FY Trading - Performance continues to strengthen
Adjusted PBT upgraded to £162m (+37% YoY), like-for-like sales accelerated to +4%, net cash over £180m, dividends to resume.
vs expectations: ahead
- Full year adjusted PBT £162m (prior +37% YoY)
- Like-for-like sales growth (post-Peak) +4%
- Group like-for-like sales growth (full year) +2%
- Net cash position more than £180m
- UK & Ireland like-for-like sales growth (full year) +4%
- Nordics like-for-like sales growth (full year) 0%
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We Help Everyone Enjoy Amazing Technology
Currys plc, a leading omnichannel retailer of technology products and services, today issues the following trading update for the 53 week year ending 3 May 2025.
- Full year adjusted PBT expected to be around £162m, +37% YoY (previously guided to around £160m)
- Group like-for-like sales growth accelerated to +4% in the 17-week period since Peak1
- Significant growth in free cash flow YoY, benefitting from lower interest costs and tight working capital management
- Finished year with net cash of more than £180m
- Robust performance underpins Board's intention to resume cash dividends
- UK & Ireland adjusted EBIT expected to be in line with consensus2
o Continued robust trading, with like-for-like sales increasing +4% since Peak
o Sales growth and gross margin improvements more than offsetting cost increases
Nordics adjusted EBIT showing strong growth YoY
o Currency neutral performance in-line with expectations, albeit reported profits impacted by translational currency headwinds
o Growth accelerated in final period, despite a still challenging consumer environment
o Gross margin further improved with cost inflation tightly controlled
- Interest cost expected to be below consensus forecasts and previous guidance
| Like-for-like Sales - YoY | H1 | Peak | Post-Peak | H2 | Full year |
|---|---|---|---|---|---|
| UK & Ireland | +5% | +2% | +4% | +3% | +4% |
| Nordics | (2)% | +1% | +3% | +2% | 0% |
| Group | +2% | +2% | +4% | +3% | +2% |
Alex Baldock, Group Chief Executive
"We finished another year of strengthening performance on a high note with encouraging momentum and accelerating sales growth in both the UK&I and the Nordics. In both, we've grown profits by delivering sales growth, market share gains and gross margin increases. In the Nordics, we've also shown especially strong cost discipline in a still-challenging market.
"Cashflow was very healthy. This further strengthening of our balance sheet ensures our resilience and allows the resumption of dividends.
"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."
- Peak defined as 10 weeks ended 4 January 2025 and post-peak defined as 17 weeks ended 3 May 2025.
- Company compiled consensus for 2024/25 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 3 July 2025.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.