Annual Report 2003/04 
Financial Highlights
Chairman's Statement
Chief Executive's Review
Operating and Financial Review
Corporate Citizenship
Board of Directors
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Electro World logo

Electro World performed ahead of expectations in the second half despite continued competitive market conditions. Good market share gains were achieved in both Hungary and the Czech Republic. In the fourth quarter, the business implemented new sourcing arrangements whereby common supplier terms were agreed for Electro World and Elkjøp to support margin improvement plans.

Electro World sales chartDuring the year, three Electro World stores were opened – one in Hungary and two in the Czech Republic. At the year end, Electro World traded from nine stores, four in Hungary and five in the Czech Republic. Since the year end, the Group has opened another store in Hungary and a further store – also in Hungary – is expected to open during the next 12 months.

Operating profit in the discontinued European Property division was £2.2 million (2002/03 £15.0 million)
on sales of £34 million (2002/03 £39 million). On 8 December 2003, the Group disposed of its 90 per cent holding in Codic International S.A. for €33.3 million. The consideration was equal to the Group’s share of the net asset value of Codic of €37.0 million at 31 October 2003. As part of the transaction, the purchasers also assumed €41.8 million of net debt.

Electro World   Electro World   Electro World

1. An Electro World customer takes advantage of spectacular opening offers.

2. Electro World’s
Cerny Most store in Prague trades from 44,000 sq ft.

3. Young customers at Electro World sample the wide range of games in store.

4. The impressive TV display at Electro World, Cerny Most, Prague.

5. Electro World stores offer more than 9,000 product lines.

Electro World   Electro World