Electronics retailer Currys has announced that it surpassed profit guidance for the past financial year, citing "very solid" recent trading. Shares in the company rose sharply in early trading on Tuesday following the announcement.
Strong Performance Across Regions
Outgoing CEO Alex Baldock stated that the retailer "finished a good year well," driven by robust performances in the UK and Ireland as well as the Nordics region. Currys informed shareholders that group like-for-like sales increased by 4% over the year ending May 2, compared to the previous year.
Financial Highlights
Pre-tax profits climbed 18% to £191 million, exceeding the company's earlier forecast of between £180 million and £190 million. The UK operations benefited from growing demand for services, business-to-business activities, and new product categories. Additionally, Currys reported an 18% rise in subscribers for its iD Mobile business.
In the Nordics, the group expanded its market share, supported by stronger sales of kitchen products and new areas such as computing components.
CEO Comments
Mr Baldock commented: "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. This performance, combined with our strong balance sheet, means we are well positioned to navigate any market volatility ahead, tap into exciting growth opportunities, and continue returning capital to shareholders." He also thanked employees for their contributions.
Leadership Transition
The update follows Mr Baldock's announcement two months ago that he would step down after eight years as CEO. He is set to become chief executive of Boots later this year. Currys noted that the process to appoint a new group chief executive is "progressing well."
Shares in Currys rose 9.9% to 138.9p in early trading.
