The owner of Currys and PC World manages to do so badly in the boom times that Lord only knows how it will fare in a recession. As DSG International’s market value can normally be relied on to halve every six months, yesterday morning’s 10 per cent jump in its shares was an aberration. Sadly, it was little more than a relief rally at the unexpected absence of a profits warning.

Other small consolations were that management made some comforting noises about covenants and left a glimmer of hope for what remains of the dividend. But the continuation of like-for-like sales declines of 7 per cent was hardly great news and it requires a leap of faith to believe same-store revenues will not dry up even faster in the second half.