REG - Currys PLC - H1 Results - Performance Continues to Strengthen
12/12/2024 07:00
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RNS Number : 7510P Currys PLC 12 December 2024
Unaudited Results for the Half Year Ended 26 October 2024
Performance continues to strengthen
We Help Everyone Enjoy Amazing Technology
Summary
· Group delivered adjusted EBIT £41m, +52% YoY
· Group free cash flow £50m, +£46m YoY
· UK&I revenue growth +6%, based on market share growth and strategic
initiatives performing well - including Services, B2B and iD Mobile
subscribers +32% to 2.0m
· Nordics adjusted EBIT +50% YoY driven by growth in market share in a
continuing difficult market
· Balance sheet further strengthened
Financial performance
· Group revenue £3,918m, +1% YoY (currency neutral +2%), driven by LFL
revenue +2%
· Group adjusted profit before tax £9m, +£25m YoY; reported loss before
tax £(10)m, +£34m YoY
· UK&I LFL revenue +5%, adjusted EBIT £23m, +53% YoY - strong sales
and improved gross margin more than offset both investment and inflationary
cost increases
· Nordics LFL revenue (2)%, adjusted EBIT £18m, +50% YoY - gross margins
up +80bps with reduced operating costs
· Period end net cash of £107m - first-half cash inflow of £11m,
compared to £(32)m outflow in prior year
· Period end IAS 19 pension deficit £(143)m, from £(171)m at year end
Current year outlook
· Trading since the period end has been consistent with the Board's
expectations
· Full year guidance unchanged - the Group continues to expect growth in
profits and free cash flow for the year
Alex Baldock, Group Chief Executive
"We're very encouraged by our progress. Currys' performance continues to
strengthen, with profits and cashflow growing significantly, and the Group's
balance sheet is strong.
In the UK&I, we made big improvements to both Online and Stores channels,
customers continued to take more of the solutions and services that are
valuable to them and to us, and such growth drivers as B2B and iD Mobile
performed well. All this showed in growing sales, market share, gross margins
and profits. In the Nordics, we gained market share, increased gross margins,
tightly controlled costs and grew profits in a still-tough consumer
environment.
Underpinning our progress in both markets is strong customer satisfaction,
which increased again, and colleague engagement now firmly established in the
top 10% of companies worldwide.
We were well prepared for our Peak trading period, with healthy stock and
market-beating, best-ever deals that show our unmatched importance to
suppliers. We're trading in line with expectations. One highlight is rising
demand for AI laptops, where we enjoy over 75% market share in the UK. AI is a
trend with a lot further to run.
Looking ahead, we're confident of continuing our progress, and expect to grow
profits and cashflow as promised this year. This is despite new and unwelcome
headwinds from UK government policy. These will add cost quickly and
materially, depress investment and hiring, boost automation and offshoring,
and make some price rises inevitable.
Still, there's plenty we can control, including mitigating much of this
headwind. We'll keep colleague engagement world class, customer satisfaction
increasing, cashflow growing for shareholders, and playing an ever-bigger role
in society. We have growing momentum at Currys. As ever, I'm hugely grateful
to the tens of thousands of colleagues whose brilliant work makes all this
possible, and who are building this ever-stronger Currys."
Performance Summary
Group sales increased +2% on a like-for-like basis with growth in UK&I
offset by a weak Nordics environment. The Group grew market share and saw good
growth from strategic initiatives.
Revenue H1 2024/25 H1 2023/24 Reported Currency neutral Like-for-Like
£m
£m
% change % change % change
UK & Ireland 2,342 2,215 +6% +6% +5%
Nordics 1,576 1,653 (5)% (3)% (2)%
Continuing operations 3,918 3,868 +1% +2% +2%
In the UK&I, adjusted EBIT increased +53% YoY. The core technology
market(1) declined (1.4)% YoY and we stabilised market share at +20bps YoY.
Alongside this, we saw strong performance from Mobile and our B2B business
that further boosted growth, resulting in like-for-like revenue growth of +5%.
Gross margin continued to climb, growing +10bps YoY. Operating costs increased
as inflationary pressures were not all offset by cost savings, while we
increased investment spending and there was additional marketing to drive
sales.
In the Nordics, adjusted EBIT increased +50% to £18m despite the difficult
consumer demand environment. The continued high interest rates and low
consumer confidence drove a market decline of (3.4)% YoY. Our business grew
market share +40bps, gross margin increased +80bps and costs were kept under
tight control.
As a result, Group adjusted EBIT increased +52% to £41m and operating
cashflow grew +11% to £61m. Free cash inflow of £50m for the period was a
+£46m improvement on last year due to the better operating cashflow coupled
with lower exceptional cash costs and a much larger working capital inflow.
Alongside the slight increase in pension contributions, this resulted in cash
inflow for the period of £11m, a +£43m improvement compared to the same
period last year.
Profit and Cash Flow Summary H1 2024/25 H1 2023/24 H1 2024/25 H1 2023/24 Reported Currency neutral
£m (Restated) Adjusted Adjusted % change % change
£m
£m (Restated)
£m
Segmental EBIT
UK & Ireland 17 (1) 23 15 53% 53%
Nordics 12 7 18 12 50% 46%
EBIT on continuing operations 29 6 41 27 52% 50%
EBIT Margin 0.7% 0.2% 1.0% 0.7% 30 bps 30 bps
Net finance costs (39) (50) (32) (43) 26%
(Loss) / profit before tax on continuing operations (10) (44) 9 (16)
Tax on continuing operations 2 7 (2) 4
(Loss) / profit after tax on continuing operations (8) (37) 7 (12)
Loss after tax on discontinued operations - (2)
Loss after tax (8) (39)
(Loss) / earnings per share on continuing operations (0.7)p (3.3)p 0.6p (1.1)p
Operating cash flow 61 55 11% 9%
Operating cash flow margin 1.6% 1.4% 20 bps
Cash generated from continuing operations 206 166
Free cash flow 50 4 1150% 920%
Net cash / (debt) 107 (129)
(1) Market refers to UK B2C market for consumer electronics, computing and
domestic appliances, as defined by GfK
Outlook
Current year guidance
Trading during the six weeks since the period end has remained in line with
the Board's expectations and the Group expects to see growth in profits and
free cash flow for the year. This is after taking into account the in-year
impact of the UK Government budget measures which will be effective for the
last five weeks of the Group's financial year.
Further guidance on current year profits will be provided in the Peak trading
statement on 15 January 2025.
All aspects of cashflow guidance are unchanged, except capital expenditure
which is now expected to be lower than previously forecast:
· Capital expenditure of around £80m (previously around £90m) as a
higher proportion of project spending is expensed
· Net exceptional cash outflow of around £30m
· Pension contributions of £50m
Other technical guidance:
· Depreciation & amortisation around £290m
· Cash payments of leasing costs, debt & interest around £260m
· Cash tax around £10m
· Cash interest of around £20m
Additional income statement guidance:
· Total interest of around £70m (compared to £85m in 2023/24)
2024/25 is a 53-week year. This will have a small impact on sales but
immaterial impact on profits and cashflows.
Looking forward
The Group has assessed the impact of recent changes to Government policy
including the recent budget. The full year aggregated impact is expected to be
an incremental cost to the Group of £32m, including:
· £9m increase in wages due to National Living Wage increases. This
includes the direct impact and the indirect impact of protecting (at least in
part) wage differentials. All UK colleagues of the same band are paid the
same, so the larger increase in NLW for 18-20 year olds has no impact
· £12m increase in National Insurance contributions, of which £4m is
due to the increase in the Employer NI rate to 15.0% (from 13.8%) and £8m is
due to the decrease in the NI threshold from £9,100 to £5,000
· £9m impact from the pass through of these costs from some of our
outsource partners
· £2m increase from the inflation-based increase in business rate taxes.
Around half of these cost increases were anticipated and there are plans in
place to offset their impact. The Group will seek to mitigate the remaining
impact as much as possible through further cost saving measures, including
process improvement, automation, offshoring, outsourcing and overhead
efficiencies. Some price rises are also inevitable.
Despite these unexpected headwinds, the Group expects the P&L to benefit
from lower interest costs, and is continuing to target at least 3% adjusted
EBIT margin.
Alongside this, the Group will remain focused on free cash flow generation.
The Group expects to keep annual capital expenditure below £100m, for
exceptional cash costs to fall and to be below £10m by 2026/27, and to keep
working capital at least neutral despite continued growth of the Mobile
business.
The next triennial pension valuation date is March 2025 and the current IAS 19
deficit of £143m compares to scheduled contributions of £277m across 2025/26
to 2028/29. The contributions will cease when the deficit reaches zero on a
prudent technical basis and the Group is continuing to work proactively with
the scheme trustees to maximise value for all stakeholders.
