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Carphone Warehouse meets outlook, forecasts further growth
2013-06-26 09:59:00| Telecompaper Headlines
(Telecompaper) Carphone Warehouse has reported results for its fiscal year to March in line with its guidance from April as well as announced the completion of its takeover of the rest of its retail business from Best Buy. In addition the company announced new partnerships to expand its footprint with Media Market/Saturn in the Netherlands and develop the Connected World shop-in-shops with the Metro retail group in Germany. At its main retail business CPW Europe, annual revenue was up 11.5 percent to GBP 3.694 billion, driven by postpay growth in the UK and the dealer businesses, particularly in Germany. Adjusted EBIT rose slightly to GBP 136.6 million from GBP 135.0 million a year earlier, in line with its guidance of 135-145 million. Group adjusted EPS was down slightly to 12.3 pence from 12.6 a year ago due to the share issue for the acquisition, but in line with the outlook. Following the completion of the acquisition of Best Buy's 50 percent of CPW Europe, group CEO Roger Taylor was named deputy chairman, and CPW Europe CEO Andrew Harrison becomes group CEO and joins the board. For the current year, Carphone expects the European market to remain challenging, but will continue to focus on postpay growth and build on demand for tablets and the expansion of 4G services for handset replacements. This should drive continued like-for-like revenue growth. Overall adjusted EBIT is expected to reach GBP 140-160 million for the year, while headline EPS is forecast at 17-20 pence.
Tags: growth
meets
warehouse
outlook
Category:Telecommunications
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