ENDS . Consolidated statement of changes in equity. Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology for them, throughout their lives. Download this and previous annual reports by simply selecting the year. In the reporting of financial information, the Group uses certain measures that are not required under IFRS. The press release can be found here: https://www.dixonscarphone.com/news-and-media/press-releases/year/2021/four-brands-become-one-currys. These include, but are not limited to; cost savings through adjustments in variable costs and benefitting from government assistance where it has been confirmed to remain in place. Other fixed assets decreased in the period by GBP20m with a depreciation charge of GBP(39)m offset by additions. About Dixons CarphoneDixons Carphone plc is a leading omnichannel retailer of technology products and services, operating through 864 stores and 16 websites in eight countries. A full reconciliation of these reserves as at 26 October 2019 is provided in note 12. This is our route to sustainable profits and cashflow through credit and services that help customers get tech working, keep it working, get the most out of it and recycle it. The following definitions may apply throughout this interim statement and the Annual Report and Accounts 2019/20 previously published: This information is provided by RNS, the news service of the London Stock Exchange. * In order to provide better visibility of reserves, the position as at 26 October 2019 has been restated to reclassify certain reserves balances, separately presenting 'other reserves'. In the period, adjusting items totalled GBP1m. Our brands include Currys PC World in the UK & Ireland as well as Carphone Warehouse and iD Mobile in the UK, where our services are provided through Team Knowhow; Elkjp, Elgiganten and Gigantti in the Nordics; and Kotsovolos in Greece. Talktalk Telecom Group plc ( LON:TALK) will replace its chief financial officer later this year with an executive at Dixons Carphone (LON:DC). The Group maintains the tax treatment was appropriate, however, one of the underlying pre-merger transactions under enquiry is considered to have a 'more likely than not' chance resulting in settlement and a provision was recognised. A total of GBP47m has been recognised in the period (year ended 2 May 2020: GBP18m) and has been recorded against employee costs. As the crisis developed and customers across our markets spent more time at home, the technology they needed changed and we saw increased sales of items such as food processors and fitness trackers. In October 2016, the Group signed a four year GBP250m RCF with a group of relationship banks; this facility is on broadly similar terms to the GBP800m RCF; this facility was extended in February 2019 by an additional two years and the facility expires October 2022. Investors who take an interest in Dixons Carphone plc ) should definitely note that the Deputy Chair & Senior Independent Director, Tony DeNunzio, recently paid UK1.22 per share to buy UK97k . This resulted in an impairment of GBP18m being recorded over right-of-use assets in the UK & Ireland Electricals operating segment. This resulted in overall market share increasing +1.5%pts to 27.2%, with share gains across every market and every category. I am pleased with the progress the business has made in its transformation which has seen the Company grow its market leading position and develop its omnichannel capability. This was driven by like-for-like growth of +19% and included online growth of +55% as online sales grew to 22% of total sales, +5%pts higher than last year. Our Dixons Travel brand has a presence across several UK airports as well as in Dublin and Oslo, and our services are provided through Team Knowhow. UK and Irish government schemes paid furlough to our colleagues and allowed relief on business rates tax, totalling GBP103m (1H 2020/21: GBP80m, 2019/20: GBP23m). We will recycle all tech brought into stores for free, whether you bought it from us or not, and now account for more than half of all UK retail recycling. Across the period, online sales grew +84% and contributed 8% of sales. The Group had access to GBP1,050m of revolving credit facilities, of which GBP70m was drawn, which are not set to expire until October 2022. The actual margin applicable to any drawing depends on the fixed charges cover ratio calculated in respect of the most recent accounting period. Amy Shields. There are no adjustments made to exclude the impact of Covid-19. +44 (0)7414 191044, Dan Homan 2022/23; 2021/22; 2020/21; 2019/20; Archive. We can get the products working through delivery, installation and set-up. We Help Everyone Enjoy Amazing Technology. Goodwill increased in the period as a due to currency revaluation of Nordics goodwill. In preparing the condensed consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the 53 week period ended 2 May 2020. We have read the other information contained in the interim statement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: Please note, this site uses cookies. The employee benefit trust acquired GBP3m of shares to satisfy share awards to colleagues. Further charges of GBP13m have also been recognised in relation to restructuring and redundancy costs for central operations organisational design (26 weeks ended 26 October 2019: GBP11m, year ended 2 May 2020: GBP56m) and GBP3m related to the initial transfer of contact centre operations. Bruce Marsh has been Finance Director, UK and Ireland, at Tesco plc since 2015. As previously disclosed, the Group has been co-operating with HMRC in relation to the tax treatment arising due to pre-merger legacy corporate transactions. Finally, we are the first specialist electricals retailer in the UK to commit to net zero carbon by 2040 and to electric vehicles by 2030. Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology for them, throughout their lives. Before that Bruce was at Kingfisher plc, where he was Managing Director of Kingfisher Future Homes and Group Strategy Director, and previously held a number of senior finance roles at Dixons Retail plc. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Dixons Carphone View the Dixons Carphone annual report 2021 below. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group's consolidated cash flow statement as cash flows from financing activities. Capital expenditure was GBP27m, with significant areas of expenditure including supply chain investments in our new distribution centres and IT investments. Based on management estimates. " A10 Reconciliation from liabilities arising from financing activities to net debt. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Grateful though we are for vital government support, we have lost more profit from lost store sales due to restrictions on stores than we have received in government support. We have recently opened a new Regional Distribution Centre (RDC) in Bolton to amalgamate existing centres in Leeds and Manchester which will improve efficiency and increase delivery capacity. Dixons Carphone plc. In doing so we have considered the movements in these metrics compared to the comparative period, historic trading patterns and the sales trends that we saw when stores were open. This has primarily been offset by GBP4m related to business rates and other property related costs for previously closed and non-trading stores which are not provided. Investments comprise shares indirectly held in Unieuro S.p.A., an omni-channel distributor of consumer electronics and household appliances, listed on the Borsa Italiana. But it's the combination of our stores and online working together that customers value the most. For the comparative periods trade payables include amounts due where extended payment terms have been agreed with the supplier using a supplier financing facility. UK&I: England stores closed 5 November to 1 December, with stores in Wales, Scotland and Northern Ireland closed for meaningful periods. Group moving to cashflow based targets at year end, -- Annual pension contributions will rise to GBP78m from 2021/22, from GBP46m this year, There will be a recorded presentation for investors and analysts available at 8:00am today, followed by a live Q&A at 9:00am. Terms & Conditions, Support: Revenue grew by +17% on a currency neutral basis, with double digit growth in all markets. There are two separate material underlying transactions where there are open enquiries. Delivery of this programme is on time despite the impact of Covid-19. On 19 August 2020, the following awards over ordinary shares of 0.1 pence in the Company . During the four months when our stores were open online sales grew at +119% and were 55% of our total sales, +23%pts higher than last year. The directors also reviewed a reverse stress test scenario that models the estimated decline in sales that the Group would be able absorb before the current available credit facilities or covenants are breached. This is expected to take place immediately following the Company's AGM in September 2021. In order to aid comparability with prior year measures, the impact of IFRS 16 was included within adjusting items, which are reported under IAS 17. Expenditure was down from last year due to the suspension of projects during the first UK lockdown. Adjusted working capital inflow of GBP36m was driven by strong trading. The fair value of contingent consideration arrangements has been estimated by applying the income approach. See page 46 for further information on our alternative performance measures (APMs) and glossary. For the 26 weeks ended 31 October 2020, a credit of GBP2m was recognised in relation to the reversal of previously held provisions. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. This will serve the Group well as we continue to build on these achievements. In April 2020, the Group signed a one-year GBP266m RCF to mitigate any potential impact of the Covid-19 crisis with a group of relationship banks; this facility is on broadly similar terms to the GBP800m and GBP250m RCF. We are uniquely positioned to provide services to our customers to help them enjoy technology for life. 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. A11 Reconciliation of statutory working capital cash inflow to adjusted working capital cash inflow. During the 26 weeks ended 31 October 2020, the Group has received further government support designed to mitigate the impact of Covid-19 in several countries in which the Group operates. Collect@store online sales grew +65% and now contribute 41% of all online sales. A top priority for our business is colleague engagement, as happier colleagues make for happier customers. The adjusted results and adjusting items for the comparative reporting periods ended 26 October 2019 and 2 May 2020 have subsequently been restated in to reflect this. He was previously chief executive of Carphone Warehouse from 2010 until last year and was chief financial officer beforehand. A full reconciliation of these reserves as at 26 October 2019 is provided in note 12. Segmental free cash flow was an inflow of GBP 527 m (1H 2019/20: GBP94m) and interest and tax totalled GBP(28)m as described, resulting in free cash flow of GBP499m (1H 2019/20: GBP77m). This follows the announcement that in the United Kingdom & Ireland, Currys PC World, Carphone Warehouse and Team KnowHow will all become a single brand "Currys" by October 2021. Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology for them, throughout their lives. Dixons Carphone plc (the 'Company') has today published its Annual Report and Accounts 2017/18 and Notice of Annual General Meeting 2018. We have implemented extensive hygiene and social distancing measures at our facilities and stores to ensure our sites are Covid-secure. Terms and conditions relating to the use and distribution of this information may apply. A5 Further information on the adjusting items between statutory profit to adjusted profit measures noted above. Meanwhile, customers can order online and collect in store, with such sales growing +76% post-lockdown. The principal scheme operates in the UK and includes a funded defined benefit section, the assets of which are held in a separate trustee administered fund. How Dixons Carphone's Current Liabilities Impact Its ROCE. Confirmation code: 4456906 . The UK government introduced a business rates tax holiday for the retail, hospitality and leisure industry for the 2020-21 tax year. Deferred tax decreased as a result of a reassessment of the deferred tax asset position due to the loss in year. This restates the prior period results at a common exchange rate to the current year in order to provide appropriate year-on-year movement measures without the impact of foreign exchange movements. For further information, please contact, Explore the time value of money, the impact of regular contributions, and the power of saving over longer timeframes, Create detailed alerts and get notified the moment an event happens, See how trades would have performed from years past or start from the present, Download PDF copies of reports from the newspaper markets data page, View the performance of global markets and browse news items by region, Find companies based on country, sector, and other equity characteristics, View funds that move the market, screen for funds and read relevant news, Information on Dixons Carphone plc is available at, https://www.dixonscarphone.com/news-and-media/press-releases/year/2021/four-brands-become-one-currys. We Help Everyone Enjoy Amazing Technology, however they choose to shop with us. This section also provides graphical representation of Currys plc's key financial ratios. We expect significant improvements in omnichannel as a result of the rollout of our Next Generation Retail platform in the coming months. Source: FactSet. We have now made the necessary investment to substantiate our unambiguous price promise: "You won't get it cheaper. A non-utilisation fee is payable in respect of amounts available but undrawn under this facility and a utilisation fee is payable when aggregate drawings exceed certain levels. Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed set of financial statements in the interim statement for the 26 weeks ended 31 October 2020 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 Conduct Authority. In the current reporting period, the financial statements present only IFRS measures which are in line with the basis of preparation disclosed above. Dixons Carphone is scheduled to publish its Full Year results on Wednesday 30 June 2021. The non-trading stores predominantly relate to the closed standalone UK Carphone Warehouse stores as announced on 17th March 2020 and the remaining closed stores under the Currys PC World 3-in-1 and Carphone Warehouse programme announced in 2015/16. This includes definitions, purpose, changes to the prior year, and reconciliation to the nearest IFRS measures. Revenues are allocated to countries according to the entity's country of domicile. RNS Number : 7755I Dixons. The Board decided not to pay a final year dividend for the previous year and no cash was returned to shareholders in the period. The interim financial information for the 26 weeks ended 31 October 2020 was approved by the directors on 15 December 2020. Bruce has played a pivotal role in Tescos revitalisation. The basis of preparation of our IFRS measures is included on page 2. All colleagues furloughed under this scheme were paid at 80% of their salary, with the Group making up any difference beyond the subsidy limit of GBP2,500. Gross margin declined (350)bps predominantly driven by the shift of sales to our lower margin online business and the loss of higher margin Dixons Travel sales. These derive from the board approved budget and 3-year plan and are based on observable market data and recent past experience, including the effect of lockdown periods where stores have been impacted by government restrictions, changing consumer trends and consumer shopping habits. Failure to sufficiently diversify the Group's long term funding could result in restricted growth and reputational damage; and. Order & Collect and ShopLive were instigated this way and took only weeks to get from idea to test to rollout. Risks to achieving the Group's objectives. We also like ShopLive as an innovation competitors will struggle to copy at scale: only we already have thousands of expert colleagues, as well as hundreds of stores (our ready-made stage sets). 1. Dixons Carphone plc is a United Kingdom-based electrical and telecommunications, retailer and services company. Failure in appropriately safeguarding sensitive information and failure to comply with legislation could result in reputational damage, financial penalties and a resultant deterioration in financial performance; 3. The Company has four segments, including UK & Ireland, Nordics, Southern Europe and Connected World Services. Reconciliation of adjusted EBIT to free cash flow. We continue to make all our colleagues shareholders, ensuring we're all invested in our future success. Fitness wearables had good growth due to public gym closures and people working out on their own, while domestic appliances were strong as customers upgraded their homes. The outlook remains uncertain, and we're still nowhere near our full potential. In the UK, our 'Go Greener' campaign included free recycling, resulting in a +76% growth in the number of appliances collected from customers' homes. Operating costs decreased due to enforcement by government of a 40% rental reduction for May and June and general expenses reductions like travel and consulting. Dixons Carphone and Vodafone Agree Exclusive Multiyear Partnership. The Group's operating segments