As we announced on 27 June 2024, providing trading continues to be in line
with expectations, the strengthened balance sheet and the improving cashflow
dynamics underpin the Board's intention to announce a recommencement of
shareholder returns no later than the full year results on 3 July 2025.
In the reporting of financial information, the Group uses certain measures
that are not required under IFRS. These are presented in accordance with the
Guidelines on APMs issued by the European Securities and Markets Authority
('ESMA') and are consistent with those used internally by the Group's Chief
Operating Decision Maker to evaluate trends, monitor performance, and forecast
results. These APMs may not be directly comparable with other similarly titled
measures of 'adjusted' or 'underlying' revenue or profit measures used by
other companies, including those within our industry, and are not intended to
be a substitute for, or superior to, IFRS measures. Further information and
definitions can be found in the Notes to the Financial Information of this
report.
Unless otherwise stated, 2023/24 figures have been restated throughout this
report to exclude discontinued operations.
We Help Everyone Enjoy Amazing Technology
Chief Executive's Review
The first half of the year saw our performance continuing its upward
trajectory with significantly improved cashflow driven by a >50% adjusted
EBIT improvement in both Nordics and UK&I.
In the Nordics, we controlled what we can control. The consumer demand
environment remains weak but we grew market share, improved gross margin and
kept costs under tight control. The business is well invested and is expected
to generate materially improved cashflow this year.
In the UK&I, we stabilised (and slightly grew) our market share, and saw
strong performance from Mobile and our B2B business that further boosted
growth. Gross margin continued to climb, growing +10bps YoY. Operating costs
reduced as a proportion of sales as cost increases were more than offset by
operating leverage.
This progress continues to be built on our long-term strategy.
Our strategy starts with "capable and committed colleagues", as it is
difficult in a business like ours for the customer experience to exceed that
of the colleague. We have supported colleagues with better tools, training and
reward, while fostering a collaborative culture of success. In the Nordics we
launched our new values "We win together, play together, grow together and are
proud to be different together" to a very warm reception from colleagues. Our
latest colleague engagement survey saw 78% participation across the Group and
saw us maintain a score of 80, which places us firmly in the top 10% of global
companies(2).
Next, we want to provide an "easy to shop" experience for our customers. We
saw some notable improvements to both of our channels. In the UK, we
re-engineered more than 80 stores, to dedicate more space to categories that
are more profitable, and to allow more room for expansion into new categories.
We also added electronic shelf edge labelling (ESEL) to 60 UK stores. This is
an innovation that has been successful in the Nordics and creates a better
customer experience, allows more nimble pricing and saves colleagues' time. We
expect to re-engineer a further 33 stores and add ESEL to 40 stores in the
second half of the year. Our largest online site, currys.co.uk, which receives
over 250m visits per year, has seen over 60 changes that are designed to
improve the shopping journey, from easier navigation, searching and filtering,
through to an easier checkout, where we now accept all payment types including
Apple Pay and Google Pay digital wallets. We have improved the online journey
for order & collect, which alongside better store processes has seen order
& collect sales grow +15% YoY (and +55% Yo2Y), to over 27% of our online
revenue.
To fulfil this easy to shop experience, we continually improve our already
excellent logistics network. In October, the long-term investment in our new
Nordics distribution centre started to pay back, as the facility became fully
operational. Adding 91,000m(2) of new capacity allows us to stock kitchens in
Jönköping in Sweden instead of Brno in the Czech Republic. This will lead to
better lead times and fewer issues for customers, lower costs for the Group
and lowers our carbon emissions for kitchens by 75%.
The third leg of our strategy is to create "customers for life" through
stickier and more valuable customer relationships. At the heart of this is our
unique range of services that help customers afford and enjoy amazing
technology to the full, that build us valuable recurring revenue streams, and
encourage repeat shopping.
We help customers afford tech through credit, and we have seen UK&I
adoption climb +140bps to 21.7%, and active customer accounts grow +15% to
over 2.4m. This growth has been helped by launch of Currys flexpay, as well as
giving colleagues the tools to sell through credit using their in-store
tablets.
We help customers get tech started, through installation and set-up. Our
installation services are becoming ever more valued by customers, and 32% of
UK big box deliveries now include installation, a rise of +410bps YoY.
Once they have the tech, customers want to keep it working and we give over
12m of them peace of mind through protection plans. As the only tech retailer
that operates its own repair facilities, we can offer customers the protection
they want at good value. Our circular capabilities enable us to do this
efficiently, and during the period over 25% of the parts used in the UK's
central repairs had been previously harvested by our operation.
Finally, we help customers get the most out of their tech, with connectivity
being the biggest enabler of this.
Our Mobile business is growing, profitable and cash generative. iD Mobile, our
MVNO (Mobile Virtual Network Operator) in the UK, has been the standout
performer this year. It has grown +32% YoY to 2.0m subscribers, achieving our
year-end target well ahead of plans. The recent CMA ruling on the proposed
Vodafone-Three merger provides additional confidence in sustaining our
excellent trajectory in Mobile.
Our aim is to continue growing sources of higher margin, recurring revenue
such as credit, protection plans and connectivity so that over time our
business mixes away from single product purchases to the more predictable,
recurring and higher margin revenue streams of solution sales.
Delivering on our strategy helps customers, as seen in higher customer
satisfaction and increased market share, and helps us through higher gross
margins.
Our gross margins climbed again during the period driven by better bundling of
complete solutions, a higher adoption rate of services, continued monetisation
of the improved customer experience, discipline on sales stimulation and cost
savings.
Our operating costs rose in the UK&I as there was some cost inflation that
was not fully offset by savings, we spent more on marketing to drive
incremental sales, and we increased investment spend as planned. Over time, a
greater proportion of our investment spend has moved into operating rather
than capital expenditure, and we evaluate the paybacks and returns generated
based on the total spend.
Alongside improved profitability, we have been focussed on cash discipline.
Our capital expenditure guidance is £10m lower as we have focussed on
executing our plans to maximise returns, and we saw substantial improvements
in exceptional expenditure. Our working capital improved despite headwinds of
iD Mobile growth and sales decline in the Nordics, as UK&I sales growth
and process improvements drove significant working capital inflow. We finished
the period with £107m net cash and a pension deficit of £(143)m. This
£(36)m net position is by far the strongest balance sheet the Group has had
in the decade since the merger.
Overall, we entered our Peak trading period in a robust position with great
deals enabled by our strong supplier relationships.
Looking to next year, the UK Government budget is likely to add around £32m
of annual cost to our business. We will seek to mitigate as much of this as
possible through cost saving measures including process improvement,
automation, offshoring, outsourcing and other overhead efficiencies. Some
price rises are also inevitable. We will further update on this in due course.
Despite this unwelcome and material headwind, we remain confident. We are the
clear #1 brand in all our markets, with a diversified revenue base and a
strategy that is working. We remain focussed on generating more free cash flow
through improved operating performance, tight working capital management and
disciplined capital expenditure to support profitable growth and the long-term
success of this business.
Combined with the stronger balance sheet, this will enable resumption and
growth of shareholder returns. We will be a business that's increasingly
valuable for shareholders as well as colleagues, customers and society.
(2) Colleague engagement survey, Glint October 2024
Results call
There will be a live presentation and audio webcast followed by Q&A call
for investors and analysts at 9:00am.
The presentation slides will be available via the following link:
https://brrmedia.news/CURY_IR_24 (https://brrmedia.news/CURY_IR_24)
To participate in the live audio Q&A session, please use the following
participant access details:
UK: +44 (0) 33 0551 0200, please quote 'Currys Interim Results' when prompted
by the operator
Next scheduled announcement
The Group is scheduled to publish its Peak trading update, covering the 10
weeks to 4 January 2025, on Wednesday 15 January 2025.
For further information
Dan Homan Investor Relations +44 (0)7401 400442
Toby Bates Corporate Communications +44 (0)7841 037946
Tim Danaher, Sofie Brewis Brunswick Group +44 (0)2074 045959
Information on Currys plc is available at www.currysplc.com
(http://www.currysplc.com)
Follow us on LinkedIn and X: @currysplc
About Currys plc
Currys plc is a leading omnichannel retailer of technology products and
services, operating online and through 715 stores in 6 countries. We Help
Everyone Enjoy Amazing Technology, however they choose to shop with us.
In the UK & Ireland we trade as Currys and in the UK we operate our own
mobile virtual network, iD Mobile. In the Nordics we trade under the Elkjøp
brand. We're the market leader in all markets, able to serve all households
and employing 24,000 capable and committed colleagues.
We help everyone enjoy amazing technology. We believe in the power of
technology to improve lives, helping people stay connected, productive, fit,
healthy, and entertained. We're here to help everyone enjoy those benefits and
with our scale and expertise, we are uniquely placed to do so.
