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CARPHONE SURGE Electricals and mobile phones giant Dixons Carphone hailed a "terrific year" as it revealed a 21% surge in profits in its first set of annual results since being created following a merger between two of the high street's biggest names.

The group behind Carphone Warehouse and Currys PC World said underlying pre-tax profits leapt to PS381m in the 13 months to May 2 after robust trading for both its electricals and mobile business.

Dixons Carphone said UK and Ireland like-for-like sales rose 8% over the year, helped by its "most competitive ever" pricing on electricals, while its mobile business was also given a boost by the demise of rival Phones 4U.

Sebastian James, group chief executive, said: "This has been a terrific first year for Dixons Carphone. We have seen excellent increases in both sales and profitability and we have made very encouraging progress with the tricky job of integrating these two great companies."

BANK BONUS BILLIONS US banking giant Goldman Sachs revealed it set aside $8.3bn (PS5.3bn) in staff pay and bonuses for the first half of the year, despite seeing profits more than halve in the last three months.

The group, which employs around 5,500 in the UK, saw net income tumble 53% to $916m in the three months to June 30 after taking a $3.5bn hit from legal costs relating to settlements over mortgage practices in the run-up to the financial crisis.

Overall half-year earnings were 6% lower at $3.7bn, but Goldman's pay and bonus bill increased 4% on a year earlier as its worldwide workforce also increased 8% to 34,900.

The blow from the legal costs offset an otherwise strong performance in the second quarter, with revenue from its investment banking division jumping 1% to $2bn as it benefited from a surge in corporate dealmaking.

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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Jul 17, 2015
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