Currys reports strong trading as it starts £50m share buyback
Looking ahead, it is targeting continued growth in higher margin, recurring revenue services, including reaching at least 2.5m iD Mobile subscribers before year end
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Currys has reported that its group sales rose 3% for the 17 weeks ended 30 August, as it began its £50m share buyback programme.
The electronics retailer stated that its UK and Ireland like-for-like sales had been driven by market share gains with double-digit growth in new categories and b2b.
It also said that strong sales in gaming, AI computing, large appliances, coffee machines and cooling products, offset by declines in TVs, tablets and air fryers.
Furthermore, its recurring services revenue grew strongly with credit adoption up 190bps to 23.3% and iD Mobile reaching over 2.3m subscribers, an increase of 22% year-on-year.
Overall, the group’s trading in the first four months of the financial year has been in line with expectations, and the company has stated that it is planning confidently for the year ahead and comfortable with market consensus.
Looking ahead, it is targeting continued growth in higher margin, recurring revenue services, including reaching at least 2.5m iD Mobile subscribers before year end.
Alex Baldock, group chief executive, said: “It’s been a good start to the year, with encouraging performance across the group. In the UK&I we’re pleased with the trajectory in our growth areas of new categories, B2B and the Services that are so valuable to customers and to Currys.
“Credit was notably strong, and iD Mobile is on track to beat the 2.5m subscriber target we set for this year. Our Nordics recovery continues to pick up pace. We continue to grow, improve margins and control costs well. We’re confident that profit margins will step forward again this year.”
He added: “We’re working to deliver an ever-improving experience for colleagues, for customers and for shareholders, as reintroducing the dividend and now starting share buybacks shows.
“None of this would be possible without our thousands of capable and committed colleagues; my heartfelt thanks go out to them. We’re on a good track at Currys, with growing momentum. We’re determined to keep it up, and believe we can.”