Our full range of services and support makes it easy for our customers to
discover, choose, afford and enjoy the right technology to the full. The
Group's operations include Europe's largest technology repair facility, a
sourcing office in Hong Kong and an extensive distribution network, centred on
Newark in the UK and Jönköping in Sweden, enabling fast and efficient
delivery to stores and homes.
We're a leader in giving technology a longer life through repair, recycling
and reuse. We're reducing our impact on the environment in our operations and
our wider value chain and we aim to achieve net zero emissions by 2040. We
offer customers products that help them save energy, reduce waste and save
water, and we partner with charitable organisations to bring the benefits of
amazing technology to those who might otherwise be excluded.
Certain statements made in this announcement are forward-looking. Such
statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from any expected future events or results referred to in these
forward-looking statements. Unless otherwise required by applicable laws,
regulations or accounting standards, we do not undertake any obligation to
update or revise any forward-looking statements, whether as a result of new
information, future developments or otherwise. Information contained on the
Currys plc website or the Twitter feed does not form part of this announcement
and should not be relied on as such.
Performance Review
The business is managed and evaluated across two reporting segments: UK &
Ireland, and the Nordics. The table below shows the combined Group results,
with fuller explanations following under each of the individual segments.
Following the disposal of Kotsovolos on 10 April 2024, the Greece reporting
segment has been removed from the prior period results.
Income Statement H1 2024/25 H1 2023/24 Reported Currency neutral
£m
(Restated) % change % change
£m
Revenue 3,918 3,868 1% 2%
Adjusted EBITDA 171 167 2% 3%
Adjusted EBITDA margin 4.4% 4.3% 10 bps 10 bps
Depreciation on right-of-use assets (89) (88)
Depreciation on other assets (18) (21)
Amortisation (23) (31)
Adjusted EBIT 41 27 52% 50%
Adjusted EBIT margin 1.0% 0.7% 30 bps 40 bps
Interest on lease liabilities (27) (30)
Finance income 4 2
Adjusted finance costs (9) (15)
Adjusted PBT 9 (16)
Adjusted PBT margin 0.2% (0.4)% 60 bps 60 bps
Adjusted tax (2) 4
Adjusted Profit/(Loss) after tax on continuing operations 7 (12)
Adjusted EPS 0.6p (1.1)p
Statutory Reconciliation
Adjusting items to EBITDA - (9)
EBITDA 171 158 8% 9%
Adjusting items to depreciation and amortisation (12) (12)
EBIT 29 6 383% 343%
EBIT Margin 0.7% 0.2% 50 bps 60 bps
Adjusting items to finance costs (7) (7)
PBT (10) (44) 77% 80%
Adjusting items to tax 4 3
Loss after tax on continuing operations (8) (37) 78% 81%
EPS - total (continuing operations) (0.7)p (3.3)p
Cash flow H1 2024/25 H1 2023/24 Reported Currency neutral
% change
£m (Restated) % change
£m
Adjusted EBITDAR 173 172 1% 1%
Adjusted EBITDAR margin 4.4% 4.4% - (10) bps
Cash payments of leasing costs, debt & interest(1) (122) (125)
Other non-cash items in EBIT 10 8
Operating cash flow(1) 61 55 11% 9%
Operating cash flow margin 1.6% 1.4% 20 bps -
Capital expenditure (22) (21)
Adjusting items to cash flow(1) (10) (21)
Free cash flow before working capital 29 13 123% 114%
Working capital 31 9
Segmental free cash flow 60 22 173% 165%
Cash tax paid (2) (4)
Cash interest paid (8) (14)
Free cash flow 50 4 1150% 920%
Dividend - -
Purchase of own shares - share buyback - -
Purchase of own shares - employee benefit trust (10) (2)
Pension (25) (18)
Disposals including discontinued operations (4) (14)
Other - (2)
Movement in net cash / (debt) 11 (32)
Net cash / (debt) 107 (129)
(1) APM defined in Glossary
UK & Ireland
26 October 2024 28 October 2023
Number of stores
UK 282 284
Ireland 16 16
Total UK&I 298 300
Selling space '000 sq. ft
UK 5,223 5,235
Ireland 207 207
Total UK&I 5,430 5,442
H1 2024/25 H1 2023/24 Reported Currency neutral % change
£m £m % change
Income Statement
Revenue 2,342 2,215 6% 6%
Online share of revenue 45% 43% 2%
Adjusted EBITDA 97 92 5% 5%
Adjusted EBITDA margin 4.1% 4.2% (10) bps (10) bps
Depreciation on right-of-use assets (49) (48)
Depreciation on other assets (8) (9)
Amortisation (17) (20)
Adjusted EBIT 23 15 53% 53%
Adjusted EBIT margin 1.0% 0.7% 30 bps 30 bps
Adjusting items to EBIT(2) (6) (16)
EBIT 17 (1)
EBIT margin 0.7% (0.0)% 70 bps 70 bps
Cash flow
Adjusted EBITDAR 99 96 3% 3%
Adjusted EBITDAR margin 4.2% 4.3% (10) bps (10) bps
Cash payments of leasing costs, debt & interest(1) (74) (76)
Other non-cash items in EBIT 9 8
Operating cash flow(1) 34 28 21% 21%
Operating cash flow margin 1.5% 1.3% 20 bps 10 bps
Capital expenditure (15) (12)
Adjusting items to cash flow(1,2) (9) (16)
Free cash flow before working capital 10 -
Working capital 54 (15)
Segmental free cash flow 64 (15)
(1) APM defined in Glossary. (2) Prior period restated to exclude discontinued
operation costs
Total UK&I sales increased +6%, driven by like-for-like sales growth of
+5%. The online share of business increased +2%pts to 45%.
Mobile was the strongest performing category, growing double digits YoY, with
growth in iD Mobile and handset-only sales. Consumer electronics saw good
growth, boosted by England's performance in EURO 2024 and Computing sales were
also positive, with AI technology sales building momentum. This was all
assisted by additional marketing to drive sales. Domestic appliance sales
declined in a weak market.
The UK market (excluding Mobile) declined (1.4)% during H1 and our market
share grew +20bps compared to last year as we grew share in the store channel
by +180bps while our online market share was broadly stable at (10)bps YoY.
Gross margins increased +10bps compared to last year, and +180bps compared to
three years ago as a result of the ongoing strategic focus. Operating costs
increased as inflationary pressures on wages and business rates were not fully
offset by cost saving, there was additional marketing to drive profitable
sales and an increased level of investment spending, with additional
investment planned for the second half of the year. The investment spend is
broadly evenly split between capital and operating expenditure, which is a
significant change to even a few years ago when the majority was
capitalised. Although absolute costs were higher year-on-year, operating
leverage meant that the operating expense to sales ratio improved by +20bps.
Adjusted EBIT increased to £23m at 1.0% margin, up +30bps YoY.
In the period, adjusting items to EBIT totalled £(6)m, this was mainly the
amortisation of acquisition intangibles from the 2014 merger, which is a
non-cash item. The cash costs mainly relate to the ongoing costs of
non-trading properties within the strategic change programme.
H1 2024/25, £m H1 2023/24, £m
P&L Cash P&L Cash
Acquisition / disposal related items (6) - (6) -
Strategic change programmes (1) (7) (9) (2) (14)
Impairment losses and onerous contracts - (1) - -
Regulatory 2 - 1 (2)
Other (1) (1) (2) -
Total (6) (9) (16) (16)
(2) Prior period restated to exclude discontinued operation costs
Operating cash flow increased +21% YoY largely due to higher profits. Capital
expenditure rose slightly YoY, but was still significantly below the level of
two years ago, as continued investment discipline was coupled with a shift
toward more operating expense expenditure on projects. Adjusting items are
described above. Working capital cash inflow of £54m was a significant
improvement YoY as the natural benefit of sales growth and internal process
improvements more than offset the headwinds from higher mobile sales. In
combination, this resulted in segmental free cash inflow of £64m, +£79m
better than last year.
