There were few surprises in John Browett’s first set of full-year results as chief executive of DSG International but, although the results were well-flagged, Browett struggled to convince the City that better times lie ahead.

Underlying pre-tax profit plummeted 30 per cent to£205 million and, with the huge costs of restructuring the business, the company made a loss of£193 million. PC World and Italian business UniEuro were the worst performers, but the City was surprised by a worse-than-expected performance by Scandinavia.

Sell, said Seymour Pierce, which was worried by Scandinavia and by what it considered to be the absence of a strategy to turn around PC World. Panmure Gordon also said sell, warning that a “long and bumpy ride” lies ahead.