DIXONS Carphone narrowed losses in its latest half-year performance but a turnaround strategy took its toll on profits, the mobile phone seller revealed yesterday.

Dixons Carphone pared its loss before tax back to £86m, from a deep loss of £440m this time last year.

But mobile revenue in the UK and Ireland sank 18 per cent, hurt by a 10 per cent drop in like-for-like sales.

Dixons slimmed down losses per share to 6p, a much better performance than the 39.7p hit investors took a year ago.

However, net debt rose from £274m at this point in 2018 to £290m, excluding lease liabilities it must recognise under new accounting standards.

The retailer said it will pay an interim dividend of 2.25p per share at a total cost of £26m.

The firm's share price rose seven per cent to 141.25p yesterday as investors welcomed the retailer's move to cut losses.

(c) 2019 City A.M., source Newspaper