Currys plugs into bigger profits again
Summary
Electrical giant Currys plc is celebrating sustained better times with the latest books for the firm revealing an 18% jump in profits.
Details
The business, which has stores at Cheltenham’s Gateway Retail Park and on Gloucester’s Eastern Avenue – and which opened a new business hub in Gloucester only last month – issued adjusted pre-tax profits to £191m for the financial year ending May 2, 2026, the accounts showing that a broader market slowdown had been sidestepped through strong performance in services and tech upgrades.
The news represents an even better year than 2024-2025 , which netted a profit haul of £162m. The highlights this year include: Total revenue up 6% to £9.25bn, supported by a 4% increase in group like-for-like sales. Statutory profit before tax up 23% to £153m (2025: £124m), despite a £16m bill in UK restructuring and redundancy costs.
Revenue up 12% in Nordic countries, where inflation had ben scaring customers away. The year concluding with £176m in the coffers (net cash), marking the best figure in a decade. On the back of the latest books, Currys inititiated a £50m share buyback from today and aiming for completion within the current financial year.
Alex Baldock, Group CEO , said the balance sheet had never been stronger: “Our performance continues to strengthen. Profits and cash flow are healthily up,” he told shareholders.
“Currys is trending in the right direction on every dimension that matters,” he added, “Colleague engagement is among the top 10% of global businesses, customers are saying they’re happier (with record satisfaction) and showing they are, as we grew share and extended our lead as market number one.
Top line and bottom line, products and Services, the UK&I and the Nordics: all are in growth.” But he warned: “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.” Growth opportunities such as B2B have almost trebled the market accessible to the electrical giant and driving the topline today, he said, but have much further to go.
“And, though we’ve significantly increased the adoption of the solutions that delight customers and boost margins, the prize here remains larger still.” Passing the CEO baton over to Frederik Tonneson next month, Mr Baldock added: “In Fredrik, the business has an outstanding leader to continue and accelerate this progress.
Report source: Punchline Gloucester