Nordics
26 October 2024 28 October 2023
Number of stores Own stores Franchise stores Total Own stores Franchise stores Total
Norway 77 63 140 83 61 144
Sweden 94 78 172 98 75 173
Denmark 47 - 47 45 - 45
Finland 20 18 38 20 22 42
Other Nordics - 16 16 - 16 16
Nordics 238 175 413 246 174 420
Selling space '000 sq ft Own stores Franchise stores Total Own stores Franchise stores Total
Norway 1,044 649 1,693 1,098 611 1,709
Sweden 1,107 396 1,503 1,180 389 1,569
Denmark 788 - 788 753 - 753
Finland 508 166 674 508 196 704
Other Nordics - 106 106 - 106 106
Nordics 3,447 1,317 4,764 3,539 1,302 4,841
H1 2024/25 H1 2023/24 Reported Currency neutral % change
£m £m % change
Income Statement
Revenue 1,576 1,653 (5)% (3)%
Online share of revenue 26% 25% 1%
Adjusted EBITDA 74 75 (1)% 3%
Adjusted EBITDA margin 4.7% 4.5% 20 bps 30 bps
Depreciation on right-of-use assets (40) (40)
Depreciation on other assets (10) (12)
Amortisation (6) (11)
Adjusted EBIT 18 12 50% 46%
Adjusted EBIT margin 1.1% 0.7% 40 bps 30 bps
Adjusting items to EBIT (6) (5)
EBIT 12 7 71% 63%
EBIT margin 0.8% 0.4% 40 bps 30 bps
Cash flow
Adjusted EBITDAR 74 76 (3)% -
Adjusted EBITDAR margin 4.7% 4.6% 10 bps 10 bps
Cash payments of leasing costs, debt & interest(1) (48) (49)
Other non-cash items in EBIT 1 -
Operating cash flow 27 27 - (3)%
Operating cash flow margin 1.7% 1.6% 10 bps -
Capital expenditure (7) (9)
Adjusting items to cash flow (1) (5)
Free cash flow before working capital 19 13 46% 43%
Working capital (23) 24
Segmental free cash flow (4) 37
(1) APM defined in Glossary
Revenue declined by (3)% on a currency neutral basis, with a like-for-like
sales decline of (2)%. Online share of business increased slightly to 26%.
In a market that continued to trade poorly, all product categories except
consumer electronics experienced a sales decline. Computing and domestic
appliances were the worst performing categories, while mobile proved more
resilient.
Compared to last year, the Nordic market declined around (3.4)%. Our market
share was 27.9% during the half, up +40bps compared to last year as we
maintained or took share in every market except Finland.
Gross margin increased +80bps YoY to a level that is +60bps higher than three
years ago. Operating expenses decreased slightly as inflationary cost
increases were more than offset by savings and efficiencies.
Adjusted EBIT increased to £18m at 1.1% margin, up +40bps YoY.
In the period, adjusting items to EBIT totalled £(6)m from the amortisation
of acquisition intangibles which had no cash impact. The cash costs of £(1)m
related to the strategic cost saving initiatives. EBIT increased to £12m.
H1 2024/25, £m H1 2023/24, £m
P&L Cash P&L Cash
Acquisition / disposal related items (6) - (6) -
Strategic change programmes - (1) 1 (5)
Impairment losses and onerous contracts - - - -
Total (6) (1) (5) (5)
The operating cash flow was flat YoY at £27m as higher profits were offset by
lower depreciation and amortisation. Capital expenditure was £(7)m, with
spend relatively evenly spread across our already well-invested store estate,
IT infrastructure and distribution facilities. Working capital outflow of
£(23)m was driven by lower sales volumes, as payables decreased by more than
inventory. Overall, this drove segmental free cash flow of £(4)m, down
£(41)m YoY.
Finance Costs
Interest on lease liabilities was £(27)m, a slight decrease on last year due
to the fall in our overall lease commitments; the cash impact of this interest
is included within "Cash payments of leasing costs, debt & interest" in
segmental free cash flow.
The adjusted net finance costs were lower than last year as the company moved
into an average net cash position. The net cash impact of these costs was
£(6)m, from £(13)m in the prior year.
The finance costs on the defined benefit pension scheme is an adjusting item
and was broadly flat year-on-year in line with the assumptions used in the
valuation of the pension obligations.
H1 2024/25 H1 2023/24
£m (Restated)
£m
Interest on lease liabilities (27) (30)
Finance income 4 2
Finance costs (9) (15)
Adjusted net finance costs (32) (43)
Finance costs on defined benefit pension schemes (4) (5)
Other finance costs (3) (2)
Net finance costs on continuing operations (39) (50)
Tax
A tax rate of 25% has been applied to the adjusted half year results. This is
slightly higher than the prior half year adjusted rate of 24% due to a lower
proportion of Nordic losses. The cash tax paid in the half year period was
£2m, down from £4m in the prior year which is primarily due to a Nordics
rebate received in relation to prior years.
The expected full year adjusted effective tax rate at 25% is slightly lower
than the prior full year rate of 27% due to a higher proportion of Nordics
profits, which are taxed at a slightly lower rate than the UK.
The half year adjusting items tax credit of £4m includes the tax impact of
non-headline items in the Nordics.
Cash flow
H1 2024/25 H1 2023/24 Reported Currency neutral
£m (Restated) % change % change
£m
Operating cash flow 61 55 11% 9%
Capital expenditure (22) (21)
Adjusting items to cash flow (10) (21)
Free cash flow before working capital 29 13 123% 114%
Working capital and network commissions 31 9
Segmental free cash flow 60 22 173% 165%
Cash tax paid (2) (4)
Cash interest paid (8) (14)
Free cash flow 50 4 1150% 920%
Dividend - -
Purchase of own shares (10) (2)
Pension (25) (18)
Disposals including discontinued operations (4) (14)
Other - (2)
Movement in net cash 11 (32)
Opening net cash / (debt) 96 (97)
Closing net cash / (debt) 107 (129)
Segmental free cash flow was an inflow of £60m (H1 2023/24: inflow of £22m)
mainly due to improvements in working capital and a reduction in adjusting
items. Interest and tax outflows totalled £(10)m as described above,
resulting in a free cash inflow of £50m (H1 2023/24: inflow of £4m).
No dividend was paid in the period, in line with the previous year. The
employee benefit trust acquired £10m worth of shares to satisfy colleague
share awards.
Pension contributions of £25m (H1 2023/24: £18m) were in line with the
contribution plan agreed with the pension fund Trustees.
Other movements in the prior year predominantly relate to currency translation
differences, which did not repeat this year.
The closing net cash position was £107m, compared to a net cash position of
£96m at 27 April 2024. This included £28m of restricted cash (28 October
2023: £27m).
Balance sheet
26 October 2024 28 October 2023 27 April 2024
Group Group Excluding Greece Group
£m £m £m
Goodwill 2,216 2,252 2,237
Other fixed assets 1,065 1,255 1,156
Working capital (196) (231) (163)
Net cash / (debt) 107 (182) 96
Net lease liabilities (931) (1,054) (999)
Pension (143) (188) (171)
Deferred tax 10 10 8
Provisions (69) (39) (72)
Other (19) (31) (20)
Net assets 2,040 1,792 2,072
Goodwill declined £(36)m during the half-year ended 26 October 2024 due to
currency revaluation of the Nordics goodwill.
Other fixed assets decreased by £(91)m since 27 April 2024 as capital
expenditure was more than offset by depreciation and amortisation of £(41)m.
26 October 2024 28 October 2023 27 April 2024
Group Group Excluding Greece Group
£m £m £m
Inventory 1,328 1,421 1,034
Trade Receivables 208 280 195
Trade Payables (1,633) (1,749) (1,180)
Trade working capital (97) (48) 49
Network commission receivables & contract assets 70 97 66
Network accrued income 208 140 187
Network receivables 278 237 253
Other Receivables 335 224 269
Other Payables (718) (653) (743)
Derivatives 6 9 9
Working capital (196) (231) (163)
At period end, total working capital was £(196)m (28 October 2023: £(231)m).
Group inventory was £1,328m, (7)% lower than last year driven almost entirely
by lower holdings in the Nordics, due to the lower sales and slightly later
timing of promotional periods. The group's stock days increasing from 62 to 63
compared to 28 October 2023. Trade payables decreased by £116m to £(1,633)m
(28 October 2023: £(1,749)m) in line with the lower stock holding.
Total network receivables are up by £25m compared to year end with an
increase in iD Mobile, driven by higher volume of sales, offset by a decrease
in Vodafone. Other receivables are up by £111m year-on-year due to timing of
collections from suppliers, as well as higher accrued income with an
offsetting decrease in trade receivables. Other payables increased by £65m
due to the timing of VAT payable, as well as higher accrued expenses with an
offsetting decrease in trade payables.
Lease liabilities are £123m lower than 28 October 2023 due to store exits and
the renewal of leases at lower average rent.
The IAS 19 accounting deficit of the defined benefit pension scheme amounted
to £143m (27 April 2024: £171m). The reduction of £28m during the period
was primarily driven by £25m of contributions.
