Currys lifts profit guidance as CEO search progresses
Currys has increased its full year profit guidance and given an update on progress for the appointment of a new chief executive.
In a trading statement for the year to 2 May, the tech retailer said it now expects full year adjusted pre-tax profit to increase by 18% to £191 million compared with a previously guided £180 million to £190 million.
Subscribe to TRBCurrys said it performed well in the year with group like-for-like sales up 4% and respective growth of 3% and 6% in the UK & Ireland and its Nordics region.
The company also said that the process to appoint a new group chief executive is progressing well following its announcement in March that Alex Baldock was to leave the business to take an external position. Last week, it emerged that he had been appointed as the chief executive of Boots.
Baldock said: “We finished a good year well, with strong performance in the UK&I and the Nordics, a region that represents 40% of group sales and that grew especially strongly.
“Profits grew by 18% and free cash flow increased again, from a strategy that is delivering ever-stronger results for colleagues, customers, shareholders and society.
“Recent trading has been very solid; we’ve not yet seen an impact from the Middle East conflict, and our energy costs are well hedged for the coming year.
“This performance, combined with our strong balance sheet, means we are well positioned to navigate any market volatility ahead, tap into exciting growth opportunities and continue returning capital to shareholders.”
