Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Currys PLC on Monday raised guidance for adjusted profit in its recently completed financial year, though it still will be down from the year before amid a decline in sales, particularly in the Nordic region.
The London-based electronics and electrical goods retailer said adjusted pretax profit for the financial year that ended April 29 is expected to be between £110 million and £120 million. This is up from previous guidance of £104 million but still down from £186 million in financial 2022.
Currys said that group like-for-like sales were down 7% in the recent year, with sales in UK & Ireland and the International division both down by that percentage. In the International division, sales were up 12% in Greece but down 10% in the Nordics.
Currys said it expects adjusted earnings before interest and tax in the UK & Ireland to have been up by 40% in the recent year, but adjusted Ebit to be ‘materially lower’ in the International division, driven by the Nordics.
Currys said that structural changes are underway in the International division to remove £25 million in annual costs, a process that will cost between £15 million and £20 million.
Currys net debt on April 29 was £100 million, better than its previously guided £100 million to £150 million. A year before at the end of financial 2022, Currys had net cash of £44 million.
Currys will release its full annual results on July 6.
Currys shares were trading 6.7% higher on Monday morning at 59.70 pence.
Copyright 2023 Alliance News Ltd. All Rights Reserved.