26 October 2024 28 October 2023 27 April 2024
(Restated)
£m £m £m
Net cash / (debt) 107 (182) 96
Restricted cash (28) (27) (36)
Net lease liabilities (931) (1,054) (999)
Pension liability (143) (188) (171)
Total closing indebtedness (995) (1,451) (1,110)
Less: year-end net cash / (debt) (107) 182 (96)
Add: average net cash / (debt) 73 (208) (69)
Total average indebtedness (1,029) (1,477) (1,275)
26 October 2024 28 October 2023 27 April 2024
(Restated)
£m £m £m
Operating cashflow (last 12 months) 252 267 246
Cash payments of leasing costs, debt & interest 244 284 247
Operating cash flow plus cash payments of leasing 496 551 493
Bank covenant ratios
Fixed charges (cash lease costs + cash interest) 265 311 274
Fixed charge cover 1.87x 1.77x 1.80x
Net (debt)/cash excluding restricted funds 79 (209) 60
Net debt leverage (0.31)x 0.78x (0.24)x
Net indebtedness ratios
Fixed charges (cash lease costs + cash interest + pension contributions) 308 368 310
Total indebtedness fixed charge cover 1.61x 1.50x 1.59x
Total closing indebtedness (995) (1,451) (1,110)
Total indebtedness leverage 2.01x 2.63x 2.25x
At 26 October 2024 the Group had net cash of £107m (28 October 2023: net debt
of £(182)m) and average net cash for the period of £73m (H1 2023/24: average
net debt of £(208)m).
During the period, the Group refreshed its revolving credit facility and now
has access to a £525m facility that expires in September 2028 (with an option
to extend for an additional year) with a syndicate of six banks. The covenants
on the debt facilities are net debt leverage <2.5x (H1 2024/25: (0.31)x)
and fixed charge cover >1.5x (H1 2024/25: 1.87x).
Provisions primarily relate to property, reorganisation and sales provisions.
The balance reduced by £3m during the year as the utilisation of
reorganisation provisions for central operations and property related onerous
contract costs for closed stores more than offset additions. Regulatory
provisions of £2m were released during the period due to updates to estimated
obligations.
Share count
The weighted average number of shares used for basic earnings decreased by 17m
to 1,089m since the previous year end due to an increase in the average number
of shares held by the Group EBT to satisfy colleague shareholder scheme.
The dilutive effect of share options and other incentive schemes has increased
due to improved scheme performance against vesting conditions.
26 October 2024 28 October 2023 27 April 2024
Million Million Million
Weighted average number of shares
Average shares in issue 1,133 1,133 1,133
Less average holding by Group EBT and treasury shares held by Company (44) (25) (27)
For basic earnings / (loss) per share 1,089 1,108 1,106
Dilutive effect of share options and other incentive schemes 46 18 22
Number of shares for diluted earnings per share 1,135 1,126 1,128
Note 26 weeks ended (Restated)* 52 weeks
26 October 26 weeks ended ended
2024 28 October 27 April
Unaudited 2023 2024
£m
Unaudited Audited
£m
£m
Continuing Operations
Revenue 2 3,918 3,868 8,476
Profit before interest and tax 2 29 6 117
Finance income 4 2 4
Finance costs (43) (52) (93)
Net finance costs (39) (50) (89)
(Loss) / profit before tax (10) (44) 28
Income tax credit / (expense) 2 7 (1)
(Loss) / profit after tax for the period from continuing operations (8) (37) 27
Profit / (loss) after tax for the period from discontinued operations 7 - (2) 138
(Loss) / profit after tax for the period (8) (39) 165
Earnings per share (pence) 3
Basic - continuing operations (0.7)p (3.3)p 2.4p
Diluted - continuing operations (0.7)p (3.3)p 2.4p
Basic - total (0.7)p (3.5)p 14.9p
Diluted - total (0.7)p (3.5)p 14.6p
* The prior period has been restated to exclude discontinued operations
26 weeks ended (Restated)* 52 weeks
26 October 2024
26 weeks ended ended
Unaudited
28 October 2023
27 April
£m
Unaudited 2024
£m
Audited
£m
(Loss) / profit after tax for the period (8) (39) 165
Items that may be reclassified to the income statement in subsequent periods:
Cash flow hedges
Fair value movements recognised in other comprehensive income (1) 5 4
Reclassified and reported in income statement 3 1 6
Tax on movements in cash flow hedges - - (1)
Exchange loss arising on translation of foreign operations (27) (20) (41)
Reclassification of foreign currency translation differences due to disposal - - (1)
of
foreign operations
(25) (14) (33)
Items that will not be reclassified to the income statement in subsequent
periods:
Actuarial gain on defined benefit pension schemes 7 47 52
Tax on movements on defined benefit pension schemes (2) (3) 5
5 44 57
Other comprehensive (expense) / income for the period (taken to equity) (20) 30 24
Total comprehensive (expense) / income for the period - continuing operations (28) (7) 52
Total comprehensive (expense) / income for the period - discontinued - (2) 137
operations
Total comprehensive (expense) / income for the period (28) (9) 189
* The prior period has been restated to exclude discontinued operations
Note 26 October 2024 Unaudited £m 28 October 2023 Unaudited 27 April 2024 Audited
£m
£m
Non-current assets
Goodwill 2,216 2,252 2,237
Intangible assets 222 317 246
Property, plant & equipment 106 138 111
Right-of-use assets 737 911 799
Lease receivable 2 4 3
Trade and other receivables 94 114 101
Deferred tax assets 19 25 20
3,396 3,761 3,517
Current assets
Inventory 1,328 1,564 1,034
Lease receivable 1 1 1
Trade and other receivables 727 720 616
Income tax receivable 4 4 3
Derivative assets 12 21 13
Cash and cash equivalents 108 94 125
2,180 2,404 1,792
Total assets 5,576 6,165 5,309
Current liabilities
Trade and other payables (2,252) (2,524) (1,809)
Derivative liabilities (6) (12) (4)
Income tax payable (23) (36) (23)
Loans and other borrowings 6 (1) (5) (29)
Lease liabilities (201) (173) (202)
Provisions (61) (36) (64)
(2,544) (2,786) (2,131)
Non-current liabilities
Trade and other payables (99) (103) (114)
Loans and other borrowings 6 - (218) -
Lease liabilities (733) (968) (801)
Retirement benefit obligations 5 (143) (190) (171)
Deferred tax liabilities (9) (11) (12)
Provisions (8) (3) (8)
(992) (1,493) (1,106)
Total liabilities (3,536) (4,279) (3,237)
Net assets 2,040 1,886 2,072
Capital and reserves
Share capital 1 1 1
Share premium account 2,263 2,263 2,263
Other reserves (880) (815) (844)
Accumulated profits 656 437 652
Equity attributable to equity holders of the parent company 2,040 1,886 2,072
Note Share Share Other reserves Accumulated profits Total
capital
premium account
£m
£m
£m
£m equity
£m
At 27 April 2024 1 2,263 (844) 652 2,072
Loss for the period - - - (8) (8)
Other comprehensive (expense) / income recognised directly in equity - - (24) 4 (20)
Total comprehensive expense - - (24) (4) (28)
for the period
Amounts transferred to the carrying value of inventory purchased during the - - (3) - (3)
year
Net movement in relation to share schemes - - 1 8 9
Purchase of own shares - employee benefit trust - - (10) - (10)
Equity dividends 4 - - - - -
At 26 October 2024 1 2,263 (880) 656 2,040
Note Share Share Other reserves Accumulated profits Total
capital
premium account
£m
£m
£m
£m equity
£m
At 29 April 2023 1 2,263 (804) 432 1,892
Loss for the period - - - (39) (39)
Other comprehensive (expense) / income recognised directly in equity - - (14) 44 30
Total comprehensive (expense) / income - - (14) 5 (9)
for the period
Amounts transferred to the carrying value of inventory purchased during the - - (4) - (4)
year
Net movement in relation to share schemes - - 9 - 9
Purchase of own shares - employee benefit trust - - (2) - (2)
Equity dividends 4 - - - - -
At 28 October 2023 1 2,263 (815) 437 1,886
Share Share Other reserves Accumulated profits Total
capital
premium account
£m
£m
£m
£m equity
£m
At 29 April 2023 1 2,263 (804) 432 1,892
Profit for the period - - - 165 165
Other comprehensive (expense) / income recognised directly in equity - - (32) 56 24
Total comprehensive (expense) / income for the period - - (32) 221 189
Amounts transferred to the carrying value of inventory purchased during the - - (5) - (5)
year
Amounts transferred to accumulated profits - - (1) 1 -
Net movement in relation to share schemes - - 10 (2) 8
Purchase of own shares - employee benefit trust - - (12) - (12)
Equity dividend 4 - - - - -
At 27 April 2024 1 2,263 (844) 652 2,072
Note 26 weeks (Restated)* 52 weeks
ended
ended
26 October 2024 26 weeks
27 April
ended
28 October 2023 2024
Unaudited
£m Unaudited Audited
£m £m
Operating activities
Cash generated from operations 6 206 166 419
Special contributions to defined benefit pension scheme (25) (18) (36)
Income tax paid (2) (4) (7)
Net cash flows from operating activities - continuing operations 179 144 376
Net cash flows from operating activities - discontinued operations - 6 (10)
Net cash flows from operating activities 179 150 366
Investing activities
Acquisition of property, plant & equipment and other intangibles (22) (19) (48)
Net cash flows from investing activities - continuing operations (22) (19) (48)
Net cash flows from investing activities - discontinued operations - (7) (11)
Net cash flows from investing activities - discontinued operations: proceeds (4) (2) 202
on sale of business
Net cash flows from investing activities (26) (28) 143
Financing activities
Interest paid (34) (43) (87)
Capital repayment of lease liabilities (97) (96) (195)
Purchase of own shares - employee benefit trust (10) (2) (12)
Equity dividends paid 4 - - -
Drawdown / (repayment) of borrowings - 37 (178)
Cash inflows / (outflows) from derivative financial instruments - 3 (3)
Facility arrangement fees paid - - (1)
Net cash flows from financing activities - continuing operations (141) (101) (476)
Net cash flows from financing activities - discontinued operations - (9) (17)
Net cash flows from financing activities (141) (110) (493)
Increase in cash and cash equivalents and bank overdrafts 12 12 16
Cash and cash equivalents and bank overdrafts at beginning of the period 96 81 81
Currency translation differences (1) (4) (1)
Cash and cash equivalents and bank overdrafts at end of the period 107 89 96
* The prior period has been restated to exclude discontinued operations
1 Accounting policies
(a) Basis of preparation
The interim financial information for the 26 weeks ended 26 October 2024 was
approved by the directors on 11 December 2024. The interim financial
information, which is a condensed set of financial statements, has been
prepared in accordance with the Listing Rules of the Financial Conduct
Authority and International Accounting Standard 34 "Interim Financial
Reporting" (IAS 34) as adopted by the UK and has been prepared on the going
concern basis as described further below and in the section on risks to
achieving the Group's objectives.
