Curry's owner DSG profits hit by fraud blow

Currys owner DSG International said today it had uncovered a “significant fraud” at its French online business Fotovista.

DSG warned that the cost of the fraud would wipe out profits from its new business division in the current financial year, which analysts had estimated at between £8m (€11.8m) and £10m (€14.7m).

The company said the fraud was uncovered in Fotovista’s Paris warehousing operation and had led to the arrest of several staff at the warehouse, as well as other individuals.

Seymour Pierce analyst Richard Ratner downgraded DSG’s profits forecast from £277m (€334.7m) to £267m (€393.7m) for the current year to April 28.