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.
-
Jul- 2023 -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…
Read More » -
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…
Read More » -
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…
Read More » -
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…
Read More » -
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.…
Read More » -
5 May
Apple’s revenue recovers amid March iPhone sales boost
Apple has revealed that March iPhone sales have set an all-time high record in its service division, as revenue for the second quarter topped $94.8bn (£75.1bn) compared to a predicted $92.9bn (£73.6bn). While the group’s revenue for the quarter spells a 3% year-on-year decrease, the group has declared a cash…
Read More » -
3 May
Dyson seeks permission for £100m research centre in Bristol
Dyson plans to invest £100m in a new research and development building opposite Castle Park, close to Bristol Bridge, which would be home to hundreds of software and artificial intelligence engineers, the BBC has reported. According to the engineering giant, it chose Bristol for its plans for the city’s reputation…
Read More » -
Apr- 2023 -12 April
Marks Electrical revenues up 21.5%
Marks Electrical has seen its FY revenues jump 21.5% to £97.8m, up from £80.5m, for the 12 months ended 31 March 2023. Alongside this, its revenues for the three months ended 31 March were up 20% from £20.7m to £24.8m. It revealed the strong performance was driven by many product…
Read More » -
Mar- 2023 -22 March
Currys raises staff pay for fourth time in 18 months
Currys has announced an additional rise for hourly paid store colleagues in the UK from £10.35 per hour to £10.50, the fourth rise in the last 18 months. The retailer also revealed that the average store colleague bonus is 89p per hour, with top earners making up to £3 per…
Read More » -
8 March
MusicMagpie FY profits fall despite record Black Friday sales
MusicMagpie has seen its profits fall by 14% from £44m to £38m in FY22 despite record sales on the week of Black Friday. Moreover, the company more than doubled its active rental subscribers to 30,500 up from 13,500 in 2021. Its revenue from consumer technology was up 12.2% to £96.6m…
Read More »
