Currys raises annual profit guidance as finishes a "good year well"

(Alliance News) - Currys PLC on Tuesday lifted full-year profit guidance amid "solid" trading and market share gains and said it has not been hit by the Middle East crisis.

In response, shares in the London-based electrical and telecommunications retailer jumped 11% to 140.92 pence each in London on Tuesday.

The FTSE 250 listing now expects adjusted pretax profit growth of 18% to GBP191 million for the financial year ended May 2, ahead of a prior guidance range of GBP180 million to GBP190 million. In the financial year to May 3, 2025, Currys posted adjusted pretax profit of GBP162 million.

Annual like-or-like sales were up 4%, Currys added, with growth of 3% in the UK & Ireland and 6% in the Nordics. LFL sales in the 16 weeks to May 2 were 4% higher on-year with overall second half LFL up 5%.

"We finished a good year well, with strong performance in the UK&I and the Nordics, a region that represents 40% of group sales and that grew especially strongly," said Chief Executive Alex Baldock.

"Recent trading has been very solid; we've not yet seen an impact from the Middle East conflict, and our energy costs are well hedged for the coming year," the CEO added.

Baldock said the performance, combined with a strong balance sheet, "means we are well positioned to navigate any market volatility ahead," and "continue returning capital to shareholders".

Currys said it finished the year with net cash of more than GBP170 million.

In addition, the firm said the process to appoint a new group CEO is progressing well.

In March, Currys said current CEO Baldock plans to step down after eight years at the helm to take a new external position.

Last week, Sky News reported that Baldock is expected to become the next CEO of pharmacy chain Boots.

By Jeremy Cutler, Alliance News reporter

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