Currys (CURY) Trading Update summary

Financial performance highlights

• Full year adjusted PBT expected at £162m, up 37% year-on-year and above previous guidance.

• Group like-for-like sales grew 4% in the 17 weeks post-peak, with full-year growth at 2%.

• Free cash flow saw significant growth, supported by lower interest costs and tight working capital.

• Ended the year with net cash exceeding £180m, supporting the resumption of cash dividends.

• Interest costs are expected to be below consensus forecasts and previous guidance.

Regional performance

• UK & Ireland adjusted EBIT expected to align with consensus, with sales and margin gains offsetting cost increases.

• Nordics adjusted EBIT showed strong year-on-year growth, with gross margin improvements and disciplined cost control.

• Nordics reported profits impacted by currency headwinds, but currency-neutral performance met expectations.

• Both regions experienced accelerating sales growth and market share gains in the final period.

Strategic and operational updates

• Board intends to resume cash dividends, reflecting robust financial health.

• Continued focus on cost discipline and working capital management strengthened the balance sheet.

• Currys remains the market leader in all its markets, operating 708 stores across 6 countries.

• Emphasis on technology repair, recycling, and reuse, with a target of net zero emissions by 2040.