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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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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5 July
AO returns to profit in FY23
Electrical retailer AO World has achieved statutory profit before tax of £7.6m for the year ended 31 March, compared with the £10.5m loss recorded the previous year. The group also reached an adjusted EBITDA of £45m, achieving an adjusted EBITDA margin of 4%. This comes as the group exited some…
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Jun- 2023 -19 June
MusicMagpie earnings in line with expectations in H1
MusicMagpie has revealed that first half EBITDA increased 7.7%, a figure that is in line with board expectations, for the unaudited period ended 31 May. The news comes after a “challenging” start to the year, with postal strikes and low consumer confidence impacting December and January sales. However, the group’s…
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16 June
Currys commences strategic review of Greek arm
Currys has announced that it is commencing a strategic review of its Greek business, Kotsovolos, which could lead to a sale of the operations. This comes as the board is of the opinion that the strength of the Kotsovolos brand, its long-term track record of profitability and market position are…
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14 June
Marks Electrical posts record revenues of £97.8m
Marks Electrical has posted record revenues of £97.8m for the year ended 31 March 2023, compared with £80.5m in FY22. The retailer posted an EBITDA of £7.5m which was up slightly from £7.2m compared with last year. The company also posted a statutory profit before tax of £6.4m, nearly double…
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May- 2023 -15 May
Currys raises guidance after ‘better than expected results’
Electronics retailer Currys has increased its profit guidance to between £110-120m for the year ended 29 April 2023. The retailer lowered its guidance in March to around £104m following poor performance in the Nordics but has reversed this after a strong final two months of the year in the UK.…
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