Washing machine, air fryer and laptop seller Currys (CURY) reported a solid set of results for the year to 3 May, sending its shares up as much as 12p or 10% to a three-year high of 130p last week (3 July).

Group sales were up 2% on a like-for-like basis to £8.7 billion, driven by 4% like-for-like growth in the UK & Ireland, while Nordic like-for-like sales were flat in sterling terms despite a tough market and currency headwinds.

Encouragingly, the firm experienced organic growth in both channels, in-store and online, and gross margins grew faster than inflation, recovering towards their historic highs.

Strong cash flow generation resulted in the group sporting its strongest balance sheet in over a decade, leading the board to recommended  a resumption of dividend payments after a hiatus in 2024.

Analysts at Panmure Liberum commented: ‘Every part of the business is heading in the right direction, the balance sheet has not been this strong in a decade, dividends are back and the prospects for buybacks this year are very real. Positive trading catalysts are building, and there is a change in emphasis in the report towards growth.’ 

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