Scheme becomes effective

Company Website

Financial Calendar

Recent Broker notes

BarChart Indicators

Recent Market news

Dixons carphone Fundamentals

Market report: Dixons Carphone dips on debut

Completion of all-share merger

Standard Life < 6 %

Prudential < 5%

Aviva < 3%

Kames Capital < 3%

Deutsche Bank Buy 0.00 340.00 - 400.00 Initiates/Starts

A good move up today.

There is talk of Vodafone ditching Phones4U in Feb 2015 (O2 having already done so) and that is boosting the other package sellers of mobile phones.

Harry - Dixons Carphone Confirms Long Term Deal With Vodafone

Investec Buy 367.95 368.40 395.00 395.00 Reiterates

Confirmation of Promotion to the FTSE100

Q1 2014-15 Trading Statement

Group

· Merger of Dixons Retail and Carphone Warehouse completed on 7 August 2014
· Integration progressing well with stores-in-store performing ahead of plan
· Dixons Carphone plc to join the FTSE 100 on 22 September

Dixons Retail

· Strong performance in the UK and Ireland with like-for-like sales up 4%
· The Nordics delivered a solid performance, against tougher comparatives, with like-for-like sales up 1%
· Encouraging performance from Greece with like-for-like sales up 6%

Carphone Warehouse

· CPW like-for-like sales down, as anticipated, by 6% due to a particularly strong performance in the prior year (+13% like-for-like) and difficult market conditions in Spain
· Further postpay market share gains in the UK, improved postpay mix and higher ARPU
· Completion of sale of Virgin Mobile France expected prior to interim results

Exane BNP Paribas Outperform 362.50 369.00 375.00 450.00 Retains

Deutsche comment on P4U going into administration:
"This has played-out more quickly than we had expected, given that P4U had supply contracts running until February 15 with Vodafone and September 15 with EE. We believe Dixons Carphone will continue to be an important distribution channel for the mobile network operators, and it is well placed to capture Phones 4 U’s market share. This could boost outer-year profits by 10% or more.
EE has previously indicated it wants fewer, deeper relationships with third party distributors. We do not expect any change to EE and Dixons Carphone’s relationship. They already have a supply contract agreement in place, and we believe that Dixons Carphone’s c1100 points of sale (once Store Within a Store has been rolled out) represents a valuable channel to the MNOs. Earlier this year DC signed a new long term distribution agreement with Vodafone.
At this stage it is unclear whether an administrator would attempt to operate Phone 4 U's 720 stores through the profitable Christmas period. This is likely to hinge on whether it can maintain supply in the short term from the MNOs. P4U generated LTM gross profit of £330m (including 1.578m contract connections), and Carphone's market share is around 20%, so taking its natural market share could add c£65m gross profit. Even with some higher operating costs, this could add 10-15% to Mar-16 group profits. Given the close overlap in retail proposition of Carphone and P4U, it could take an over-proportional share of the business. P4U operates concessions within 160 Dixons (Curry's/PCWorld) stores, which generates around £8m/2% of Dixons Carphone's profits. Today’s news could lead to more rapid Store Within a Store conversions. It could also enable DC to deepen its relationship with Samsung, which had franchise agreements with both companies.
Our 400p TP is based on DCF (WACC 9.1%, RFR 4.5%, ERP 4.5%,TG 1.5%), while a bull case with higher synergies achieved is 440p. This bull case, as we set out in our initiation report (An electric combination, 19 August), allows for some profit growth at Carphone Warehouse UK due to higher 4G profitability, but does not include anything for changing competitive landscape. The stock trades on CY15 (ie largely pre-synergies) P/E of 15.2x versus the UK Retail Sector on 14.0x."

Dixons Carphone set to save 800 Phones 4U jobs

Dixons Carphone Strategy Update

The Company will host a strategy update for analysts and investors in Oxford, commencing at 10.00 am (UK time) today. Management will present the strategy for the Group, followed by a store tour including a new Carphone Warehouse store-within-a-store. A live webcast and a copy of the presentation will be available on the Company's corporate website, www.dixonscarphonegroup.com. No update on current trading will be provided during the presentation.


Next announcement

The Company will publish its Q2 trading and interim results on 17 December 2014.