The accounting policies adopted are those set out in the Group's Annual Report
and Accounts 2023/24 which were prepared in accordance with IFRS as adopted by
the UK. New accounting standards, amendments to standards and IFRIC
interpretations which became applicable during the period were either not
relevant or had no impact on the Group's net results or net assets.
The UK Endorsement Board has adopted 'International Tax Reform - Pillar Two
Model Rules (Amendments to IAS 12)' which was issued by the International
Accounting Standards Board in May 2023. The Amendments introduce a temporary
mandatory exception from accounting for deferred taxes arising from the Pillar
Two model rules. The Group confirms that this mandatory exception has been
applied. Note that the Pillar 2 model rules were effective in the UK from 1
January 2024, and apply to the Group for the first time in the accounting
period ended 3 May 2025. The Group does not expect the rules to have a
material impact on the financial statements.
Going Concern
Going concern is the basis of preparation of the financial statements that
assumes an entity will remain in operation for a period of at least 12 months
from the date of approval of these condensed financial statements.
In their consideration of going concern, the directors have reviewed the
Group's future cash forecasts and profit projections, which are based on
market data and past experience. The debt facilities modelled in the base case
total £525m, post renewal in September 2024.
As a result of the uncertainties surrounding the forecasts due to the current
macroeconomic environment, the Group has also modelled a severe but plausible
downside scenario by applying a sales risk of 5% per annum across the 3 year
viability period from 2024/25 to 2027/28. This sales risk can be offset with
controllable mitigations across various operating expense line items and hence
in this severe but plausible downside scenario, the Group does not breach any
of the Group's facilities or banking covenants. Finally, the Group has
numerous other mitigations available (in addition to those applied to the
severe but plausible downside scenario) which are considered controllable
should sales drop below the severe but plausible downside, before requiring
additional sources of financing in excess of those that are committed. Such a
scenario, and the sequence of events which could lead to it, is considered to
be remote.
The directors are of the opinion that the Group's forecasts and projections,
which take into account reasonably possible changes in trading performance
including the impact of increased uncertainty and inflation in the wider
economic environment, show that the Group is able to operate within its
current facilities and comply with its banking covenants for at least 12
months from the date of approval of these financial statements. In arriving at
their conclusion that the Group has adequate financial resources, the
directors considered the level of borrowings and facilities and that the Group
has a robust policy towards liquidity and cash flow management.
For this reason, the Board considers it appropriate for the Group to adopt the
going concern basis in preparing the financial information. The long-term
effect of macroeconomic factors is uncertain and should the impact on trading
conditions be more prolonged or severe than what the directors consider to be
reasonably possible, the Group would need to implement additional operational
or financial measures.
1 Accounting policies (continued)
(a) Basis of preparation (continued)
Alternative performance measures
In addition to IFRS measures, the Group uses certain alternative performance
measures that are considered to be additional informative measures of ongoing
trading performance of the Group and are consistent with how performance is
measured internally. The alternative performance measures used by the Group
are included within the glossary and definitions section. This includes
further information on the definitions, purpose and reconciliations to IFRS
measures of those alternative performance measures that are used for internal
reporting and presented to the Group's Chief Operating Decision Maker (CODM).
The CODM has been determined to be the Board.
Further information
The interim financial information uses definitions that are set out within the
glossary and definitions section of this document.
The interim financial information is unaudited and does not constitute
statutory accounts within the meaning of Section 434 of the Companies Act 2006
but has been reviewed by the auditor. The financial information for the year
ended 27 April 2024 does not constitute the company's statutory accounts for
that period but has been extracted from those accounts which have been filed
with the Registrar of Companies and are also available on the Group's
corporate website www.currysplc.com (http://www.currysplc.com) .
(b) Key sources of estimation uncertainty and critical accounting judgements
Critical accounting judgements and estimates used in the preparation of the
financial statements are continually reviewed and revised as necessary. Whilst
every effort is made to ensure that such judgements and statements are
reasonable, by their nature they are uncertain and as such changes may have a
material impact.
In preparing the condensed consolidated financial statements, the significant
judgements made by management in applying the Group's accounting policies and
key sources of estimation uncertainty include the impairment of goodwill as
disclosed below. In addition, key sources of estimation uncertainty regarding
UK defined benefit pension scheme assumptions and critical accounting
judgements related to taxation detailed in the Group's Annual Report and
Accounts 2023/24 remain relevant.
Impairment of non-financial assets - Goodwill
As required by IAS 36, goodwill is subject to an impairment review on an
annual basis, or more frequently where indicators of impairment exist. The
Group has considered if indicators of impairment exist with regard to a number
of factors, including the recent changes to interest rates, ongoing
uncertainty in the wider macroeconomic environment and internal cash
forecasts. Management concluded that none these factors are indicators of
impairment and consequently, an impairment review per IAS 36 has not been
undertaken in the 26 weeks ended 26 October 2024.
2 Segmental analysis
The Group's operating segments reflect the segments routinely reviewed by the
CODM used to manage performance and allocate resources. This information is
predominantly based on geographical areas which are either managed separately
or have similar trading characteristics.
The Group's operating and reportable segments have therefore been identified
as follows:
· UK & Ireland; comprising of Currys, iD Mobile and B2B operations;
· Nordics; operates stores in Norway, Sweden, Finland and Denmark with
franchise operations in Norway, Sweden, Finland, Iceland, Greenland and Faroe
Islands;
UK & Ireland and Nordics are involved in the sale of consumer electronics
and mobile technology products and services, primarily through stores or
online channels.
Transactions between segments are on an arm's length basis.
(a) Segmental results
26 weeks ended 26 October 2024
UK & Ireland Nordics Total
£m £m £m
Revenue 2,342 1,576 3,918
Profit before interest and tax 17 12 29
Finance income 4
Finance costs (43)
Loss before tax (10)
Depreciation and amortisation (79) (63) (142)
26 weeks ended 28 October 2023 (Restated)*
UK & Ireland Nordics Total
£m £m £m
Revenue 2,215 1,653 3,868
(Loss)/profit before interest and tax (1) 7 6
Finance income 2
Finance costs (52)
Loss before tax (44)
Depreciation and amortisation (83) (69) (152)
* The prior period has been restated to exclude discontinued operations
52 weeks ended 27 April 2024
UK & Ireland Nordics Total
£m £m £m
Revenue 4,970 3,506 8,476
Profit before interest and tax 88 29 117
Finance income 4
Finance costs (93)
Profit before tax 28
Depreciation and amortisation (163) (136) (299)
2 Segmental analysis (continued)
(a) Segmental results (continued)
Segmental profit Note 26 weeks ended (Restated)* 52 weeks ended
26 October 26 weeks ended 27 April
2024 28 October 2024
£m 2023 £m
£m
UK & Ireland 17 (1) 88
Nordics 12 7 29
Profit before interest and tax 29 6 117
Finance income 4 2 4
Finance costs (43) (52) (93)
(Loss)/profit before tax (10) (44) 28
* The prior period has been restated to exclude discontinued operations
(b) Seasonality
The Group's business is highly seasonal, with a substantial proportion of its
revenue and (loss) / profit before interest and tax generated during its third
quarter, which includes Black Friday and the Christmas and New Year season.
