Key facts
- Currys reported a 3% increase in UK and Ireland revenue to £5.4bn.
- Profit before tax was £153m, affected by £16m in redundancy costs.
- Nordics revenue grew 12%.
- A £50m share buyback program will be launched.
- An additional £40m in shares will be distributed to employees.
- Currys holds 75% of the UK market share for AI-enabled laptops.
Currys announced a £50 million share buyback program and a proposed final dividend of 2.2p per share, alongside reporting a 3% increase in UK and Ireland revenue to £5.4 billion. The tech retailer stated it outperformed the market despite a wider slowdown, attributing growth to new gaming devices and computing products, though a soft TV market impacted consumer electronics sales.
Profit before tax reached £153 million, partially offset by £16 million in restructuring costs related to redundancies. In the Nordics, revenue saw a 12% increase, benefiting from easing inflation and interest rates.
Fredrik Tønnesen, previously head of Currys' Nordics business, has been appointed group chief executive, succeeding Alex Baldock, who will depart on August 31. Baldock highlighted AI as a significant product cycle, extending beyond computers to all product categories sold by the company.
The company's omnichannel strategy contributed 33% of UK revenue. Currys holds a 75% market share in the UK for AI-enabled laptops, which constitute nearly a quarter of total laptop sales. The retailer also expanded its repair services, completing 1.6 million repairs and securing 11.6 million warranty plans. Credit sales rose 10% to £1.2 billion, and mobile ID subscribers grew 18% to 2.6 million.
Investment commentator Garry White noted Currys' resilience due to its focus on services, mobile, repairs, and business-to-business revenues. Analyst Wayne Brown pointed to expansion into new categories, phenomenal growth in ID Mobile, and AI-led technology upgrades as clear drivers for continued growth.