Positive start to the year
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UK & Ireland like-for-like revenue +5%
o Strong sales aided by market share gains, encouraging early adoption of AI computing products and England's performance in EURO 2024
o Mobile continuing to perform strongly, with iD Mobile reaching over 1.9m subscribers, +34% YoY
o Gross margin improvements driven by continued positive momentum in Services, with credit and solution sales growing above expectations
Nordics like-for-like revenue (2)%
o Growing market share in a consumer environment that remains weak
o Higher Services adoption has driven gross margin improvement despite tough competition
o Operating costs tightly controlled including reduced marketing spend and central costs
Outlook
o All guidance for the year remains unchanged
o At this point in year, the Group is confident in its expectations for profit and free cash flow growth
o Balance sheet to remain in healthy net cash position
Like-for-like Sales - YoY
| UK & Ireland | +5% |
| Nordics | (2)% |
| Group | +2% |
Alex Baldock, Group Chief Executive
"Trading is going well, strengthening our confidence in growing profit and free cash flow again this year.
New AI-enabled computers are bringing excitement and innovation to customers, who are coming to our stores to learn more about the technology, helping us take almost 50% share of the total laptop market.
Along with Mobile and B2B, AI product launches have contributed to an encouraging start to the year in the UK&I, as we gain market share in an improving consumer environment.
The Nordic consumer remains subdued, although we're pleased to be outperforming the market while improving gross margins and controlling costs well.
Across the Group, we're continuing to target growth in high margin, recurring revenue services and solutions. Currys is well set for our important Peak trading period and beyond."
AGM details
The Currys plc 2024 Annual General Meeting will be held today at 11.00am at Hilton London Kensington, 179-199 Holland Park Avenue, London, W11 4UL.
Next scheduled announcement
The Group is scheduled to publish its interim results for 26 weeks ending 26 October 2024 on 12 December 2024.
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