(c) Geographical information
Revenues are allocated to countries according to the entity's country of
domicile. Revenue by destination is not materially different to that shown by
domicile. Non-current assets exclude financial instruments and deferred tax
assets.
26 weeks ended 26 October 2024 26 weeks ended 28 October 2023 (Restated)*
UK Norway Sweden Other Total UK Norway Sweden Other Total
£m £m £m £m £m £m £m £m £m £m
Revenue 2,262 471 507 678 3,918 2,140 488 528 712 3,868
Non-current assets at period end 1,942 422 399 586 3,349 2,059 491 403 595 3,548
* The prior period has been restated to exclude discontinued operations
52 weeks ended 27 April 2024
UK Norway Sweden Other Total
£m £m £m £m £m
Revenue 4,784 1,039 1,140 1,513 8,476
Non-current assets at period end 1,992 449 399 587 3,427
2 Segmental analysis (continued)
(d) Disaggregation of revenues
The Group's disaggregated revenue recognised under 'Revenue from Contracts
with Customers' in accordance with IFRS 15 relates to the following operating
segments and revenue streams:
26 weeks ended 26 October 2024 26 weeks ended 28 October 2023 (Restated)*
UK & Ireland Nordics Total UK & Nordics Total
£m
£m
£m £m Ireland £m
£m
Sales of goods 1,997 1,430 3,427 1,901 1,512 3,413
Commission revenue 74 76 150 79 80 159
Support services revenue 115 24 139 114 18 132
Other services revenue 155 46 201 119 43 162
Other revenue 1 - 1 2 - 2
Total revenue 2,342 1,576 3,918 2,215 1,653 3,868
* The prior period has been restated to exclude discontinued operations
52 weeks ended 27 April 2024
UK & Nordics Total
£m
Ireland £m
£m
Sales of goods 4,296 3,208 7,504
Commission revenue 178 165 343
Support services revenue 229 43 272
Other services revenue 267 90 357
Total revenue 4,970 3,506 8,476
3 (Loss) / earnings per share
26 weeks ended (Restated)* 52 weeks
26 October 26 weeks ended ended
2024 28 October 27 April
£m 2023 2024
£m £m
(Loss) / profit for the period attributable to equity shareholders - (8) (37) 27
continuing operations
(Loss) / profit for the period attributable to equity shareholders - - (2) 138
discontinued operations
(Loss) / profit for the period - Total (8) (39) 165
Million Million Million
Weighted average number of shares
Average shares in issue 1,133 1,133 1,133
Less average holding by Group EBT (44) (25) (27)
For basic earnings per share 1,089 1,108 1,106
Dilutive effect of share options and other incentive schemes 46 18 22
For diluted (loss) / earnings per share 1,135 1,126 1,128
Pence Pence Pence
Earnings per share
Basic (loss) / earnings per share - continuing operations (0.7) (3.3) 2.4
Diluted (loss) / earnings per share - continuing operations (0.7) (3.3) 2.4
Basic (loss) / earnings per share - discontinued operations - (0.2) 12.5
Diluted (loss) / earnings per share - discontinued operations - (0.2) 12.2
Basic (loss) / earnings per share - total (0.7) (3.5) 14.9
Diluted (loss) / earnings per share - total (0.7) (3.5) 14.6
* The prior period profit has been restated to exclude discontinued operations
Basic and diluted (loss) / earnings per share are based on the (loss) / profit
after tax for the period attributable to equity shareholders.
4 Dividends
There were no dividends paid during the current or comparative periods, and
there is currently no proposed interim dividend for the period ending 26
October 2024.
5 Retirement benefit obligations
26 October 2024 28 October 2023 27 April
£m £m 2024
£m
Retirement benefit obligations - UK (142) (187) (170)
- (1) (1) (1)
Nordics
- - (2) -
Greece
Net obligation (143) (190) (171)
The Group operates a number of defined contribution and defined benefit
pension schemes. The principal scheme operates in the UK and includes a funded
defined benefit section, the assets of which are held in a separate trustee
administered fund. The defined benefit section of the scheme was closed to
future accrual on 30 April 2010. The net obligations of this scheme,
calculated in accordance with IAS 19 "Employee Benefits", are analysed as
follows:
UK scheme 26 October 2024 28 October 2023 27 April
£m £m 2024
£m
Fair value of plan assets 991 869 955
Present value of defined benefit obligations (1,133) (1,056) (1,125)
Net obligation (142) (187) (170)
The value of obligations is particularly sensitive to the discount rate
applied to liabilities at the assessment date as well as mortality rates. The
defined benefit obligation has increased by £8m since 27 April 2024 primarily
as a result of market conditions impacting the discount rate assumption. The
value of the plan assets is also sensitive to market conditions and has
increased by £36m due to an increase in the value of liability-driven
investments (LDI), which are designed to broadly offset movements in the
defined benefit obligation. The scheme's investment strategy and its
investment objectives remain consistent with those adopted as at 27 April
2024.
The assumptions used in the valuation of obligations are listed below:
UK scheme 26 October 2024 28 October 2023 27 April
2024
Rates per annum:
Discount rate 5.15% 5.70% 5.20%
Rate of increase in pensions in payment - pre April 2006 2.95% 3.05% 3.00%
- post April 2006 2.00% 2.15% 2.00%
Rate of increase in deferred pensions (pre/post April 2006 accrual) 3.10% 3.15% 3.15%
Inflation 3.10% 3.15% 3.15%
Mortality rates are based on historical experience and standard actuarial
tables and include an allowance for future improvements in longevity.
Sensitivity testing over life expectancy is not performed at the half year as
it is not considered as variable as discount rates and inflation.
If the discount rate assumption increased by 1.0% the defined benefit
obligation would decrease by approximately £157m. If the assumption decreased
by 1.0% the defined benefit obligation would increase by approximately £176m.
If the inflation assumption increased by 1.0% the defined benefit obligation
would increase by approximately £132m. If the assumption decreased by 1.0%
the defined benefit obligation would decrease by approximately £122m.
In June 2023, the High Court handed down a decision in the case of Virgin
Media Limited v NTL Pension Trustees II Limited and others relating to the
validity of certain historical pension changes due to the lack of actuarial
confirmation required by law. In July 2024, the Court of Appeal dismissed the
appeal against aspects of the June 2023 decision. The conclusions reached by
the court in this case may have implications for other UK defined benefit
plans. The Trustees of the Scheme received legal advice to consider the
implications of the case for the Scheme. Based on the legal advice received,
the case does not expose the Scheme to any new risks and, as such, there is no
allowance for the ruling in the results at 26 October 2024.
6 Note to the cash flow statement
26 weeks ended (Restated)* 52 weeks
26 October 26 weeks ended ended
2024 28 October 27 April
£m 2023 2024
£m £m
Profit / (loss) before interest and tax 29 6 117
Depreciation and amortisation 142 152 299
Share-based payment charge 10 7 8
Impairments and other non-cash items - 1 28
Operating cash flows before movements in working capital 181 166 452
Movements in working capital:
Increase in inventory (308) (426) (43)
Increase in receivables (111) (51) (36)
Increase in payables 447 487 21
Decrease in provisions (3) (10) 25
25 - (33)
Cash generated from continuing operations 206 166 419
* The prior period has been restated to exclude discontinued operations
Restricted funds, which predominantly comprise funds held by the Group's
insurance business for regulatory reserve requirements, were £28m (28 October
2023: £27m; 27 April 2024: £36m). These restricted funds are included within
cash and cash equivalents on the face of the consolidated balance sheet.
Cash flows from discontinued operations comprise £4m of transactions fees
related to the sale of Dixons South East Europe A.E.V.E that were paid in the
period (28 October 2023: £2m). In the period ended 27 April 2024 there is a
£202m cash inflow from discontinued operations which is comprised of £205m
disposal proceeds and £3m of transaction fees paid.
Changes in liabilities arising from financing activities
The table below details changes in the Group's liabilities arising from
financing activities, including both cash and non-cash changes. Liabilities
arising from financing activities are those for which cash flows were, or
future cash flows will be, classified in the Group's consolidated cash flow
statement as cash flows from financing activities.
