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(Sharecast News) - UK electrical retailer Currys pulled its final dividend, citing an uncertain outlook as annual profits fell due to its poorly-performing Nordics division.
Group adjusted profit before tax fell 38% to £119m - at top end of guidance - due to lower Nordic profits. On a statutory basis the seller of fridges and computers company swung to a pre-tax loss of £450m, driven by a previously announced non-cash goodwill impairment of £511m.
Shares in the company fell almost 13% in early London trade in response to the results.
Rvenues slipped 6% to £9.5bn,while while core profit in the UK and Ireland division rose 45% to £170m. However, its Nordics operations slumped 82% to £26m as it was 'impacted by market challenges'.
Currys added: 'Trading at the start of the year has been consistent with the board's expectations. Nevertheless, the economic outlook remains uncertain in our main markets,'
"Looking ahead, we're wary of optimism about consumer spending power. Accordingly, we're being prudent in our planning, and in further strengthening our balance sheet," said chief executive Alex Baldock.
"Our focus is on continuing a very encouraging trajectory in the UK & Ireland while we get the Nordics back on track, and being attentive to mitigating any downside risk. We may be cautious in our promises for the short-term, but our confidence is undimmed as we build a stronger and more resilient business that is fit to prosper in the longer term."
Reporting by Frank Prenesti for Sharecast.com
