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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Feb- 2024 -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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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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