Electricals retailer, Currys has announced its half year results to November 2025, with profit before tax at £22m, up 144 per cent year-on-year (YoY), group free cash flow was at £84m, up at 68 per cent YoY, and group revenue at £4,230m, up eight per cent (currency neutral up six per cent) – driven by LFL revenue, up four per cent.
The UK and Ireland showed strong momentum, with revenue up six per cent, and, supported by share gains, the business saw 11 per cent growth in recurring Service revenue1, credit adoption up 160bps to 23.3 per cent, B2B sales up 16 per cent and new categories up by 35 per cent.
Interim dividend of 0.75p was declared – bringing total cash returned to shareholders to £75m this year. Group adjusted EBIT was £54m, up £13m YoY; reported EBIT was £43m, up £14m YoY. UK&I LFL revenue was up four per cent, adjusted EBIT was £19m, £(4)m YoY
iD Mobile subscribers grew by 21 per cent to 2.4m, tracking ahead of the 2.5m year-end target.
Movement in net cash was £(51)m – down £(62)m YoY after £82m pension contribution and £46m shareholder returns, and a period end net cash of £133m, +£26m YoY and pension deficit of £(16)m.
Nordics recovery is accelerating, Currys reported, with revenue up by seven per cent (currency neutral), driven by growth across most product categories, including Epoq kitchens, which were up by 30 per cent. Nordics LFL revenue was up four per cent, with adjusted EBIT at £35m, up £17m YoY.
Currys £50m buyback programme is underway, with £30m completed to date.
In summary, group sales increased by four per cent on a like-for-like basis, with both UK&I and the Nordics contributing equally to this performance. Total sales rose by six per cent on a currency neutral basis, or eight per cent as reported, with the difference driven by Nordic currency strengthening against Sterling.
Looking towards the rest of the year, group trading since the period end has been consistent with the Board’s expectations, and the group continues to expect growth in profits and free cash flow for the year.
Alex Baldock, Currys Group Chief Executive, commented: “We’re pleased with the momentum we’ve built, with healthy growth in sales, profits and cash flow.
“In the Nordics, being the clear leader in an improving market, combined with strong execution, has driven another notable step forward in profits. It’s pleasing that strong top-line growth is translating into improved profitability. In the UK&I, the consumer environment is more muted, and cost headwinds are unhelpful. Still, we’re the growing market leader, gaining share, and our margin and cost discipline is going a long way to mitigate headwinds and protect profits. In all markets, our big growth initiatives are paying off, our omnichannel model continues to win, and our growing services and solutions are great for customers and valuable to us.
“The business now has firm foundations and is focused on sustainable growth and cash flow generation. We’re committed to delivering for colleagues, customers and shareholders alike, and are pleased to be returning £75m to shareholders this year through dividends and buybacks.
“We entered Peak well prepared, with strong stock availability and market-leading deals that reflect our unmatched importance to our partners. Trading is in line with expectations.
“My thanks go, as always, to our skilful and dedicated colleagues whose efforts are crucial to our progress. Their hard work is building an ever-stronger Currys, and allows us to look ahead with confidence.”
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