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2022-23 profit down 38%
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Outcome hurt by poor Nordics performance
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Lowering contributions to pension scheme
LONDON, July 6 (Reuters) - British electricals retailer Currys said on Thursday it is not paying a final dividend and would be prudent in its planning as it is concerned about the economic outlook in its main markets.
The group also reported a 38% fall in full year profit, hurt by the weak performance of its Nordics business.
"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," CEO Alex Baldock said.
Consumers in Europe have been hammered for over a year by high inflation, which has outstripped pay growth for almost all workers.
Baldock said Currys had taken actions to maximise operating cashflow through margin improvement, delivering cost savings and reducing capital expenditure.
Further actions to mitigate risk included agreeing a previously announced temporary covenant relaxation with lenders, and lowering cash contributions to its pension scheme.
Currys, whose shares have fallen 21% this year, reported adjusted pretax profit of 119 million pounds ($151.2 million) in the year to April 29 - in line with its latest guidance but down from the 192 million a year earlier.
Revenue fell 6% to 9.5 billion pounds.
While core profit in the UK and Ireland division rose 45% to 170 million pounds, in the Nordics division it slumped 82% to 26 million "impacted by market challenges".
"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," Currys said.
The group reported a statutory loss before tax of 450 million pounds for the year, driven by a previously announced non-cash goodwill impairment of 511 million.
In May, Currys said its Nordics business was being investigated by a European competition watchdog, and last month it started a strategic review of its Greek business, which could lead to a sale.
Mike Ashley's Frasers Group has amassed a 10.4% stake in Currys. Frasers said the holding is "supportive" and it wants to collaborate with Currys.
