Dixons profits soar following European expansion

NEWS Dixons has reported a 46 per cent rise in full-year profits in 2000 after it opened a raft of new shops across Europe. Profits for the 12-month period ending 28 April 2001 were £603m, up from £414m the previous year. The profit was based on turnover of £4.7bn. However, this excludes revenue from Freeserve, its free ISP interest, in which it sold a 79 per cent stake to French ISP Wanadoo in January 2001. Dixons chairman Sir Stanley Kalms said in a statement that the company would continue to open outlets across Europe in the next year, but warned that the imminent openings of PC World stores in Spain and France will initially make a loss.