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- 2023 -4 December
EE boss vows to take on Amazon and Currys
EE boss Marc Allera is planning to take on Amazon and Currys in a bid to become one of the UK’s biggest sellers of electrical goods, according to This is Money. According to the outlet, Allera stated that he wants customers to make purchases “every day and every week”. His…
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Nov- 2023 -21 November
AO World ups guidance as profits hit £13m
AO World has upped its profit guidance after it posted profit before tax of £13m, up from a loss of £12m, for the six months ended 30 September. As a result the company now expects to end the financial year with a profit before tax of between £28m and £33m.…
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20 November
Music Magpie in talks over potential sale
The board of Music Magpie has confirmed that it is in preliminary talks with BT Group plc and Aurelius Group over a potential offer to purchase all of MusicMagpie’s issued and to-be-issued share capital. It stated that discussions between the parties are ongoing and remain at a very early stage.…
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16 November
Marks Electrical sees revenues rise to £53.9m
Marks Electrical Group has reported a 24.8% increase in revenues to £53.9m in H1 2024 compared with £43.1m in H1 2023. However, for the six months ended 30 September 2023 its adjusted EBITDA decreased from £2.7m to £2.3m due to the strategic decision to introduce its own installation service, combined…
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3 November
Currys agrees to sell Greek and Cypriot business
Currys has announced that it has entered into an agreement to sell its Greek and Cypriot business Kotsovolos for an enterprise value of €200m (£175m). The deal follows the company’s strategic review which was announced on 16 June 2023 where the company decided that it should offload its Greek and…
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Oct- 2023 -19 October
Gear4music sees revenues decline 6%
Gear4music has reported a 6% decline in revenues to 62.6m for the six months to 30 September 2023. The group’s European and rest of the world revenues also dropped by 15% to £26.1m. However, its UK sales saw a 3% increase from £35.5m to £36.5m. The group stated that revenues…
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Sep- 2023 -22 September
Currys to recruit for over 1,100 roles ahead of ‘peak’ trading
Technology retailer Currys has today announced plans to create over 1,100 new roles during this year’s “peak” trading period. To support the business through the “busiest” time of the year – the period leading up to Black Friday through to the January sales – 720 temporary roles have been made…
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7 September
Currys LFL UK sales down 2% in Q2
Currys has revealed that its like-for-like in the UK and Ireland were down 2% for the 17 weeks ended 26 August 2023. Despite this the company stated that its revenue trends were better in July and August than in May and June. Currys stated that it saw robust sales in…
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Aug- 2023 -10 August
Marks Electrical revenues surge 31% in Q1
Online electrical retailer, Marks Electrical Group, revealed that revenue grew by 30.7% to £36.2m during the first quarter of FY24. This comes as the company performed particularly well in televisions, washer-dryers, and cordless vacuum cleaners. During the first quarter to 30 July, the company also saw continued growth in next-day…
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Jul- 2023 -6 July
Currys axes dividend as full-year profits slump
Currys has scrapped its dividend after revealing both profits and sales fell in its full-year results, with the group hit by “depressed demand, high inflation and unforgiving competition”. In the full-year ended 29 April, adjusted profit before tax plunged 38% to £119m, down from £192m the prior year, in part…
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