Currys revenues up 5% amid strong Euros performance
As a result of all this the company’s guidance remains the same and the group is confident in its expectations for profit and free cash flow growth
Currys has seen its UK and Ireland revenues jump 5% like-for-like in the 17 weeks ended 24 August 2024.
The electronics retailer has put this jump down to England’s run to the European Championship final and encouraging the early adoption of AI computing products.
It has also seen strong growth in its mobile arm iD Mobile, reaching over 1.9m subscribers, an increase of 34% year-on-year.
However, the company saw its Nordic revenue drop 2% like-for-like as the “consumer environment remains weak”.
As a result of all this the company’s guidance remains the same and the group is confident in its expectations for profit and free cash flow growth.
Alex Baldock, group chief executive, said: “Trading is going well, strengthening our confidence in growing profit and free cash flow again this year. New AI-enabled computers are bringing excitement and innovation to customers, who are coming to our stores to learn more about the technology, helping us take almost 50% share of the total laptop market.
“Along with Mobile and B2B, AI product launches have contributed to an encouraging start to the year in the UK&I, as we gain market share in an improving consumer environment. The Nordic consumer remains subdued, although we’re pleased to be outperforming the market while improving gross margins and controlling costs well. Across the Group, we’re continuing to target growth in high margin, recurring revenue services and solutions. Currys is well set for our important Peak trading period and beyond.”
