Key Points – Currys delivered a stronger year with like-for-like sales up 4%, profit before tax up 18% to GBP 191 million, and free cash flow rising to GBP 157 million.
Adjusted EPS increased 19%, and the company proposed a doubled full-year dividend plus further shareholder returns. – Growth was broad-based across the business, with the U.K. and Ireland posting 3% like-for-like sales growth and the Nordics up 6%
Management highlighted gains in services, B2B, and recurring revenue, while saying both regions are improving profitability and margin performance. – Cash generation and balance-sheet improvement are creating more flexibility for Currys, as pension contributions are set to drop sharply next year and the company ended with net cash. Management said it is comfortable with trading so far this year, expects higher capex, and may do more buybacks if excess cash is not needed for investment or M&A. Currys (LON:CURY) reported stronger annual profit, free cash flow and net cash, with management saying the electricals retailer is benefiting from improving momentum in both the U.K. and the Nordics.
Group CEO Alex Baldock said the results showed “a strong and strengthening performance” across the group, supported by a strategy that he said is “clearly working.” Group CFO Bruce Marsh said like-for-like sales rose 4% for the year, helping profit before tax increase 18% to GBP 191 million. Free cash flow rose to GBP 157 million, and the company ended the year with GBP 176 million of net cash. Adjusted earnings per share increased 19% to GBP 0.134.