Carphone Warehouse cautious despite profits rise

Carphone Warehouse says it is “cautious” about the year ahead despite reporting a 75% leap in pre-tax profits to £216m for the year to the end of March. The retailer says it has a “sucessful year” but is concerned about the slowing housing market.

It says that the number of new mobile connections rose 15% and broadband customers increased by 19% to more than 2.7 million. But it adds says the number of new broadband customers since April had been fewer than expected and has scaled back growth forecasts as a result.

Carphone Warehouse chief executive Charles Dunstone says the group retained more of its Talk Talk customers this year due to improved customer service and better operational performance.

Last month, the company announced that it had entered into a £1.1bn deal with US electronics retailers, Best Buy, to launch a European joint retail venture.

Dunstone says that the company’s focus on evolving its retail proposition will help offset some of the risks presented by the tough economic climate.

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