Canaccord Genuity Buy 421.05 419.80 - 500.00 Initiates/Starts

26 Nov 2014 Dixons Carphone DC. Canaccord Genuity Buy 421.05 419.80 - 500.00 Initiates/Starts

GF - see post 16! :-)

27 Nov 2014 Dixons Carphone DC. Citigroup Buy 0.00 418.50 480.00 480.00 Reiterates

28 Nov 2014 Dixons Carphone DC. Deutsche Bank Buy 423.00 423.00 400.00 465.00 Reiterates

SP Target 465p

Zac Mir says this morning that Tiger Global my still be short of these

or may not be of course :-)

I can't see them short now , not with wheeling & dealing that's in the sector now, and they say Dixon's could have very good sale's over Christmas

Interim results 2014-15 (31 weeks to 1 Nov 2014)

A strong half year for our new company with pro forma Headline profit before tax up 30%


Highlights

• Group H1 like-for-like revenue up 5%; Q2 like-for-like up 9%, with stable gross margins in H1
• Market share gains across electrical and mobile businesses in the UK & Ireland, Nordics and Greece
• Netherlands and Germany remain challenging but action underway to review and restructure
• Group pro forma Headline PBT of £78m (2013: £60m), up 30%
• Group pro forma Headline EBIT of £100m (2013: £85m)
• Headline basic EPS from continuing operations 7.1p (2013: 3.2p)
• Statutory loss before tax from continuing operations £20m (2013: loss of £27m) after non-Headline charges of £100m, statutory basic EPS from continuing operations loss of 4.7p (2013: loss of 5.4p)
• Interim dividend of 2.5p, payable in January 2015
• Integration progressing well and now expected to deliver a minimum £80m of synergies by 2016-17, one year ahead of plan
• Disposal of Virgin Mobile France completed on 4 December 2014 with net cash proceeds of £104m

on the back of those numbers, DC should be chirpy this morning, but therefore guaranteed to dump :-)

Investec hikes Dixons Carphone price target after interims

Maiden interim results from recently merged Dixons Carphone (DC) prompted Investec analyst Alistair Davies to raise his share price target from 395p to 465p.

Davies reiterated his ‘buy’ recommendation for the electrical and phone retailer after half-year earnings before interest and tax came in at £100 million and profits before tax hit £78 million. Both were well ahead of consensus forecasts of £79 million and £58 million.

Dixons Carphone shares gained 14.5p or 3.4% to 441p.

‘[There is] no change to full-year 2015 estimates but estimates look underpinned and we upgrade full-year 2016/17 profits before tax by 2.5%/4% respectively, reflecting earlier realisation of synergy benefits,’ he said.

‘Dividend yield is c.2% but free cash-flow increases in full year 2016 estimates potentially offer scope for further shareholder returns.’

http://citywire.co.uk/money/the-expert-view-dixons-carphone-bhp-billiton-and-xaar/a790134?ref=citywire-money-latest-news-list#i=2

Put these 3 retailers in your Christmas stocking
By Harriet Mann | Thu, 18th December 2014 - 11:38
Put these 3 retailers in your Christmas stocking General retailers rely on consumers having a little bit of extra cash in their pocket, especially as the lights and the tinsel go up before Christmas. This is make-or-break time for the high street, and after a slow autumn due to warmer weather, they have a lot of catching up to do.
UBS now expects faster growth in UK households' disposable income next year, fuelled by a 50% slump in the price of oil. Although bad news for oil producers, consumers benefit from lower petrol prices and utility bills. Food is also getting cheaper and fixed rate mortgages have also fallen to record lows. That's why UBS pencils in household cash flow growth of 4.5% in 2015, versus this year's 3.6%. That must spell good news for the high street.

Of course, political risks are looming. As General Election fever takes hold, more focus will be drawn to proposals to tackle the deficit and its impact on consumer confidence. And sterling hasn't been as healthy lately, hit by delays to possible interest rate hikes. "Total reliance on lower oil prices could also be risky," says the broker. "We believe it could easily reverse."

Still, over Christmas, UBS prefers the hard-line retailers, especially given the impact of warmer weather and higher operational gearing. Their top picks include Home Retail (HOME), Dixons Carphone (DC.) and Debenhams (DEB).

