14th May 2024 10:50
(Alliance News) - Currys PLC on Tuesday expressed optimism for the coming year following signs of a possible turnaround.
The London-based retailer of consumer technology products and services expects adjusted pretax profit, excluding Greece, to land between GBP115 million to GBP120 million in the year ended April 27.
This compares similarly to adjusted pretax profit of GBP119m reported the year before, and exceeds the initial guided figure of at least GBP105 million.
Currys said group like-for-like sales were up 2% in the 16 weeks since the peak Christmas period.
However, for the year as a whole, group like-for-like sales were down 2%.
In UK and Ireland like-for-like sales were declined 2%, meanwhile the Nordics fell 3%.
Group Chief Executive Alex Baldock said: "Our performance is strengthening...Sales are now growing again, margins are benefiting from higher customer adoption of solutions and services, and cost discipline is good. All this means improved profits and, with our strong cash position, we're well set up for the year ahead."
The company expects to finish the year with a cash position of approximately GBP95 million, more than doubling the GBP44 held at the end of the previous year.
Currys shares were up 8.9% to 71.15 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
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