reflect the segments routinely reviewed by the Board and which are used to manage performance and allocate resources. I am hugely inspired both by the early results and the significant potential ahead of us. In the period, adjusting items to EBIT totalled GBP6m. We recycle over 100,000 tonnes of Waste Electrical and Electronic Equipment (WEEE) each year. Even now, when we have seen a shift to customers shopping online, 60% of our customers still prefer to use both online and stores channels. Within this scenario there are a number of mitigating actions available to the Group that have been included to offset the potential impacts. * The directors of Dixons Carphone plc as at 28 July 2021 are listed on pages 68 and 69 of the Annual Report and Accounts 2020/21. Nevertheless, some stresses and strains were evident to some customers, for which we've apologised. On behalf of all my colleagues, I would like to thank Jonny for his role in the delivery of our strategy and wish him every future success as he moves on to new opportunities., Bruce Marsh, said:Having spent the early part of my career in Dixons Retail, it is wonderful to be returning to a great business. The results for the year ended 2 May 2020 already reflected this reclassification. Report. Accordingly the directors have a reasonable expectation that the Group has adequate resources to continue in operations for the foreseeable future and consequently the directors continue to apply the going concern basis in the preparation of the financial statements. Dan Homan Head of Investor Relations +44 (0)7401 400 442. The impact of this change is to increase cash and cash equivalents and overdrafts within loans and other borrowings by GBP556m in the Group's consolidated balance sheet. Bruce Marsh has been Finance Director, UK and Ireland, at Tesco plc since 2015. Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. Discover details on Currys plc's annual and quarterly financial performance covering key metrics like revenue, net income, growth ratios, equity ratios, profitability ratios, cost ratios, liquidity ratios, leverage ratios and so on. On 20 November 2020, the High Court issued a judgement in relation to historical transfer values impacted by Guaranteed Minimum Pensions (GMPs) equalisation in the Lloyds Banking Group's defined benefits pension schemes. The impact of Covid-19 accelerated the pace of change in the business, with new ways of working making us faster and smarter. Other payables increased by GBP140m compared to H1 2019/20 due to the VAT deferrals in UK&I, the total working capital benefit from VAT deferrals in the period was GBP133m and total period end VAT deferral was GBP145m. For presentational purposes, amounts have therefore been restated for the 26 weeks ended 26 October 2019. The remaining countries and all the websites will be updated through 2021. The market grew +23% over the period as the store channel declined (40)% and the online market grew +105%. Some of the cookies are essential for parts of the site to operate and have already been set. At the start of the pandemic, sales were particularly strong in refrigeration and TVs. Together with executive pay cuts, bonus cancellation and suspension of dividend, this allowed us to keep thousands of colleagues employed even as our stores were required to temporarily close. Alex Baldock, Chief Executive said:I am delighted to welcome Bruce back home to Dixons Carphone. We are making progress in becoming One Business that is a clearer, simpler and faster place to work. Dixons Carphone plc is Europe's leading specialist electrical and telecommunications retailer and services company, employing over 40,000 people in 14 countries. Further information on the Group's operations classified as discontinued in outlined in note 8. * Cash and cash equivalents and loans and other borrowings have been restated as at 26 October 2019 to meet the presentational requirements of IAS 32 as further described in note 12. No interim dividend is proposed for the year ending 1 May 2021. The Group operates a number of defined contribution and defined benefit pension schemes. There has been no further impact for the current period. This meant that our profits are improved against the first half last year despite the enforced store closures. By offering the best range of products, credit and services through digital-first omnichannel we will build customer relationships that are stickier and more valuable over time. Dixons Carphone Plc Compare LSE Consumer Discretionary Specialty Retail US markets are closed Pre-market trading starts in 1 day Regular trading GBX135.30 -3.60 updated 1 year ago 2.59% RSI 64.69 Compare with other stocks Intraday 2.59% 5 days 0.22% 1 month 0.22% 3 months 0.22% 6 months 0.22% 1 year 0.22% 5 years 33.71% All time 29.42% Overview This includes further information on the definitions, purpose and reconciliations to IFRS measures. Businesses exited or to be exited are those which the Group has exited or committed to or commenced to exit through disposal or closure but do not meet the definition of discontinued operations as stipulated by IFRS and are material to the results and / or operations of the Group. Download for your device Advertisement Dixons Carphone Annual Reports Customers value stores for the face-to-face advice and product demonstrations they get from our 22,000 expert store colleagues. This has allowed the Group to reduce operating costs by GBP30m in the period (year ended 2 May 2020: GBP4m). 15/05/23 Currys trading update 2022/23. Expenditure was GBP27m, with such sales growing +76 % post-lockdown purpose, to... Only weeks to get from idea to test to rollout full year 3.00p... We used the furlough scheme to dixons carphone plc investor relations jobs in the period, online sales grew %. Reserves as at 26 October 2019 is provided in note 12 both by financial! 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