REG - Currys PLC - Strong finish to the year

CurrysAnnouncement

14/05/2024 07:00

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RNS Number : 2356O  Currys PLC  14 May 2024

14 May 2024

 

 

Trading update for year ending 27 April 2024

Strong finish to the year
We Help Everyone Enjoy Amazing Technology

 

Currys plc, a leading omnichannel retailer of technology products and
services, today issues the following trading update for the year ending 27
April 2024.

 

 •    Group like-for-like sales returned to growth at +2% in the 16-week period
      since Peak(1)
 •    Full year adjusted PBT (excluding Greece(2)) expected to be £115-120m
      (previously guided to at least £105m)
 •    Year-end net cash position expected to be around £95m

 

 •    UK & Ireland adjusted EBIT expected to be in line with consensus(3)( )
      ○                                       Improved trading momentum, with like-for-like sales increasing +2% since
                                              peak
      ○                                       Cost savings more than offsetting inflation

 

 •    Nordics adjusted EBIT expected to more than double year-on-year, ahead of
      consensus
      ○                                      In a challenging market, post-peak period like-for-like sales +2% against weak
                                             period last year
      ○                                      Gross margin continuing to rebuild

 

 •    Interest cost expected to be below consensus forecasts

 

 Like-for-like Sales - YoY      H1      Peak    Post-Peak       H2      Full year 
   UK & Ireland                 (3)%    (3)%    +2%             (1)%    (2)%
   Nordics                      (6)%    (2)%    +2%             0%      (3)%
 Group                          (4)%    (3)%    +2%             (1)%    (2)%

 

Alex Baldock, Group Chief Executive

"Our performance is strengthening, with good momentum in the UK&I, and
with the Nordics getting back on track. Sales are now growing again, margins
are benefiting from higher customer adoption of solutions and services, and
cost discipline is good. All this means improved profits and, with our strong
cash position, we're well set up for the year ahead. As ever, my thanks must
go to the thousands of capable and committed colleagues who are building an
ever-stronger Currys and helping everyone enjoy amazing technology."

 

 1.  Peak defined as 10 weeks ended 6 January 2024 and post-peak defined as 16
     weeks ended 27 April 2024.
 2.  The Greece disposal was completed on 10 April for an enterprise value of
     £175m and net cash proceeds of £156m, Greece will be treated as a
     discontinued operation and excluded from adjusted numbers in the full year
     results.
 3.  Company compiled consensus for 2023/24 is available on the corporate website:
     https://www.currysplc.com/investors/analyst-coverage-and-consensus/
     (https://www.currysplc.com/investors/analyst-coverage-and-consensus/)

 

Next scheduled announcement

The Group is scheduled to publish its full year results on 27 June 2024.

 

For further information

 Dan Homan      Investor Relations        +44 (0)7401 400442
 Carla Fabiano  Investor Relations        +44 (0)7460 944523
 Toby Bates     Corporate Communications  +44 (0)7841 037946
 Tim Danaher    Brunswick Group           +44 (0)2074 045959

Information on Currys plc is available at www.currysplc.com
(http://www.currysplc.com)
Follow us on Twitter: @currysplc

 

About Currys plc

Currys plc is a leading omnichannel retailer of technology products and
services, operating online and through 720 stores in 6 countries. We Help
Everyone Enjoy Amazing Technology, however they choose to shop with us. In the
UK & Ireland we trade as Currys and in the UK we operate our own mobile
virtual network, iD Mobile. In the Nordics we trade under the Elkjøp brand.
We're the market leader in all markets, able to serve all households and
employing almost 25,000 capable and committed colleagues.

 

We help everyone enjoy amazing technology. We believe in the power of
technology to improve lives, helping people stay connected, productive, fit,
clean, healthy, and entertained. We're here to help everyone enjoy those
benefits and, with our scale and expertise, we're uniquely placed to do so.

 

Our full range of services and support makes it easy for our customers to
discover, choose, afford and enjoy the right technology to the full. The
Group's operations include Europe's largest technology repair facility, a
sourcing office in Hong Kong and an extensive distribution network, centred on
Newark in the UK and Jönköping in Sweden, enabling fast and efficient
delivery to stores and homes.

 

We're a leader in giving technology a longer life through reuse, repair and
recycling. We're reducing our impact on the environment in our operations and
our wider value chain and we will achieve net zero emissions by 2040. We offer
customers products that help them save energy, reduce waste and save water,
and we partner with charitable organisations to bring the benefits of amazing
technology to those who might otherwise be excluded.

 

Certain statements made in this announcement are forward-looking. Such
statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from any expected future events or results referred to in these
forward-looking statements. Unless otherwise required by applicable laws,
regulations or accounting standards, we do not undertake any obligation to
update or revise any forward-looking statements, whether as a result of new
information, future developments or otherwise. Information contained on the
Currys plc website or the Twitter feed does not form part of this announcement
and should not be relied on as such.

 

 

 

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