Both Home Retail and DC also have robust self-help strategies to supplement the macro tailwinds. In the clothing space we think Debenhams offers a degree of resilience to the increased promotions seen elsewhere, albeit off a very low base.
However, the slow start to the period is expected weigh on both Marks and Spencer and Next (NXT), with other clothing retailers likely to struggle, too. Non-food sales at M&S (MKS) are set to fall by 4% in its third quarter and UBS has shrunk its full-year pre-tax profit forecast by £10 million, although the medium-term gross margin upside looks intact.

Next has remained aloof again with its focus on full price sales and service levels, and we think full-year 2015 should be stable. However, there could be more cautious comments and the first half full-year 2016 outlook on 30 December given tough comps, and we rein back our expectation of profit growth here by around 4%.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Dixons Carphone plc (DC.) Ordinary 0.1p

HL COMMENT (17 DECEMBER 2014)

Half year results: Targeted cost savings at the newly merged company are expected to materialise a year ahead of schedule. Management's target of a minimum £80 million of synergies by 2017-18 has now been brought forward by one year to 2016-17. The fall of Phones 4U appeared to play its part in boosting revenues (group H1 like-for-like revenue up 5%), while free warranties on products such as high-end TVs also further contributed. Economic recovery for its core UK and Irish markets also appeared to aid performance, whilst its newly separated business services division (Connected World Services) reported a doubling in pro forma revenues.
Less favourably, stores in the Netherlands and Germany are being closed, while market pressures in Spain were reported. Management noted that "Life has been tougher for our smaller European phone businesses who are strategically less able to be robust in the face of market changes and we are in the midst of restructuring and reviewing these operations."
In all, merger cost savings are being squeezed, the repositioning of its overseas operations remains ongoing, while management initiatives to improve customer satisfaction appear to be generating success. For now, with high street competition further reduced and the company remaining a potential beneficiary of the expected growth in the so called 'internet of things', analyst consensus opinion points towards a strong buy.

Read more share research from Hargreaves Lansdown

Highlights:
Group first half like-for-like revenue up 5%. Second quarter like-for-like up 9%.
Group pro forma headline or adjusted profit before tax of £78 million (2013: £60 million), up 30%. Statutory loss before tax from continuing operations £20 million (2013: loss of £27 million) after non-headline charges of £100 million.
Management now expects to deliver a minimum £80 million of cost savings by 2016-17, one year ahead of plan.
Interim dividend of 2.5 pence per share, payable in January 2015.

Negative Points:
Stores in the Netherlands and Germany are being closed. Management noted that "In the Netherlands the market proved to be much more challenging than anticipated." Pro forma headline revenue in Northern Europe in the first half was down 8%.
The group noted that "our Spanish business was negatively impacted by market pressure." Pro forma headline revenue in Southern Europe in the first half was down 15%.
Competition from the likes of Amazon will prove no less intense.
For Carphone Warehouse, concerns regarding the outlook for mobile phone sales have previously been expressed. Many consumers now possess a smartphone.

Positive Points:
Targeted cost savings at the newly merged company are expected to materialise a year ahead of schedule. Management's target of a minimum £80 million of synergies by 2017-18 has now been brought forward by one year to 2016-17.
Overall group for first half like-for-like revenues rose by 5%. Second quarter like-for-like revenues grew by 9%.
Pro forma revenue in the first half in the UK & Ireland increased by 8%. Management noted that "the business benefited from the closure of Phones 4U." The group pointed to a particularly good performance in high-end TVs, aided by a number of initiatives including free warranties.
In Spain, the company has recently started a relationship with Telefonica to distribute the products and services of Movistar in its stores for the first time.
Connected World Services (CWS), its business services division, reported separately for the first time. The business looks to leverage the company's core expertise and systems to provide solutions for other companies. Pro forma revenue of £79 million were reported (2013: £41 million) with the increase predominantly reflecting the revenue from its Samsung Experience Stores which launched in the second half of last year.
The group is disposing of non-core operations. The disposal of Virgin Mobile France completed on 4 December 2014 with net cash proceeds of £104 million.
Dixons Carphone intends to adopt a dividend policy in line with Carphone's previous dividend policy. An interim dividend of 2.5 pence per share was declared

420 looking vulnerable.

