LONDON (AP) — Shares in Dixons Carphone PLC, one of Britain's most visible high street brands, have slumped by nearly a third after the company warned that its profits this year would be lower than expected, largely because the fall in the pound since last year's vote to leave the European Union has prompted customers to hold on to their handsets for longer.

In early Thursday trading in London, the company's share price was down 29 percent at 1.61 pounds.

In a statement, the company said it has seen a "more challenging" environment in the British cellphone market. It said that was mainly due to currency fluctuations making handsets more expensive.

Since last year's Brexit vote, the pound has fallen by around 15 percent against its main competitors, including the dollar.