Strong finish to the year
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Currys plc, a leading omnichannel retailer of technology products and services, today issues the following trading update for the year ending 27 April 2024.
| • | Group like-for-like sales returned to growth at +2% in the 16-week period since Peak 1 | ||||
| • | Full year adjusted PBT (excluding Greece 2 ) expected to be £115-120m (previously guided to at least £105m) | ||||
| • | Year-end net cash position expected to be around £95m | ||||
| • | UK & Ireland adjusted EBIT expected to be in line with consensus 3 | ||||
| ○ | Improved trading momentum, with like-for-like sales increasing +2% since peak | ||||
| ○ | Cost savings more than offsetting inflation | ||||
| • | Nordics adjusted EBIT expected to more than double year-on-year, ahead of consensus | ||||
| ○ | In a challenging market, post-peak period like-for-like sales +2% against weak period last year | ||||
| ○ | Gross margin continuing to rebuild | ||||
| • | Interest cost expected to be below consensus forecasts | ||||
| Like-for-like Sales - YoY | H1 | Peak | Post-Peak | H2 | Full year |
| UK & Ireland | (3)% | (3)% | +2% | (1)% | (2)% |
| Nordics | (6)% | (2)% | +2% | 0% | (3)% |
| Group | (4)% | (3)% | +2% | (1)% | (2)% |
Alex Baldock, Group Chief Executive
"Our performance is strengthening, with good momentum in the UK&I, and with the Nordics getting back on track. Sales are now growing again, margins are benefiting from higher customer adoption of solutions and services, and cost discipline is good. All this means improved profits and, with our strong cash position, we're well set up for the year ahead. As ever, my thanks must go to the thousands of capable and committed colleagues who are building an ever-stronger Currys and helping everyone enjoy amazing technology."
| 1. | Peak defined as 10 weeks ended 6 January 2024 and post-peak defined as 16 weeks ended 27 April 2024. |
| 2. | The Greece disposal was completed on 10 April for an enterprise value of £175m and net cash proceeds of £156m, Greece will be treated as a discontinued operation and excluded from adjusted numbers in the full year results. |
| 3. | Company compiled consensus for 2023/24 is available on the corporate website: https://www.currysplc.com/investors/analyst-coverage-and-consensus/ |
Next scheduled announcement
The Group is scheduled to publish its full year results on 27 June 2024.
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