DSG bosses in buying mood

Bosses at DSG International wasted little time in picking up shares in the electronics retailer following yesterday's better than expected results.

Chairman John Allan, former finance boss at Deutsche Post, has paid £28,300 for 100,000 shares in the owner of Currys and PC World at 28.3p each.

John Whybrow, a non executive director at DSG and currently chairman of plumbing supplies firm Wolseley, coughed up over £30,000 for 104,614 shares at 28.7p each.

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The former big cheese at Dutch electronics group Philips now owns 276,000 DSG shares.

DSG has had a terrible time over the past few years as the recession forces consumers to tighten their belts, putting ideas about new computers and televisions firmly on the back burner.

But the company, which raised over £210m from a rights issue in June, is keen to erase memories of the 78% plunge in full underlying profit announced later that month.

Like for like sales fell just 6% in the first 16 weeks of its financial year to 22 August, having dropped 11% in the second half of 2008 and 9% in the last fiscal year.

Management called the 'slightly' smaller than feared decline 'encouraging'.

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