Currys (CURY) Trading update summary

Financial performance and outlook

• Group revenue reached £4,230m, up 8% year-on-year, with adjusted EBIT up 32% to £54m and free cash flow up 68% to £84m.

• Adjusted profit before tax is expected at £180-190m, up 11-17% year-on-year and ahead of consensus estimates.

• Net cash is projected to finish above the £100m target, with year-end net cash closing at £133m after significant pension contributions and shareholder returns.

• Shareholder returns reached £46m, with a £0.75 interim dividend and a £50m buyback underway, totaling around £75m for the year.

• Adjusted EBIT margin target is at least 3%, with capital expenditure projected around £90m and annual capex below £100m.

Growth drivers and market share

• Like-for-like sales grew 3% in UK & Ireland and 12% in Nordics over peak, with group peak LFL revenue up 6%.

• Mobile, coffee appliances, robot floor care, and new categories like toys, health and beauty tech, and wearables drove growth, with new category sales up 42% year-on-year.

• Market share increased in both UK & Ireland (+60bps YTD) and Nordics (<50bps YTD), outperforming the market in both regions.

• B2B sales grew 21% in UK & Ireland and 25% in Nordics, with ambitions to more than double B2B sales in three years.

• iD Mobile subscribers exceeded 2.5m, up 19% year-on-year, and flexpay adoption rose by 200bps.

Operational and strategic initiatives

• Omnichannel investments improved store and online experiences, boosting conversion and collect-at-store rates.

• Services such as installation, recycling, and repair continue to grow, with over 11.8m active repair plans and 3m e-waste products collected.

• Credit adoption through flexpay surpassed £1bn in annual sales, with credit customers showing higher spend and loyalty.

• Colleague engagement reached record levels, ranking in the top 5% of global businesses and best among major UK retailers on Glassdoor.

• Customer satisfaction improved in both UK & Ireland and Nordics, with NPS and review scores rising year-on-year.