Shares in the firm fell by more than 25% in early trading on the FTSE 250 as it announced profits for the past year not only fell short of analysts’ projections of £387m but would also fall again to £300m in 2018-19. The group posted a pre-tax profit of £501m in last year’s annual results.

The group said the widespread closures within the Carphone Warehouse chain were a result of “changing consumer habits” as consumers are holding on to older mobile devices for longer and going “sim-only”. It has suggested that staff will be offered the chance to move to larger outlets in the property rationalisation strategy.