Currys posts strong first half growth
Currys has reported a strong uplift in first half profit as trading in its second half remains in line with expectations.
In the six months to 1 November, adjusted pre-tax profit climbed by 144% to £22 million as revenue increased by 8% to £4.23 billion.
Group adjusted EBIT came in at £54 million which was £13 million higher than a year earlier,
While revenue in the UK and Ireland rose by 6%, the retailer’s Nordics region continued its recovery with revenue growth of 7%.
Subscribe to TRBUK and Ireland like-for-like sales increased by 4% in the period driven by a strong performance in new categories and B2B. The Nordics region like-for-likes also rose by 4% with most categories contributing to the growth.
Giving an update on more recent trading, Currys said this has been in line with board expectations which means its full year guidance is being maintained.
Alex Baldock, Currys group chief executive, said: “We’re pleased with the momentum we’ve built, with healthy growth in sales, profits and cash flow.”
He added: “We entered Peak well prepared, with strong stock availability and market-leading deals that reflect our unmatched importance to our partners. Trading is in line with expectations.”