Trading statement for the 9 weeks ended 3 January 2015

Highlights

• Group pro forma Headline PBT range of £355m to £375m expected for the full year, ahead of market consensus
• Group like-for-like up 7% for the Christmas trading period
• Further market share gains across electricals and mobile in the UK & Ireland, Nordics and Greece
• Group gross margin stable

30 Jan 2015 Dixons Carphone DC. Exane BNP Paribas Outperform 428.60 424.20 510.00 520.00 Retains

this one's had a bad few days following their results, and i would have thought it was now worth a further look
lower petrol prices have certainly given immediate financial benefit to most families, and certainly those who might shop at DC

the nagging caveat of market volatility remains due to the upcoming GE and the likely hung and weak parliament thereafter

Have a look at earnings forecasts.

I took a wee gamble on it and jumped out too early.

But at least I could buy a cup of tea.

(Reducing risk.)

Disposal of The Phone House Deutschland

Q4 trading statement 2014-15

Q4 2014-15 trading statement for the 17 weeks ended 2 May 2015

PBT expected above top end of guidance; UK & Ireland Q4 like-for-like up 13%


• Group pro forma Headline PBT expected to be slightly above the top end of previously guided range of £355m to £375m

• Group Q4 like-for-like revenue up 9%, full year up 6%

• Further market share gains across electricals and mobile in the UK & Ireland, Nordics and Greece

• Group gross margins were stable in the full year

• Strong balance sheet with year-end net debt expected to be ahead of guidance of £300m

• Disposal of non-core operations in Germany and The Netherlands

Dixons Carphone signs agreement with Sprint

Dixons Carphone plc, announces that its Connected World Services (CWS) division has entered into an agreement with Sprint Corporation to open and manage a significant number of Sprint-branded stores in the US. Sprint is a leading US mobile network operator with nearly 60 million customers.

In the initial phase, Dixons Carphone will supply mobile phone retail expertise and proprietary knowledge to Sprint who will open approximately 20 retail stores. If these stores prove to be successful, the parties will progress to a second phase which will involve CWS investing equally with Sprint in a joint venture to support rollout plans of up to 500 stores.

During the second phase, Dixons Carphone will invest up to $32 million to obtain a 50% interest in the new venture, and this cash will be used by the business to fund the roll-out and operation of the stores. Dixons Carphone will also provide support across the whole of the Sprint estate as part of a wider know-how sharing arrangement.

Final Results

An excellent year with pro forma Headline profit before tax up 21%

Highlights: 13 months to 2 May 2015
• Group like-for-like revenue(3) up 6% (UK & Ireland up 8% and Nordics up 4%)
• Strong profit performance:
- Group pro forma Headline PBT(1) of £381 million (2013/14: £316 million), up 21%
- Group pro forma Headline basic EPS(1) (2) 25.5p (2013/14: 20.5p)
- Total statutory profit of £97 million (2013/14: £48 million) after Non-Headline(1) charges of £188 million (2013/14: £55 million) which include a loss from discontinued operations of £114 million (2013/14: £10 million)
• Strong balance sheet with year end pro forma net debt of £260 million(8)
• Final dividend of 6.0p (2013/14: 4.0p) proposed, taking total dividends for the year to 8.5p (2013/14: 6.0p), up 42% year-on-year
• Integration progressing well, expecting to deliver at least £80 million of synergies by 2016/17, one year ahead of plan
• Disposals of non-core operations in France, Germany, the Netherlands and Portugal


more....

Q1 2015/16 Trading statement

Highlights (Q1 2015/16, 13 weeks ended 1 August 2015)

• Group like-for-like revenues up 8%
• Continued momentum in the UK and Ireland, with like-for-like revenues up 10%
• Good performance in the Nordics with like-for-like revenues up 4%
• Flat like-for-like revenues in Southern Europe with improving trading in Spain and growth in Greece despite challenging markets
• CWS announces an agreement with Sprint Corporation to open and manage stores in the US
• Integration on track

StockMarketWire.com
Dixons Carphone saw continued strong momentum in the year to the end of April with headline profit before tax up over 17% andgroup like-for-like revenue up 5%.

Group Headline revenue was up 3% on a local currency basis but broadly flat in Sterling terms at £9,738 million (2014/15: £9,750 million). Like-for-like revenue growth was 5% reflecting strong growth in our UK & Ireland, Nordic and Greek businesses. The difference between the total revenue growth on a local currency basis and like-for-like is predominantly due to a reduction in stores in the UK during the year and a decision to reduce low-margin wholesale activity. The Group has continued to grow market share, despite operating in a highly competitive market place.

