Electrical
The latest news, updates and analysis on the electronic goods segment of the the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Dec- 2024 -12 December
Currys HY losses narrow as it warns of price rises
Currys has posted a loss before tax of £10m for the half year ended 26 October 2024, up from £44m in the same period last year. Alongside this, the company posted a revenue of £3.9bn, up 1% year-on-year and driven by a like-for-like revenue increase of 2%. As part of…
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Nov- 2024 -26 November
AO raises guidance as half-year profits hit £17m
Electrical retailer AO has raised its full-year forecast to between £39m and £44m, as profits before tax rose 30% year-on-year to £17m for the six months to 30 September. Group revenues are now expected to hit between £1.09bn and £1.13bn, as AO saw half-year revenue growth of 13% in its…
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22 November
Currys unveils UK&I store upgrades ahead of Xmas trading
Currys has announced a range of upgrades to its UK and Ireland stores ahead of the Golden Quarter trading period, as it seeks to create a more seamless shopping experience for customers. These enhancements come on the back of Currys’ store refurbishment programme, which saw 50 superstores and 42 megastores…
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Oct- 2024 -2 October
AO World to acquire MusicMagpie in £10m deal
AO World has announced that it is set to acquire MusicMagpie in a deal worth £9.98m which is expected to complete in early 2025. The deal received backing from MusicMagpie’s board, with directors unanimously recommending the offer. AO World is hoping that the deal will boost its presence in the…
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Sep- 2024 -6 September
Gear4music on track for FY25 revenues of £154.7m
Gear4music expects that revenues for the year ending 31 March 2025 will be on track to hit a total of £154.7m, with EBITDA of £11.7m and profit before tax of £2.8m. The musical instruments and music equipment retailer will be holding its Annual General Meeting today (6 September) at 10.30am. …
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5 September
Currys revenues up 5% amid strong Euros performance
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…
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Jul- 2024 -12 July
Currys speeds up UK store investment programme
Currys has announced that it will be making further investments in its store portfolio, which will see 50 of its largest stores undergo makeovers to include new categories, seasonal showcases, and “a focus on reinvigorating megastore entrance space”. It comes as Currys believes the blended in-store and online omnichannel model…
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10 July
Dyson to cut up to one third of its UK workforce
Vacuum cleaner maker Dyson is reportedly planning to cut around 1,000 jobs, nearly one third of its UK workforce, following a review of its global needs, as first reported by the Financial Times. On Tuesday (9 July) Dyson staff were informed by email about the redundancies. People familiar with the…
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Jun- 2024 -27 June
Currys adjusted PBT rises 10%
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…
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26 June
AO adjusted PBT hits £34.3m in bumper FY24
Electrical retailer AO World has reported that adjusted profits before tax reached £34.3m in the year to 31 March, spelling a year-on-year rise of £22.3m with a PBT margin of 3.3%. According to the group, the strong profit performance above the top end of the previous range illustrates “the successful…
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