Currys Raises Full-Year Profit Forecast as Performance Strengthens

Currys (LON: CURY) has once again lifted its full-year profit forecast after a stronger-than-expected end to the financial year. 

The company pointed to accelerating sales growth and robust trading in both the UK and Nordics.

The technology retailer now expects adjusted profit before tax for the year ended 3 May to be about £162 million, up 37% year-on-year and above its April guidance. 

In early April, Currys lifted its guidance to £160 million from between £145 million and £155 million.

Meanwhile, Currys said like-for-like sales rose 4% in the 17-week post-peak period, bringing full-year growth to 2%. In the UK and Ireland, full-year sales increased 4%, while the Nordics saw flat performance overall, despite a 3% gain post-peak.

Chief Executive Alex Baldock said, “We finished another year of strengthening performance on a high note with encouraging momentum and accelerating sales growth in both the UK&I and the Nordics.”

The company reported significant growth in free cash flow, supported by lower interest costs and disciplined working capital management. 

It ended the year with net cash of more than £180 million, prompting the board to resume dividends.

UK and Ireland adjusted EBIT is expected to be in line with consensus. Nordics profits showed strong year-on-year growth, though reported figures were affected by currency headwinds.

“Cashflow was very healthy,” Baldock said. “This further strengthening of our balance sheet ensures our resilience.”