Currys has posted an 18% rise in adjusted pre-tax profits to £191 million for the year to May 2, defying what departing boss Alex Baldock called a “subdued consumer backdrop”. The electronics retailer’s group revenues climbed 6% to £9.25 billion, driven by growth in both the UK and its Nordics business, as demand for artificial intelligence technology and new gaming consoles gave shoppers a reason to spend.
UK sales rose 3% to £5.4 billion, bucking a decline across the wider market. The company said computing was particularly strong, benefiting from AI-related sales and the launch of the Nintendo Switch 2. Every product category grew except consumer electronics, where “soft” demand for TVs dragged down performance. In the two months since the financial year ended, trading has been “very solid”, Currys added.
“Currys profits rise 18% to £191m as AI and gaming sales offset weak consumer spending.”
Baldock, who has overseen a turnaround in the retailer’s fortunes over eight years, is set to leave in the coming months to become chief executive of high street pharmacy and beauty chain Boots this autumn. Fredrik Tonnesen, currently boss of Currys’ Nordics division, will replace him from next month.
“Currys is trending in the right direction on every dimension that matters,” Baldock said. “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.”