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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May- 2023 -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…
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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…
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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…
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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…
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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…
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Feb- 2023 -28 February
AO ups FY guidance amid improved margins
Online electrical retailer AO now expects its adjusted EBITDA to be in a range of £37.5m to £45m for the full year. The increase in the retailer’s profit guidance for the year to March 2023 comes as AO has continued to reduce costs and improve margins. As a result, the…
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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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