Currys have achieved quite the turnaround. Both the share price and the underlying business have improved dramatically in recent years, and today’s full-year trading update revealed further progress for the technology retailer.
Investors will have been pleased to learn that full-year adjusted pre-tax profit for the year ending 2 May 2026 will come in around £191m, ahead of its previous £180-190m guidance and up 18% year on year.
The group enjoyed growth in both the UK & Ireland and the Nordics, with the UK & Ireland adjusted EBIT is expected to be slightly ahead year-on-year, supported by market-share gains and strong growth in Services, B2B, and newer categories. iD Mobile subscribers were up 18% to 2.6m.
The Nordics business is delivering stronger EBIT growth, driven by share gains and standout performance in Kitchens and computing components, with margins broadly stable and costs kept in check.
The group also said it hadn’t yet felt any impact from the Middle East conflict.
Currys shares were 10% higher at the time of writing on Tuesday.
“Against a difficult backdrop, Currys’ latest update has helped electrify its share price as investors react to an upgrade to full-year profit guidance. It’s a testament to the job CEO Alex Baldock has done in recent years and underlines why he will be a loss when he leaves to run retailer Boots,” said Russ Mould, investment director at AJ Bell.
“Baldock’s strategy of helping people navigate an increasingly complex world of consumer technology through the lifecycle of a product – from credit services to repairs and recycling – has paid off. While it offers credit services to customers, Currys is not exposed to risks around rising levels of bad debt because these are underwritten by a third party.”