Currys profit jumps 18% as UK and Nordics sales grow
Currys has posted an 18% annual profit jump driven by strong performances in the UK and its Nordics region.
In the year to 2 May, adjusted pre-tax profit climbed to £191 million from £162 million in the previous year, while group revenue increased by 6% to £9.25 billion.
Subscribe to TRBUK and Ireland sales rose by 3% to £5.4 billion despite a “subdued backdrop”, as adjusted EBIT increased by 3% to £158 million. Currys said the growth was driven by strong performance in its core markets, alongside strategic initiatives such as new categories, B2B and services.
Meanwhile, Nordics revenue increased by 6% to £3.8 billion, as adjusted EBIT climbed by 26% to £97 million.
Alex Baldock, Currys group chief executive, said: “Our performance continues to strengthen. Profits and cash flow are healthily up, supported by a balance sheet that has never been stronger, even after growing shareholder returns.
“Currys is trending in the right direction on every dimension that matters. Colleague engagement is among the top 10% of global businesses, customers are saying they’re happier (with record satisfaction) and showing they are, as we grew share and extended our lead as market #1. Top line and bottom line, products and services, the UK&I and the Nordics: all are in growth.”
Currys said it had seen “solid” group trading in the early part of its new financial year and is on track to meet market expectations.
Looking ahead, Baldock said: “The outside world remains uncertain, and we are not counting on it to do us any favours. Still, there is much more in the tank here.
“Growth opportunities such as B2B have almost trebled the market accessible to us, are driving the topline today, and have much further to go. And, though we’ve significantly increased the adoption of the solutions that delight customers and boost margins, the prize here remains larger still.”
Currys has recently appointed Fredrik Tønnesen, the leader of its Nordics business, as its new chief executive following Baldock’s decision to leave the company and join Boots as chief executive.
Today Baldock said: “In Fredrik, the business has an outstanding leader to continue and accelerate this progress. I’ll be a loyal Currys customer, advocate and shareholder all my life, and will be cheering on Fredrik and his world class team.
“As ever, my heartfelt thanks and admiration go to the thousands of capable and committed colleagues who are building this ever-stronger Currys.”
