Currys posts higher interim profit as revenue reaches £4.23bn

Core Insights - Currys reported a revenue of £4.23 billion ($5.65 billion) for the half-year ending 1 November, marking an 8% increase on a reported basis and a 6% increase on a currency-neutral basis, driven by a like-for-like growth of 4% [1] - The group adjusted profit before tax surged 144% year-on-year to £22 million, while free cash flow increased by 68% to £84 million [1] UK and Ireland Performance - Revenue in the UK and Ireland grew by 6%, with a like-for-like growth of 4%, attributed to market share gains, increased services and credit adoption, growth in B2B sales, and expansion into new categories [2] - Adjusted EBIT in the region declined by £4 million to £19 million, primarily due to higher government-driven colleague costs, which were only partially offset by savings and operating leverage [2] Nordics Performance - The Nordics business experienced a recovery, with revenue up 7% on a currency-neutral basis and adjusted EBIT rising 94% to £35 million [3] - Growth was driven by most product categories, including a 30% increase in Epoq kitchens, alongside stable margins and effective cost control [3] - iD Mobile subscribers increased by 21% to 2.4 million, surpassing the company's year-end target of 2.5 million [3] Financial Position and Future Outlook - Currys ended the period with net cash of £133 million, an increase of £26 million year-on-year, after pension contributions of £82 million and shareholder returns of £46 million through share buybacks and dividends [4] - The company confirmed that trading since the period end has aligned with board expectations and maintained full-year guidance, anticipating growth in profits and free cash flow [4] - An interim dividend of 0.75p per share is scheduled for payment in January 2026 [4] Strategic Initiatives - Currys CEO Alex Baldock expressed satisfaction with the momentum built, highlighting healthy growth in sales, profits, and cash flow [5] - The company partnered with digital marketing firm Jellyfish to enhance visibility in both traditional search engines and AI-led search environments [6]