Currys has announced that its full-year pre-tax profit jumped 10 per cent year-on-year as it recorded adjusted profit before tax of £118 million, in line with its guidance which was upgraded last month from the £107 million made in 2022/23.
The retailer said that trading momentum improved in the year to 27 April; CEO Alex Baldock said “our performance continues to strengthen”. Despite this, UK and Ireland like-for-like revenue dropped two per cent over the year, with adjusted EBIT down 16 per cent year-on-year to £14 million. Currys put this down to high inflation and rising interest rates, which negatively impacted consumer confidence and demand.
Mr Baldock added: “We can see our progress in ever-more engaged colleagues, more satisfied customers and better financial performance. Continued growth in sales of solutions and services were particular highlights: they’re good for customers, margins and recurring revenues, and they lean on Currys’ competitive strengths.
“We are planning prudently but confidently for the year ahead,” he added.
Looking ahead, the retail boss said he expects AI-powered technology to be “the most exciting new product cycle” since the tablet in 2010… “With our partnerships, scale and expert colleagues to demystify AI, we’re best-placed to benefit.”
Last month Currys announced a partnership with Accenture and Microsoft to modernise, secure and simplify its technology estate, enabling the retailer to accelerate the adoption of Microsoft AI technologies such as Azure OpenAI Service.
By doing this, Currys said it can “unlock value” across every part of the business.
