Currys has more than doubled its adjusted profit before tax to £22m in the first half, driven by strong UK performance and an accelerating recovery in the Nordics.
The technology retailer reported a 144% year-on-year increase in adjusted profits, whilst free cash flow jumped 68% to £84m for the six months ended 1 November 2025.
Long-suffering investors who have held since before 2022 will be delighted with today’s results and the share price reaction. Curry’s shares were 10% higher at the time of writing and returned to the highs enjoyed in November. These are also the levels the stock traded at in 2021 before cratering by more than two-thirds.
Currys’ shares have rallied more than 200% since the lows of 2023, driven by a recovery in their key markets. This recovery continued in the half year to 1 November 2025.
“Currys shares have rocketed in early trading following an update that was full of big numbers pointing towards further progress for the retailer. The news caps an astonishing year for the share price, adding to the gains seen since late 2023,” said Chris Beauchamp, Chief Market Analyst at IG.
“But signs of weakness are still there, and like all retailers cost pressures remain acute. The shares now trade at a much more reasonable valuation, which means investors will become more demanding about showing signs of progress in the months to come.”
The UK and Ireland business proved the standout performer, with revenues climbing 6%. This growth was underpinned by market share gains, with credit adoption rising 160 basis points to 23.3%, business-to-business sales surging 16%, and new product categories expanding 35%.
Recurring service revenue grew 11%, whilst the company’s iD Mobile subscriber base increased 21% to 2.4m—tracking ahead of its 2.5m year-end target.
The Nordic operations showed renewed vigour with 7% revenue growth on a currency-neutral basis. Most product categories delivered gains, including a 30% increase in Epoq kitchen sales.
Group revenues reached £4.23bn, up 8% year-on-year, with like-for-like sales advancing 4%. UK and Ireland adjusted EBIT stood at £19m, down £4m due to government-mandated colleague cost increases that weren’t fully offset by savings. The Nordics, however, contributed £35m in adjusted EBIT, up £17m, benefiting from stable gross margins and tight cost control.
“Overall, Currys is now a cash-generating business with a clear path to further margin improvement and shareholder returns,” Adam Vettese, Market Analyst at eToro said.
Currys has completed £30m of a £50m share buyback programme and declared an interim dividend of 0.75p, bringing total shareholder returns to £75m this year.
The board maintained its full-year guidance, expecting continued growth in both profits and cash flow.