Electronics retailer Currys has reported stronger sales and profits for the year to May 2, despite what it described as a "subdued consumer backdrop." The company credited a boost from demand for AI technology, particularly in computing, as well as gaming launches such as the Nintendo Switch 2.
Profit and Revenue Growth
Adjusted pre-tax profits rose by 18% to £191 million compared with the previous year, Currys told shareholders. Group revenues increased by 6% to £9.25 billion, with growth in both the UK and Nordics regions. In the UK, sales rose by 3% to £5.4 billion despite a decline across the wider market.
AI and Gaming Drive Computing Sales
Currys said computing was particularly strong, benefiting from AI technology sales and gaming launches. Every category grew apart from consumer electronics, where demand for TVs was "soft." The company added that trading has been "very solid" in the two months since the end of its financial year.
CEO Transition
Departing chief executive Alex Baldock, who is set to leave Currys after eight years to take the top job at Boots in the autumn, said the group's performance is continuing "to strengthen." Fredrik Tonnesen, currently boss of Currys' Nordics business, will replace Baldock from next month.
Baldock commented: "Currys is trending in the right direction on every dimension that matters. The outside world remains uncertain, and we are not counting on it to do us any favours. Still, there is much more in the tank here. In Fredrik, the business has an outstanding leader to continue and accelerate this progress."
