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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Jan- 2023 -10 January
AO raises profit outlook despite 17% drop in Q3 revenues
Electronics retailer AO has raised its profit expectations for FY23 despite seeing a 17.2% decrease in revenues across its UK businesses in Q3. The company now expects its adjusted EBITDA to be between £30m to £40m for the full year. It also stated that its turnaround plan aimed at cutting…
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Dec- 2022 -15 December
Currys falls to pre-tax loss of £17m in H1
Currys has fallen to a pre-tax loss of £17m for the half year ended 29 October 2022, down from profits of £45m the prior year, as it attributed its weak performance outside of UK&I to its competitors’ “heavy” discounting. In light of this, the group is now expecting its full…
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5 December
Curry’s ditches Royal Mail ahead of Christmas strikes
Curry’s has ditched Royal Mail as its delivery provider amid a series of Christmas strikes at the firm. As first reported by The Telegraph and since confirmed by Curry’s CEO Alex Baldock on BBC’s Laura Kuenssberg Show, the retailer is to stop using Royal Mail to deliver its products “for…
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Nov- 2022 -22 November
AO revenues fall 17% in H1
Electrical retailer Ao reported a year-on-year revenue decline of 17% in the six months ended 30 September 2022, as the company experienced a reduction in the overall electricals. It is reported that the group also saw a statutory loss before tax of £12m compared to a loss of £4m in…
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17 November
AO expands fleet with 130 new delivery vans
Online electricals retailer AO has acquired 130 new home delivery vans from Fraikin, as part of an ongoing contract hire agreement. The retailer said it turned to drivers for recommendations on how to upgrade its current fleet, in recognition of the “integral part the crews play in its leading delivery…
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Oct- 2022 -3 October
Currys confirms third hourly pay increase in 13 months
Currys has announced an additional rise for hourly paid colleagues in the UK by a further 3.5% to £10.35 per hour (£11.43 per hour in London), the third rise in the last 13 months, one month after the latest rise came into effect. In total, Currys said it has increased…
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Jul- 2022 -27 July
Music Magpie posts H1 loss amid revenue drop
Music Magpie has posted a first half loss of £0.7m, down from profits of £4m, in the six months to 21 May 2022 as its revenues declined amid a post-pandemic drop in trading. During the period, its group revenues declined marginally to £71.3m (H1 2021: £72.8m) with Music Magpie adding…
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7 July
Currys warns of ‘uncertain’ outlook despite profit rise
Currys has warned that its outlook for consumer spending is “uncertain”, despite reporting that pre-tax profits jumped 19% year-on-year from £156m to £186m for the year ended 30 April 2022. The financial year saw group store sales increase 24%, with 61% growth in the UK and Ireland, which is “higher…
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4 July
Amazon launches first UK fleet of e-cargo bikes
Amazon has announced the launch of its first fleet of e-cargo bikes and walkers in the UK, creating a new micromobility hub for sustainable deliveries in Central London, directly replacing thousands of traditional van trips on London’s roads and reducing traffic congestion. Working with the London Borough of Hackney, Amazon…
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Jun- 2022 -9 June
AO to close German business amid ‘deteriorating’ outlook
AO World plc (AO), the online electricals retailer, has decided to close its German business due to the “continuing deterioration” in the outlook for the German arm, as well as the board’s responsibilities to shareholders and other stakeholders. The business will continue to trade for a brief period to facilitate…
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