Carphone Warehouse writes down mobile fund
- Added:
- Mar 24, 2003
The company, which spent £40m on a majority stake in the wireless internet fund to invest in mobile ventures, is to write down its investment by £15m, as it did last year.
While there have been signs of improvement and stability in the wider technology industry, stocks remain somewhat depressed and the move comes as no surprise. Furthermore, Carphone said it will not impact on profitability.
The company expects to report profits of about £55m for the year to 29 March and said profit growth should continue at a rate of about 25% per year, leading to a pre-tax profit in excess of £70m for 2004.
Carphone Warehouse will release its annual results in early-June.
"www.carphonewarehouse.com ":http://www.carphonewarehouse.com
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