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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Mar- 2024 -6 March
Shareholder calls for Currys to hold out for £1bn offer
A Currys shareholder, JO Hambro Capital Management (JOHCM), has stated that the electronics retailer should hold out for an offer of £1bn amid takeover talks. According to The Standard, JOHCM, a UK equity income fund, stated that an offer between 80p and 100p per share would be “acceptable”. An offer…
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5 March
Currys invests £13m in staff pay boost
Currys has announced a further boost to pay with a new £13m investment which will see all hourly paid staff receive a higher hourly rate, alongside a bonus programme. Store-based employees will now be able to earn on average £12.33 per hour, with top performers on £13.95 an hour on…
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Feb- 2024 -28 February
Halfords issues profit warning as core markets weaken
Halfords has announced that it now expects its full year PBT to be in the range of £35-40m, down from the £48m and £53m it previously expected. This comes as a result of three of the company’s four core markets weakening resulting in a significant drop in like-for-like revenue growth.…
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26 February
Former Prince Andrew aide working on Currys takeover bid
Amanda Thirsk, former aide to Prince Andrew, is reportedly playing a key role in JD.com’s attempted takeover of Currys, according to Sky News. Thirsk, who quit her role as the Duke of York’s private secretary almost four years ago, is currently working in a senior business development role at JD.com.…
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21 February
Currys shareholder Redwheel warns of stock market decline
Currys’ largest shareholder, Redwheel, has warned that more foreign firms will begin to circle London companies after the electronics retailer rejected a takeover bid from US hedge fund Elliott, The Telegraph has reported. Redwheel, which holds 14.6% of shares in Currys, said it was in “complete agreement” with the retailer’s…
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20 February
Currys shares soar 36% amid takeover interest
Currys shares soared 36% to 64.9p on Monday after it was revealed that Chinese e-commerce company JD.com has joined the potential list of suitors looking to acquire the retailer. The bid currently faces competition from US Investment Group Elliott, owner of Waterstones, which recently made a £700m preliminary offer for…
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19 February
Currys rejects takeover offer from Waterstones owner
Currys has confirmed it has received and rejected an “unsolicited, preliminary and conditional” proposal from Waterstones owner Elliott. The rejection of said possible cash offer comes as Currys’ board and financial advisers believe the proposal “significantly undervalued the company and its future prospects”. Elliott had offered 62p per share, while…
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Jan- 2024 -18 January
Currys profits to exceed expectations despite revenue dip
Currys expects full-year profits to be above expectations despite UK&I revenues dipping 3% during the 10 weeks ended 6 January. During the quarter, the electronics retailer also recorded a 6% drop in like-for-like sales in the Nordic region and a 4% drop in Greece. Despite this, the company said it…
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Dec- 2023 -14 December
Currys maintains FY guidance despite half-year loss
Currys has maintained its full-year guidance despite reporting a pre-tax loss of £16m in its half-year results, which was in line with the £17m loss in the same period last year. In the half year ended 28 October 2023, group like-for-like revenues dropped by 4%, while currency neutral revenue dropped…
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14 December
MusicMagpie revenues bolstered by Black Friday
MusicMagpie expects its full-year revenues to reach £136.6m, slightly down from £143.3m in the year prior, despite a “record” Black Friday period which has helped off-set a softer H1. However, the retailer maintained that consumer technology revenues for the second half increased 7.5% over the same period in 2022, and…
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