Electricals group Kesa has much to prove as it pushes on with an improvement programme Investec said, rating its shares a hold.

Although the Anglo-French group, which owns Comet in the UK and Darty in France, recently posted better results than expected, big questions remain about its direction.

The broker said: “There was, in our view, neither a new strategy nor meaningful elaboration of the existing strategy to give increased confidence in Kesa’s trading prospects.

“We remain sceptical of the proposed brand refresh at Comet, where the ‘Dartyfication’ process has failed to deliver the same financial returns as in France.”

Investec continues to prefer Kesa’s rival, Currys and PC World owner Dixons Retail “whose self-help measures are better defined and more visible in terms of their stores and recent performance”