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Currys has revealed that its group adjusted profit-before-tax rose 10% year-on-year to £118m, for the year ended 27 April 2024.
However, its like-for-like revenue in the UK and Ireland fell 2% and adjusted EBIT fell to £142m, a 16% drop YOY.
Despite this, its adjusted EBIT was up over £2m when excluding a non-repeat cost of around £30m of one-off mobile revaluations in the prior year.
Furthermore, it saw an underlying gross margin improvement and cost savings offset its sales decline.
Looking ahead, the company has stated its group trading in early part of the new financial year has been in line with expectations
As a result of this the group is planning confidently for the year ahead, and expects profit and free cash flow growth.
Alex Baldock, group chief executive, said: “Our performance continues to strengthen. We’ve kept up our encouraging momentum in the UK&I, our Nordics business is getting back on track, and we’re stronger financially.
“We can see our progress in ever-more engaged colleagues, more satisfied customers and better financial performance. Continued growth in sales of solutions and services were particular highlights: they’re good for customers, margins and recurring revenues, and they lean on Currys’ competitive strengths.”
He added: We’re planning prudently but confidently for the year ahead, on course to grow both profits and cash flow while carefully stepping back up to more normal investment levels. Encouraged as we are by our progress, we know we can go further.
“For one thing, we expect AI-powered technology to be the most exciting new product cycle since the tablet in 2010. With our partnerships, scale and expert colleagues to demystify AI, we’re best-placed to benefit.”