Headline EBIT was up 13% to £468 million (2014/15: £413 million) driven by the strong operating performance in the UK & Ireland and the delivery of synergy benefits related to the merger.

Headline profit before tax was £447 million (2014/15: £381 million) reflecting 17% growth from the improved EBIT and a lower interest charge year-on-year following the redemption of the bonds previously held by Dixons Retail in August 2014.

Integration of the two businesses is now largely complete with a single head office in each of the countries where Carphone and Dixons overlapped, one logistics and repair centre in the UK and 276 Carphone Warehouse SWAS now open.

A final dividend of 6.50p (2014/15: 6.00p) is proposed, taking total dividends for the year to 9.75p (2014/15: 8.50p), up 15% year-on-year.

Group chief executive Seb James said: "I am very pleased to be announcing another year of significant earnings growth, with profits before tax up more than 17%. In this momentous year we have largely completed our merger activities, driven customer satisfaction and market share to all time highs in virtually all of our markets, made our shops more interactive and exciting while becoming ever more competitive with pure-play retailers, launched a new joint venture in the US, launched a new UK mobile network, and embarked on an ambitious property plan in the UK and Ireland. We also had our biggest ever trading day on Black Friday last year.

"We are far from done, though. We have very ambitious plans this year which include making every one of the former Dixons stores one of the new 3-in-1 shops, introducing a lively and interactive new e-Commerce platform to Carphone Warehouse, opening Europe's most modern distribution centre in Sweden, introducing same-day delivery, rolling out c.150 new stores in the US with Sprint, delivering our honeyBee platform to major global clients, launching our new home services division with a mandate to become a true emergency service for customers across the UK, and continuing to drive market share, price competitiveness and customer satisfaction everywhere. It is likely to be busy.

"I am truly grateful to all of my colleagues - right across the world - for their hard work and dedication. I am also very proud to be able to say that I work alongside such a creative and dedicated group of men and women. "Finally, the nation has spoken and there has been a vote to exit the EU in due course. As you can imagine, we have been giving some thought to this. Our view is that, as the strongest player in our market and despite the volatility that is the inevitable consequence of such change, we expect to find opportunities for additional growth and further consolidate our position as the leader in the UK market."

A strong half year with Headline profit before tax up 19%*


Highlights: Interim results for the 26 weeks ended 29 October 2016*

• Group H1 like-for-like revenue(3) up 4%; Q2 like-for-like up 4%; statutory revenue for H1 up 11%
• Market share gains across all markets
• Group Headline PBT(1) of £144 million (2015/16: £121 million), up 19%
• Group Headline EBIT(1) of £153 million (2015/16: £135 million)
• Group Headline basic EPS(1) from continuing operations 10.9p (2015/16: 7.5p)
• Statutory profit before tax of £104 million (2015/16: £78 million) after non-Headline charges of £40 million (2015/16: £43 million), statutory basic EPS of 8.1p (2015/16: 4.8p)
• Interim dividend of 3.5p, payable in January 2017, an increase of 8%
• Free cash flow(8) of £65 million (2015/16: £64 million) and net debt of £285 million (2015/16: £378 million)
• CWS: Announcement of connected home partnership with SSE

Good results and the share drops!!!

Liberum Capital Buy 345.15 470.00 470.00 Reiterates

Dixons Carphone cheap but 'uninspiring'

Christmas 2016/17 Trading Update

Liberum Capital Buy 329.70 470.00 470.00 Reiterates

Investec Buy 326.80 405.00 405.00 Reiterates

Director Deals - Dixons Carphone (DC.)

BFN

Sebastian James, Chief Executive Officer, sold 302,000 shares in the company on the 2nd February 2017 at a price of 315.00p. The Director now holds 606,835 shares.

3 officials sold best part of £1.7 million between them, not what you want to see if you are a holder.
2517

Wow sub 3 quid again.

Might want to visit post brexit lows again.

The CEO lost confidence in its own share.

Preliminary results for the 12 months to 29 April 2017

Dixons Carphone plc

Good results with headline profit before tax up 10%

Preliminary results for the 12 months to 29 April 2017*

• Group like-for-like revenue(3) up 4%. Statutory revenue up 9%
• Strong profit performance:
- Headline PBT(1) of £501 million (2015/16: £457 million), up 10%.

