A 30 per cent drop in pre-tax profits has been reported by DSGi international, the parent company of Currys, PC World and Dixons.

Although the group saw total sales rise by eight per cent (up one per cent like-for-like) to £8.6bn against £7.9bn the previous year, its underlying pre-tax profits slumped from £295.1 million to £203.3m.

“The Group is operating in a challenging environment," said chief executive John Browett.

However, despite the slump in profits for the 53 weeks to May 3, he remains confident that the business can be revitalised.

"We have lots of opportunities to improve performance and build on the group's many inherent strengths as a leading specialist electrical retailer," he said.