Europe's largest independent mobile phone seller, Carphone Warehouse, managed to avoid an expected slump in sales to post respectable figures for the three months to the end of June.
Like-for-like sales at CPW Europe were down 2% although total sales including new stores rose 5.7% to £776m.
The key UK business is doing well from so-called post-pay growth, which is when consumers sign up to annual contracts. In mainland Europe there has been a weakness in the pre-pay market, driven by a dearth of attractively priced smartphones.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group's joint venture, Virgin Mobile France, did well, posting year-on-year revenue growth of 13% to leave quarterly revenues at €122m. The business now has 1,925,000 customers.
In its trading update, CPW sticks to its full year guidance.
The market had been expecting a much worse performance given the Eurozone crisis, consequently Carphone Warehouse shares were up strongly; at 10:53 the stock was 4.23% up on yesterday's close.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
