Mobile phone retailer Carphone Warehouse, posted annual pretax profit beating the average market forecast this morning.
The group reported pre-tax profit of £123.1 million ($245 million), above the average market forecast of around £116 million but down 9.5 per cent on a year earlier due to start-up losses of £80.5 million associated with its broadband rollout in Britain and investments in France.
Sales rose 31 per cent to £3.99 billion, above the average market forecast of £3.96 billion, and Carphone announced a 30 per cent increase in its annual dividend to 3.25 pence a share.
Chief Executive Charles Dunstone said his group had "substantially addressed" the customer-service issues that have dogged its broadband business since its launch last year and forced it to miss performance and financial targets.
"Demand continues to be strong and customer confidence in the service is increasing," he said in a statement, as the group reported, as expected, losses of £72 million in its broadband business.