DSGi has revealed a 30 per cent slump in pre-tax profits in the 53 weeks to May 3 and has said it will focus on cost-control and cashflow to counter the customer downturn.

The group, which owns Currys and PC World, said total group sales were up 8 per cent to£8.5 billion with like-for-like sales up 1 per cent over the period.

The results were in line with market expectations.

DSGi, which has issued two profits warnings this year, warned that it remained “very cautious” about the challenging outlook.

The retailer unveiled a three-year turnaround strategy for the company in May and said that the UK computing division – which includes PC World and The TechGuys support service – bore the brunt of the downturn, with a like-for-like fall of 5 per cent.

DSGi’s total sales were down 1 per cent to£1.8 billion. Underlying operating profits halved to nearly£63.2 million.

DSGi launched its Get Connected laptop offer in its PC World stores last week, offering up to£450 discounts on laptops when customers sign up to mobile broadband.

At DSGi’s UK electricals division, which includes Currys and high street chain Currys.digital, like-for-like sales were up 3 per cent, with total sales 4 per cent ahead at£2.9 billion because of strong sales of flatpanel TV and digital products.

The retailer said Currys, its Scandanavian brand Elkjøp, Kotsovolos and e-commerce businesses performed well.

DSGi achieved£1 billion of sales online, representing 12 per cent of total group sales. It made cost savings of£30 million during the period.

Browett said: “We are working very hard on executing our five point plan that will renew and transform the business over the next three years. We are revamping ranges, retraining staff, trialling new store formats, selling new services, cutting costs and simplifying the business from top to bottom.”

The retailer added: “The economic backdrop continues to be difficult and the group remains very cautious about consumer confidence in many of the markets in which it operates.”