Dixons Carphone chairman buys nearly £100,000 of shares to double stake
The chairman of Dixons Carphone has more than doubled his stake in the electrical retailer after buying nearly £100,000 worth of shares.
Ian Livingston bought 54,655 shares worth £1.82 each - a total of £99,472 - following the company's stock market plunge on Thursday in response to a profit warning.
Shares dropped 30% as the firm flagged that soaring costs for new mobile phones means people are holding on to older models for longer.
Lord Livingston, a former BT chief executive and Trade Minister who joined the board in 2015, previously held 31,889 shares on April 29 this year.
The retailer said earlier this week the pound's collapse following the Brexit vote had led to an increase in shop prices for mobile devices.
Dixons Carphone now expects headline pre-tax profit for the full year to be in the range of £360 million to £440 million.
This is down from analyst forecasts of between £460 million and £485 million and well below the £501 million booked last year.
The firm is also taking a £10 million to £40 million hit from changes to EU roaming legislation.
However, the trading update showed that UK like-for-like sales were up 4% in the period, while total sales rose 1%.