News roundup--Dixons, Pixmania, Stanley Gibbons

Dixons is increasing its stake in online retailer Pixmania. The electricals retailer announced it was buying the 22 percent interest in Pixmania currently held by its founders Steve and Jean-Emile Rosenblum for €10 million (approximately £8 million). Dixons already holds a 77 percent stake in the business. Dixons says the acquisition will enable it to take full control of the business and tackle the “significant challenges” it faces. Pixmania reported turnover of £665 million for the 12 months ended 28th April 2012 and an underlying operating loss of £20 million.

Pretax profit at stamps and collectibles marketer Stanley Gibbons was up 8 percent to £1.8 million in the six months ended 30th June thanks to improved gross margins, which generated profit growth from a lower level of sales to the prior period. The company also revealed that following the redevelopment of its websites last year, online revenues were almost double that of the previous period. During the second half of the year, Stanley Gibbons says it focus on further developing its online opportunities among other initiatives.

Marks & Spencer is introducing contactless payments at 25 of its London stores. The partnership with Streamline and Visa Europe enables consumers to touch a payment terminal’s reader with their cards and pay for items costing less than £20. Food retailers currently dominate the contactless market with McDonalds, Subway, Nandos, Eat, Café Nero, Pret A Manger, West Cornwall Pasty, and selected Costa Coffee outlets all supporting the technology.