Currys (CURY) H2 2024 earnings summary

Executive summary

• Strengthened performance in challenging markets, with momentum in the U.K. and recovery in the Nordics, supported by a robust balance sheet and liquidity position.

• Delivered on strategic objectives, focusing on profitability, cash flow, and operational improvements, while maintaining market leadership in both core regions.

• Strategy centers on colleague engagement, customer satisfaction, omnichannel investment, and expanding higher-margin services.

• Greece business disposed at an attractive price, simplifying the group and strengthening the balance sheet.

Financial highlights

• Group revenue £8,476m, down 2% year-on-year; adjusted profit before tax £118m, up 10%; adjusted EPS 7.9p, up 7%.

• Free cash flow was £82m, up £174m year-on-year; net cash position improved to £96m from £(97)m.

• No dividend paid for the year, a reduction of £35m year-on-year.

Outlook and guidance

• Confident expectation of year-on-year growth in profits and free cash flow; trading in early new year in line with expectations.

• CapEx to increase to £90m; exceptional cash costs to fall to £30m; pension contributions to rise to £50m.

• Intention to recommence shareholder returns within 12 months, primarily via dividend.

• 2024/25 is a 53-week year, with small sales impact and immaterial effect on profits and cash flows.