Currys reveals stronger profits amid boost from ‘resilient’ UK shoppers

Currys has reported stronger sales and profits for the past year as it hailed “resilient” demand from UK shoppers.

The technology retailer said slower inflation and falling interest rates helped support sales from shoppers in the UK.

The London company also resumed dividend payments following the upbeat update to shareholders.

Group sales grew by 3% to £8.7 billion for the year to May 3, driven by 6% growth in the UK.

The retailer, which runs 708 stores, said its UK business benefited from growth in its iD Mobile business, as well as positive computing sales, with “AI technology sales building momentum”.

Meanwhile, sales dropped 2% in its Nordics region, where it said profitability was knocked by “tough” market conditions.

The company said it has traded in line with expectations over the past two months but is “facing into several headwinds” in the new financial year, including cost increases linked to the Government budget, cost inflation and currency weakness.

Alex Baldock, group chief executive, said: “Currys’ performance continues to strengthen and the business has real momentum.

“A stronger Currys is good for colleagues, customers, shareholders and society, and we’re doing a better job for all of them.

“We’re pleased with our progress, but even more excited about the opportunities ahead of us.”

Meanwhile, the group also revealed a 37% increase in adjusted pre-tax profits to £162 million for the year.

It also announced a dividend of 1.5p per share for the year after suspending dividend payments in 2023 amid efforts to turn around its Nordics operation.