This seems a bit odd - can anyone shed light on this?
Dixons have no trades showing on DXNS has the epic changed or something?
Cheers for any input
:>)

SALE OF CENTRAL EUROPEAN OPERATIONS

Dixons Retail plc ("Dixons Retail"), one of Europe's leading specialist multi-channel electrical retailer and services companies, today announces that it has entered into an agreement to sell the ElectroWorld operations in Central Europe to NAY a.s., a leading electrical specialist retailer in the region.

Electroworld operates 26 specialist electrical retail stores across Czech Republic and Slovakia.

Following completion, which is expected to take place during the summer, and which remains subject to certain normal conditions including competition authority clearance, Dixons Retail expects to receive a small deferred cash consideration spread over three years.

For the year to April 2014, the assets being disposed of generated losses before tax of £5.6 million on turnover of £129 million from 26 stores (including 2 franchise stores).

Commenting on the disposal, Sebastian James, Dixons Retail Group Chief Executive, said:
"I am very pleased that we have been able to secure a strong future for Electroworld who will be able to flourish as a part of the NAY Group in Central Europe. Following this transaction Dixons will be a market leader in every market in which it operates, delivering on one of our key strategic objectives."

Commenting on the deal, Mr.Peter Zálešák and Mr Ján Tomáš, co-founders of NAY, said:
"We are pleased to announce the closure of this deal with ElectroWorld. It is a big step towards achieving our goal of reaching EUR 300m of sales in Central Europe and we strongly believe it allows the development of our market leading position in Slovakia. Furthermore it achieves our longer-term development to enter the Czech market and we are delighted to do that in conjunction with such a good partner as Electroworld."

From yesterday afternoon.

Merger unconditionally cleared by EU Commission

Final Results

Key highlights
· Group underlying profit before tax increased by 76% to £166.2 million versus £94.5 million reported last year and up 10% on a restated basis (1),(2).

- Further strong progress in the UK & Ireland with underlying operating profits up 24%(1)

- Elkjøp delivered another strong year with record sales

- Greece delivered an improved performance with some signs of stability returning to the market

· Another successful year for the Group, delivering on its key objectives:

- Firm establishment of a sustainable business in a multi-channel world

- Disposals of all non-core operations, leaving the Group with leading positions in all our core markets

· Proposed merger with Carphone Warehouse announced to develop a leading position across electricals, mobiles and connectivity.

- European Commission has confirmed that it has unconditionally cleared the proposed merger

· Group online sales increased by 16% to £1 billion.

· Customer service metrics at their highest ever recorded levels in all markets.

· Return on capital employed of 16.3%, up from 14.9% in the prior year.

· Group costs reduced by a further £45 million completing the two year £90 million cost reduction initiative.

· Very strong cash generation with the Group ending the year with net cash increasing to £70.9 million.



Financial highlights
· Total underlying Group sales up 3% at £7.22 billion (2012/13 £7.03 billion) (1).

· Group gross margins down 0.2% in the full year, with an improvement in the second half.

· Total profit before tax after non-underlying items increased by 53% to £132.9 million (2012/13 profit of £86.6 million).

· Post tax non-underlying charges of £186.0 million, relating mainly to disposals of non-core operations. (1)

· Underlying diluted earnings per share 3.0 pence (2012/13 earnings of 2.6 pence)(1). Basic loss per share including discontinued operations of (1.9) pence (2012/13 loss per share of (4.5) pence).

Investec Buy 48.04 56.00 56.00 Retains

Cantor Fitzgerald Buy 48.04 60.00 60.00 Reiterates

HL comment

Suspension

TEMPORARY SUSPENSION

Dixons Retail Plc

The Financial Conduct Authority ("the FCA") temporarily suspends the securities set out below from the Official List effective from 6/08/2014 7:30AM at the request of the company pending an announcement:

Suspension of trading of Dixons Retail plc shares

Recommended all-share merger of

Dixons Retail plc ("Dixons")

and
Carphone Warehouse Group plc ("Carphone")

Suspension of trading of Dixons Shares

Further to the announcement of the recommended all-share merger of Dixons and Carphone on 26 June 2014, and following an application by Dixons to the UK Listing Authority and the London Stock Exchange, the board of Dixons announces that the trading in Dixons Shares on the London Stock Exchange's main market for listed securities and the listing of Dixons Shares on the premium listing segment of Official List of the UK Listing Authority, have each been suspended with effect from 7.30 a.m. (London time) today, 6 August 2014.

Capitalised terms used but not defined in this announcement have the meanings set out in the Scheme Document dated 26 June 2014.

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