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DSG International announces first loss for 24years

DSG International, the owner of Dixons, Currys and PC World has today announced a loss of £61 million for the six months to October 2008. This is the company's first loss in 24 years and marks a serious turnaround from a £51.4 million profit in the corresponding period last year. The company has also announced plans to cancel dividend payments in the medium term which should save £78 million a year for the company.

While the company is no where near breaching any banking covenants there is concern about the future of the industry and companies such as DSG International who lead the way. Ominously, the company has suggested that there are in good shape to tackle any "normal recession" but if the recession worsens and the economic situation becomes something not seen for decades there may be trouble ahead.

The last few days on the high street have seen some serious pressure placed on the sector with MFI and Woolworths in administration and companies such as DSG International struggling to keep up with the times. The company has debts of around £150 million at the moment although unused credit facilities are in region £300 million ensuring there is a cushion between the current situation and a worsening economy.

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