Annual losses at Currys and PC World owner DSG International have hit £140.4 million.

The firm, which warned markets will remain tough in the year ahead, said the losses in the year to May 2 were driven by one-off items.

These were said to be mostly turnaround costs and the lower value of European businesses - but were less than the £184.1 million seen in the previous period.

Pre-tax profits without the exceptional items showed a fall of 77 per cent to £50.5 million, reflecting a 9 per cent decline in like-for-like sales during a time of "significant change" for the company.

DSG has successfully completed a fundraising from shareholders and is "well prepared" for the tough conditions it anticipates in many of its markets for the next year.

Chief executive John Browett added that the company had achieved rapid progress with its store refurbishment programme.

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