Currys (CURY) Trading Update summary

Financial performance and outlook

• Achieved like-for-like sales growth in both the UK (+2%) and Nordics (+1%) for the first time since the pandemic, with group adjusted PBT for FY25 expected at GBP 145-155 million, a 23-31% year-on-year increase, ahead of consensus.

• Strong cash generation and a robust balance sheet, with net cash of GBP 107 million and a reduced pension deficit of GBP 143 million, supporting resumed dividend payments.

• Board expects to declare a final dividend of GBP 0.013, resuming shareholder returns, with interim and final dividends to follow in 2025/26.

• Medium-term ambition to achieve at least 3% EBIT margin group-wide, with the UK already there and Nordics progressing; annual capex targeted below GBP 100 million.

• CapEx guidance reduced due to timing and phasing, with more project spend moving to OpEx and capital expenditure below GBP 80 million.

Trading performance

• UK & Ireland like-for-like revenue grew 2% during peak trading, with strong sales in mobile, gaming, and premium computing, while TV sales lagged.

• Omnichannel sales saw robust growth, with order & collect up 13% and online-in-store sales up 24%.

• Nordics like-for-like revenue rose 1%, with market share gains and historically high gross margins despite a soft market.

• Cost savings in Nordics offset inflation, and domestic appliances and computing outperformed TVs and mobile.

• Successful disposal of the Greece business contributed to a healthy net position.

Strategic and operational highlights

• Omnichannel strategy is driving performance, with investments in both online and physical stores, and omnichannel sales now over 30% of total sales.

• Market share gains in both regions, with the group maintaining number one position and outperforming online-only competitors.

• Customer satisfaction metrics improved, with UK NPS up nine points year-on-year and Trustpilot score rising from 3.6 to 4.2.

• Enhanced product range and availability, with significant growth in categories like AI PCs, health and beauty tech, and supersized TVs.

• B2B segment is a key growth driver, especially among small businesses, delivering healthy double-digit sales growth.