- Headline basic EPS(1) 33.8p (2015/16: 30.2p), statutory basic EPS 25.6p (2015/16: 14.0p)‌‌

- Total statutory profit before tax of £386 million (2015/16: £263 million) after non-headline(1) charges of £115 million (2015/16: £194 million).

• Free cash flows(8) of £160 million (2015/16: £202 million) and net debt(9) broadly flat year-on-year at £271 million
• Final dividend of 7.75p (2015/16: 6.50p) proposed, taking total dividends for the year to 11.25p (2015/16: 9.75p), up 15% year-on-year


more.....

Liberum Capital Buy 299.90 430.00 430.00 Reiterates

Barclays Capital Overweight 286.65 370.00 400.00 Reiterates

Beaufort Securities Buy 286.65 - - Reiterates

HSBC Buy 286.65 410.00 410.00 Retains

More Director selling today.

Dixons Carphone plc

Trading Update
(13 weeks ended 29 July 2017)



· Continued good performance in electricals in the UK & Ireland, Nordics and Greece
· Challenging conditions in the UK mobile phone market
· Receivables revaluation, largely EU roaming legislation related, expected to be negative this year
· Recent honeybee business model changes expected to lead to lower earnings this year
· As a consequence of these combined factors management now expect to deliver Group Headline PBT for 2017/18 in the range of £360m to £440m with core trading profitability in line with last year


more.....

From the most recent DC. Trading Update.

"Whilst this investment will cause a shortfall in profits for our phone business we do however expect overall profit in our core retail operations to be in line with last year supported by good progress in our UK & Ireland, Nordic and Greek electrical businesses."

".........management now expect to deliver Group Headline PBT for 2017/18 in the range of £360m to £440m with core trading profitability in line with last year."

The fall in the price of DC. shares looks considerably overdone. [I often wonder if the 'city' people actually read the Company reports].

Dixons Carphone Q4 2017/18 and 2018/19 Outlook

Trading Update and 2018/19 Outlook

(16 weeks ended 28 April 2018)

· Full year Group revenue up 3% year-on-year, like-for-like up 4%, maintained market leading share

o UK & Ireland full year like-for-like revenue up 2% (4Q up 1%)

o Strong growth in International; Nordics like-for-like full year revenue up 9% (4Q up 8%), Greece up 11% (4Q up 10%)

· Expect to deliver Group headline PBT for 2017/18 of approximately £382m1

o Gross margins: Challenges in UK mobile continued given market and current contractual constraints, UK electricals margin impacted in second half largely by category and channel mix

o Includes c£25m credit from acceleration of trade balances reconciliation ahead of new system launch

o Mobile debtor revaluation expected to be -£20m

o Disposal of honeybee in the period (non-headline item)

o Board intends to maintain a full year dividend at 11.25p

· Stronger cash conversion with net debt expected to improve to c£250m at 2017/18 year end

· 2018/19 Group headline PBT expected to be around £300m

o Credit of c£25m from trade balances reconciliation in 17/18 not expected to repeat

o Non-cash accounting adjustment from the first time adoption of IFRS 15 expected to be c-£8m

o Early, necessary action to correct recent underinvestment in our colleagues and customer proposition

o UK Electricals: Further contraction in our markets, some cost increases to be partially offset by margin initiatives, while maintaining our market leading price position

o UK Mobile: Market and contractual pressures partially offset by cost improvements, expected lower levels of inflation in mobile customer bills resulting in c£15m lower RPI income growth

o Continued growth in revenue and profits expected across International businesses

o Anticipate a similar level of free cashflow conversion versus the prior year


Alex Baldock, Group Chief Executive

"Eight weeks in the business have cemented my optimism about Dixons Carphone's long-term prospects. I've found exceptional strengths, and though there's plenty to fix, it's all fixable.

We're number one in each of our markets, with people and capability no competitor can match. Our opportunity lies in making the most of those strengths, which we are nowhere near doing. And we must: nobody is happy with our performance today.

We're getting on with it, through a new leadership team and structure that's promoted top talent, cleared away unnecessary layers and silos, and started to speed up decision-making. We're already giving new impetus to areas crucial to our transformation such as data and analytics, marketing, digital, services and technology.

