Currys posts strong full year profit uplift
Currys has posted a 37% increase in full year adjusted pre-tax profit to £162 million as its performance continues to strengthen.
In the 12 months to 3 May, revenue in the UK and Ireland climbed by 6%, with like-for-like revenue up 4%, driven by market share gains and strategic initiatives.
However, revenue in its Nordic region declined by 2% as like-for-like revenue remained flat.
Alex Baldock, Currys group chief executive, said: “Currys’ performance continues to strengthen and the business has real momentum. A stronger Currys is good for colleagues, customers, shareholders and society, and we’re doing a better job for all of them.
Never Miss a Retail Update!“We’re uniquely placed not just to sell customers amazing technology, but to help them enjoy it to the full. Customers are increasingly adopting our credit, setup, installation, repair and connectivity services, building valuable recurring revenues for Currys.
“We’re now seen as the home of AI-enabled tech and our investments in new product categories and serving B2B customers are showing early signs of success.
“Our brands – Currys in the UK&I and Elkjøp in the Nordics – are stronger than ever. A new generation of customers is discovering Currys, thanks to brilliant social campaigns which have delivered industry-leading levels of engagement.”
Looking ahead to the remainder of the current financial year, Currys noted that the group is facing several headwinds, including rising costs driven by the UK government’s autumn budget, general inflationary pressures, and a weaker Norwegian Kroner impacting reported profits. It is therefore implementing a range of cost-saving measures to mitigate the challenges.
Currys said trading in early part of its new financial year has been in line with expectations.
Baldock added: “As ever, my heartfelt thanks go to the thousands of capable and committed colleagues who are building an ever-stronger Currys. We’re pleased with our progress, but even more excited about the opportunities ahead of us.”
