Currys has posted an 18 per cent jump in annual profits as outgoing chief executive Alex Baldock prepares to leave the electricals retailer after eight years.
The retailer reported adjusted profit before tax of £191m for the year to May 2, ahead of its previous guidance range of £180m to £190m.
Group revenue rose six per cent to £9.25bn, driven by like-for-like growth of four per cent across the business.
Currys also unveiled a new £50m share buyback, which begins today, and doubled its full-year dividend to 3p per share.
The results mark Baldock’s final full-year update at the retailer before he steps down at the end of August to take the top job at Boots.
Fredrik Tønnesen, who runs Currys’ Nordics business, will take over as group chief executive from August 3.
Baldock said Currys’ performance “continues to strengthen”, with profits and cash flow up and the retailer supported by “a balance sheet that has never been stronger”.
He said the business was “trending in the right direction on every dimension that matters”, pointing to stronger colleague engagement, improved customer satisfaction, market share gains and growth across both products and services.
UK and Ireland like-for-like revenue rose three per cent during the year, while adjusted EBIT increased three per cent to £158m.
Currys said growth in the division had been supported by market share gains across stores and online, as well as its services, business-to-business operation and newer categories.
Credit sales rose 10 per cent to £1.2bn, while iD Mobile subscribers increased 18 per cent to 2.6m.
The retailer said sales growth and gross margin expansion in the UK and Ireland had more than offset cost increases.
Its Nordics business, which accounts for around 40 per cent of group sales, delivered stronger growth after a more difficult period for the region.
Nordics like-for-like revenue rose six per cent, while adjusted EBIT increased 26 per cent on a currency-neutral basis to £97m.
The division’s recovery has been a key part of Currys’ turnaround, with recent growth helped by market share gains, tighter cost control and stronger demand in categories including kitchens and computing components.
Group free cash flow rose five per cent to £157m, while Currys ended the year with net cash of £176m after £74m of shareholder returns and £82m of pension contributions.
Curry said trading in the early part of its new financial year had been “very solid” and added that it was comfortable with current analyst expectations for adjusted profit before tax of £198m in 2026/27.
Baldock said Currys had not yet seen an impact from the conflict in the Middle East and said its energy costs were well hedged for the coming year.
“The outside world remains uncertain, and we are not counting on it to do us any favours,” he said.
“Still, there is much more in the tank here.”
Baldock’s departure closes a significant chapter for Currys, which he joined in 2018 following the merger of Dixons and Carphone Warehouse.
During his tenure, the retailer overhauled its store estate, exited weaker international operations, expanded online sales and rebuilt profitability after a difficult period for the electricals market.
Tønnesen, who has led the Nordics business since 2023, will now be tasked with continuing that momentum.
Currys said he began his career on the shop floor as a sales assistant before moving into senior roles including managing director of Norway and Nordics chief operating officer.
His appointment gives the retailer continuity from one of its most important divisions, as Currys looks to keep growing services, recurring revenue and higher-margin parts of the business while navigating a still-cautious consumer backdrop.
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