Currys reported a strong start to the year in its latest trading update, as it revealed a new £50m share buyback scheme.

Group sales climbed 3% for the 17 weeks ended 30 August, while its UK and Ireland like-for-like revenues were also up 3% over the period.

The retailer said its UK and Ireland like-for-like sales had been driven by market share gains with double-digit growth in new categories and b2b.

It noted the brand had seen strong sales in gaming, AI computing, large appliances, coffee machines and cooling products, which had been offset by declines in TVs, tablets and air fryers.

Currys said its recurring services revenue was growing strongly with credit adoption up +190bps to 23.3%, while iD Mobile hit over 2.3m subscribers, rising 22% year-on-year.

Furthermore, like-for-like sales in the Nordic region nudged up 2% over the period, with the business noting growth had been driven by AI computing and success in new categories such as robotic lawnmowers and vacuums.

Currys said its new £50m share buyback programme was set to commence immediately. Alongside its previously announced cash dividend of c.£25m, the brand said cash returns to shareholders would total c.£75m for the year.

Currys said its triennial pension review had been completed, with its actuarial deficit reduced to £134m as of 31 March 2025, from £403m as of 31 March 2022.

Looking ahead, the electricals giant said it was targeting continued growth in both higher margin and recurring revenue services, which included reaching at least 2.5m iD Mobile subscribers before the end of the year.

It said its year-end net cash was expected to total at least £100m, after pension contributions and capital returns.

Currys group CEO Alex Baldock said: “It’s been a good start to the year, with encouraging performance across the group. In the UK&I we’re pleased with the trajectory in our growth areas of new categories, b2b and the services that are so valuable to customers and to Currys.

“Credit was notably strong, and iD Mobile is on track to beat the 2.5m subscriber target we set for this year.”

He continued: “Our Nordics recovery continues to pick up pace. We continue to grow, improve margins and control costs well. We’re confident that profit margins will step forward again this year.

“We’re working to deliver an ever-improving experience for colleagues, for customers and for shareholders, as reintroducing the dividend and now starting share buybacks shows.”

In August, Currys revealed that it had rebranded and expanded its business division to meet growing demand.

The firm said its website and advertising for Currys Business had been updated, with the new imagery appearing in its stores over the coming weeks.

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