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]

Group 1: Market Reactions and Economic Measures - The FTSE 100 rose 0.8% to close at 9,609.53, with banks gaining after reports that the Chancellor will spare the sector from tax increases [1] - NatWest shares increased by 3.9% to 604.8p, Lloyds by 3.8% to 90.7p, and Barclays by 2.4% to 410p, indicating positive market sentiment towards the banking sector [6] - The Chancellor is expected to unveil a package of up to £30 billion in tax rises and spending cuts, following a record £40 billion tax-raising Budget last October [4][5] Group 2: Taxation and Fiscal Policies - The introduction of a voluntary mayoral overnight stay levy is seen as a step towards greater fiscal devolution, potentially enhancing local infrastructure and economic growth [2] - A proposed tourist tax could cost consumers up to £518 million, with a 5% rate similar to Edinburgh's overnight levy [15] - The Chancellor is likely to extend the freeze on income tax thresholds to 2030, which is expected to raise the Treasury £8.3 billion [5] Group 3: Industry Responses to Tax Changes - UKHospitality criticized the tourist tax, stating it undermines the government's pledge to reduce the cost of living and could drive inflation [13][14] - The introduction of a milkshake tax is expected to encourage companies to reformulate products with lower sugar, but it may also create a complex tax landscape [7][10] - EasyJet's CEO warned that a tourist tax would negatively impact visitor numbers, which are crucial for the economy [21][22] Group 4: Company Performance and Forecasts - Kingfisher, the owner of B&Q, saw its shares climb 6% to 310p after upgrading its annual profits guidance, despite facing weaker market conditions [6][58] - AO World shares rose 5.9% after the company raised its annual profit forecast for the second time in three months, reflecting positive market performance [52]