Currys says performance is improving as it posts 10% profit uplift
Currys has said its performance has continued to improve as it reported a 10% increase in adjusted pre-tax profit to £118 million in the year to 27 April.
This came despite a 2% decline in like-for-like revenue in the UK&I where Currys said a positive underlying performance was offset by the non-repeat of around £30 million of mobile revaluations in the prior year. Adjusted EBIT in the region fell by 16% to £142 million.
Meanwhile, like-for-like revenue in the retailer’s Nordics region dropped by 3%, although adjusted EBIT was up 135% to £61 million after the business benefited from a strong focus on margins and costs.
The group said trading momentum continued to improve throughout the year as it concentrated on getting the Nordics business back on track and keeping the “encouraging momentum” in the UK&I going.
Alex Baldock, Currys group chief executive, said: “Our performance continues to strengthen. We’ve kept up our encouraging momentum in the UK&I, our Nordics business is getting back on track, and we‘re stronger financially.
“We can see our progress in ever-more engaged colleagues, more satisfied customers and better financial performance. Continued growth in sales of solutions and services were particular highlights: they’re good for customers, margins and recurring revenues, and they lean on Currys’ competitive strengths.
“We’re planning prudently but confidently for the year ahead, on course to grow both profits and cashflow while carefully stepping back up to more normal investment levels.”
Currys said group trading in early part of its new financial year has been in line with expectations.