And we're working at pace to bring clear long-term direction to the business. We will give our customers what they value while making the most of our many strengths. We will address underinvestment in important areas of the colleague and customer experience. We will sharpen our focus on the core business and on fewer, bigger initiatives. We will bring this business closer together, the better to give customers the full benefit of everything we have to offer them, and to deliver that through a truly integrated business - it is not today. We will also bring greater conviction and discipline to our execution.

Right now, with our international business in good shape, we're focusing early action on the UK. In electricals, we're focused on gross margin recovery. In mobile, we're stabilising our performance through improvements to our proposition and network agreements. In both, we'll work hard to improve our cost efficiency. We won't tolerate our current performance in mobile, or as a Group. We know we can do a lot better.

I've been struck since my first day by the commitment and know-how of so many of my colleagues, by the breadth and depth of our multichannel capability, by the sheer energy we can release here. Equally I've been struck by the strength of our market position, of our appeal to customers. There's so much more to come from Dixons Carphone, though plenty of hard work lies ahead.

I look forward to giving you more of my initial thoughts at our full year results in June, and a fuller update on our plans and progress in December."

Business Review

The International businesses had a strong end to the financial year with 4Q like-for-like revenue growth up 8% across the Nordics and 10% across Greece. Both achieved record levels of market share, extending their market leadership with an increase in operating margins.

In the UK & Ireland, 4Q like-for-like growth of 1% across electricals was delivered against a more subdued market backdrop while maintaining our market leading share. With a softer computing market, our category mix during the year shifted towards consumer electronics and white goods, and online sales saw another year of double digit growth, ahead of the market. The combination of channel and category mix effects were more pronounced in the second half of the year driving a greater adverse gross margin due partly to the costs of providing home delivery and installation services.

more....

Credit Suisse Neutral 184.00 280.00 190.00 Downgrades

RBC Capital Markets today reaffirms its outperform investment rating on Dixons Carphone (LON:DC.) and cut its price target to 200p (from 250p).

Activist Elliott exploring taking stake in Dixons Carphone - Sky News

Dixons Carphone plc Xmas 2018/19 Trading Statement

Good Peak performance in line with expectations

· Group like-for-like revenue up 1%

o UK & Ireland electricals like-for-like up 2%

Operational highlights:

UK electricals

· Record Peak sales across all categories driven by Gaming, Smart Tech, Small Domestic Appliances and Vision

· Stand out performance from Gaming, up 60% year-on-year

· Overall product availability up on last year

· Market share up 30bps with growth across all categories and channels

· Good Peak on credit with customer base reaching 802,000 versus 711,000 at the half year

· Online growth of 8% over the period and YTD 28% of total sales, +2ppt year-on-year



UK mobile

· Mobile like-for-like down 7% as expected, impacted by lower volumes of 24 month postpay. Two-year like-for-like was flat in Q3 and like-for-like was down 3% YTD

· Market share in traditional 24 month postpay held against market declines of 8%. Growth in the new longer than 24 month postpay segment continued, an area we do not currently serve

· iD Mobile continued its growth with the customer base surpassing 975,000 customers



International

· In the Nordics, particularly strong growth in Sweden and Denmark with good growth in Norway also achieved, more than offsetting a softer market backdrop in Finland

· Record Black Friday and Peak period with particular strong performances in Gaming, Mobile, Consumer Electronics and Major Domestic Appliances

· Nordics market share up 20bps with growth across all categories and channels

· Greece: excellent performance across all categories with particularly strong growth in Mobile, Major Domestic Appliances and Large-Screen TVs

· International online growth of 22%



Investor and analyst call

There will be a conference call for investors and analysts at 7:45am GMT (8:45am CET) this morning

Dial-in details - UK/International: +44(0) 20 3936 2999; passcode: 31 21 93

Seven-day replay - UK/International: +44(0) 20 3936 3001; passcode: 12 95 63

§ Share gains across all categories online and instore, offsetting market decline

o UK & Ireland mobile like-for-like down 7%

§ Continued decline in 24 month postpay market, down 8% in the period

§ Two-year like-for-like flat

o International like-for-like up 5%; Nordics up 3%; Greece up 19%

§ Gaining or holding share in all territories

· Stable gross margins across the Group

· 2018/19 Group headline PBT guidance of around £300m unchanged

· Good early progress on strategy implementation


more.....