Dixons scraps final dividend

DIXONS D CARPHONE axed its final dividend di in a fresh blow to investors to after annual profits more than th halved.

Warning W of ‘weakening’ spending later this year, it will not resume dividends until finances are on a better footing. The dividend last year was worth £52.5m.

Dixons shares fell 9.4pc, or 8.1p, to 78.4p, after it said annual profits at the group, which has almost 940 stores, fell to £166m for the year to May 2, down from £339m the previous year.

Electrical sales were up 22pc as shoppers bought home working and schooling supplies, but mobile sales slumped 20pc. In March it announced it would close 531 stand-alone Carphone Warehouse stores, affecting 3,000 staff.

Dixons received £16m from the furlough scheme and will get £14m if all return to work, and will save £52m on business rates.