21st May 2025 09:44
(Alliance News) - Currys PLC on Wednesday slightly raised its annual profit outlook and confirmed that it will resume its dividend this year.
The London-based electronics retailer said it now expects to report adjusted pretax profit of GBP162 million for the year to May 3, up 37% from the prior year and raised from its prior outlook of GBP160 million.
In April, the firm raised its guidance to GBP160 million from prior guidance between GBP145 million and GBP155 million. Guidance was set at this range in January, ahead of an earlier company-compiled market consensus of GBP140 million.
"We finished another year of strengthening performance on a high note with encouraging momentum and accelerating sales growth in both the UK & Ireland and the Nordics," said Chief Executive Alex Baldock.
"In both, we've grown profits by delivering sales growth, market share gains and gross margin increases. In the Nordics, we've also shown especially strong cost discipline in a still-challenging market."
Currys said its like-for-like sales growth has accelerated to 4% in the 17-week period since its peak period, which is the 10 weeks to January 4.
It said there has been "significant growth" in free cash flow, as it finished the year with net cash of more than GBP180 million.
CEO Baldock added: "Cashflow was very healthy. This further strengthening of our balance sheet ensures our resilience and allows the resumption of dividends."
Its last dividend was an interim payout for financial 2023.
Currys added that sales growth and gross margin improvements are more than offsetting cost increases in the UK & Ireland, where it expects adjusted earnings before interest and tax in line with consensus.
Currys plans to release annual results on July 3.
Shares in Currys were up 0.7% to 126.10 pence in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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