27 April Financing cash flows Lease additions, modifications and disposals Foreign Exchange Interest £m 26 October
2024 £m £m £m 2024
£m £m
Loans and other borrowings - 5 - - (5) -
Lease liabilities (1,003) 124 (37) 9 (27) (934)
Total liabilities arising from financing activities (1,003) 129 (37) 9 (32) (934)
29 April Financing cash flows Lease additions, modifications and disposals Foreign Exchange Interest £m 28 October
2023 £m £m £m 2023
£m £m
Loans and other borrowings (178) (26) - (1) (13) (218)
Lease liabilities (1,233) 136 (21) 10 (33) (1,141)
Total liabilities arising from financing activities (1,411) 110 (21) 9 (46) (1,359)
6 Note to the cash flow statement (continued)
29 April Financing cash flows Lease additions, modifications and disposals Foreign Exchange Interest £m 27 April
2023 £m £m £m 2024
£m £m
Loans and other borrowings (178) 197 4 (1) (22) -
Lease liabilities (1,233) 275 1(i) 18 (64) (1,003)
Total liabilities arising from financing activities (1,411) 472 5 17 (86) (1,003)
i. This figure includes the disposal of lease liabilities related to Greece
of £81m
Lease liabilities are secured over the Group's right-of-use assets.
Committed facilities
In September 2024, the Group refinanced its existing debt with one revolving
credit facility which is due to expire in September 2028. This facility
replaced the two facilities which were due to expire in April 2026 and the two
short-term facilities which were due to expire in October 2024. As at 26
October 2024 the available facilities totalled £525m (28 October 2023:
£632m, 27 April 2024: £627m) and the Group had no drawings (28 October 2023:
£216m, 27 April 2024: £nil).
The interest rate payable for drawings under the revolving credit facility is
at a margin over risk free rates (or other applicable interest basis) for the
relevant currency and for the appropriate period. The actual margin applicable
to any drawing depends on the fixed charges cover ratio calculated in respect
of the most recent accounting period. A non-utilisation fee is payable in
respect of amounts available but undrawn under this facility and a utilisation
fee is payable when aggregate drawings exceed certain levels.
Uncommitted facilities
The Group also has overdrafts and short-term money market lines from UK and
European banks denominated in various currencies, all of which are repayable
on demand. Interest is charged at the market rates applicable in the countries
concerned and these facilities are used to assist in short term liquidity
management. Total available facilities are £56m (28 October 2023: £93m, 27
April 2024: £62m). At 26 October 2024 the Group had drawn down on the
uncommitted facilities by £2m (28 October 2023: £5m, 27 April 2024: £nil).
7 Discontinued operations
On 10 April 2024, Currys plc (Currys) announced that it has completed the sale
of Dixons South East Europe A.E.V.E., the holding company of Currys entire
Greece and Cyprus retail business, trading as Kotsovolos, to Public Power
Corporation S.A. Consequently, Kotsovolos has been accounted for as a
discontinued operation for all periods up to 27 April 2024, the results of
which are detailed below. See note 6 for related cash flows.
26 October 2024 28 October 2023 27 April
£m £m 2024
£m
Revenue - 291 579
Expenses - (293) (577)
Profit before tax - (2) 2
Income tax expense - - (2)
Profit after income tax of discontinued operations - (2) -
Gain on sale of the subsidiary after income tax - - 138
Profit for the period from discontinued operations - (2) 138
8 Contingent liabilities
The Group continues to cooperate with HMRC in relation to open tax cases
arising from pre-merger legacy corporate transactions in the former Carphone
Warehouse Group. It is possible that a future economic outflow will arise from
one of these matters, and therefore a contingent liability has been disclosed.
This determination is based on the strength of third-party legal advice on the
matter and therefore the Group considers it 'more likely than not' that these
enquiries will not result in an economic outflow. The potential range of tax
exposures relating to this enquiry is estimated to be approximately £nil -
£218m excluding interest and penalties. Interest is £94m up to 26 October
2024. Penalties could range from nil to 30% of the principal amount of any
tax. Any potential cash outflow would occur in greater than one year and less
than five years.
The Group received a Spanish tax assessment connected to a business that was
disposed of by the legacy Carphone Warehouse Group in 2014. This issue is in
litigation and is likely to take a minimum of two years to reach resolution.
The Group considers that it is not probable the claim will result in an
economic outflow based on third-party legal advice. The maximum potential
exposure as a result of the claim is £11m.
9 Related party transactions
Transactions between the Group's subsidiary undertakings, which are related
parties, have been eliminated on consolidation and accordingly are not
disclosed.
The Group had the following transactions and balances with its associates:
26 weeks ended 26 weeks ended 52 weeks ended
26 October 28 October 27 April
2024 2023 2024
£m £m £m
Revenue from sale of goods and services 6 6 14
Amounts owed to the Group 1 1 1
All transactions entered into with related parties were completed on an arm's
length basis.
10 Events after the balance sheet date
There were no material events after the balance sheet date.
The Board continually reviews and monitors the risks and uncertainties which
could have a material effect on the Group's results. The Group's risks, and
the factors which mitigate them, are set out in more detail in the Principal
risks and uncertainties section of the Annual Report and Accounts 2023/24 and
remain relevant, but have evolved, in the current period.
The updated risks and uncertainties are listed below:
1. Supply Chain Resilience risk covers broad external supply chain
related challenges for sourcing which, if not managed adequately, could result
in a deterioration of financial performance;
2. Failure to deliver an effective business transformation programme
in response to a changing consumer environment and competitive landscape could
result in a loss of competitive advantage impacting financial performance;
3. Failure to comply with Financial Services regulation could result
in reputational damage, customer compensation, financial penalties and a
resultant deterioration in financial performance;
4. Failure to safeguard sensitive colleague, customer, or business
information, or a failure to comply with legislation could result in
reputational damage and financial penalties;
5. Inadequate investment and integration of the Group's IT systems
and infrastructure could impact business operations, resulting in restricted
growth and poor financial performance;
6. Failure to appropriately safeguard against cyber risks and
associated attacks could result in operational disruption and an inability to
trade, giving rise to reputational damage, customer compensation, financial
penalties and lost sales;
7. Inappropriate Health and Safety measures resulting in injury
could give rise to reputational damage and financial penalties;
8. Business continuity plans are not effective and major incident
response is inadequate resulting in reputational damage, operational
disruption, and an inability to trade;
9. Crystallisation of potential tax exposures resulting from legacy
corporate transactions, employee and sales taxes arising from periodic tax
audits and investigations across various jurisdictions in which the Group
operates may impact cash flows for the Group;
10. Failure to employ adequate procedures and due diligence regarding
product quality and safety could result in the provision of products which
pose a risk to customer health, resulting in fines, prosecution and
significant reputational damage;
11. Failure to either deliver or adequately communicate our commitment
to sustainability and being a good corporate citizen could result in
reputational damage and loss of competitive advantage;
12. Failure to successfully navigate an increasingly pervasive set of
externally driven macroeconomic factors, and cost of living pressures could
result in a deterioration in financial performance; and
13. Failure to manage Currys' access to sufficient liquidity at any
given time may impact the Group's ability to meet its financial obligations
and support business growth plans.
The directors have prepared the preliminary Financial Information on a going
concern basis. In considering the going concern basis, the directors have
considered the above-mentioned principal risks and uncertainties, especially
in the context of a highly competitive consumer and retail environment as well
as the wider macroeconomic environment and how these factors might influence
the Group's objectives and strategy.
In their consideration of going concern, the directors have reviewed the
Group's future cash forecasts and profit projections, which are based on
market data and past experience. The directors are of the opinion that the
Group's forecasts and projections, which take into account reasonably possible
changes in trading performance including the impact of increased uncertainty
and inflation in the wider economic environment, show that the Group is able
to operate within its current facilities and comply with its banking covenants
for at least 12 months from the date of approval of these condensed financial
statements. In arriving at their conclusion that the Group has adequate
financial resources, the directors considered the level of borrowings and
facilities and that the Group has a robust policy towards liquidity and cash
flow management.
As a result, the Board believes that the Group is well placed to manage its
financing and other significant risks satisfactorily and that the Group will
be able to operate within the level of its facilities for at least 12 months
from the date of approval of these condensed financial statements. For this
reason, the Board considers it appropriate for the Group to adopt the going
concern basis in preparing the financial information.
The directors confirm that to the best of their knowledge:
• the interim financial information has been prepared in accordance
with IAS 34 as adopted by the UK;
• the financial highlights, performance review and interim financial
information include a fair review of the information required by DTR 4.2.7R
(indication of important events during the first 26 weeks and description of
principal risks and uncertainties for the remaining 26 weeks of the year); and
• the financial highlights and performance review includes a fair
review of the information required by DTR 4.2.8R (disclosure of related party
transactions and changes therein).
At the date of this statement, the directors are:
Alex Baldock
Bruce Marsh
Ian Dyson
Octavia Morley
Eileen Burbidge
Magdalena Gerger
Steve Johnson
Gerry Murphy
Adam Walker
By order of the Board
Alex Baldock Bruce Marsh
Group Chief Executive Group Chief Financial Officer
11 December 2024 11 December 2024
To Currys plc
Conclusion
We have been engaged by Currys plc to review the condensed set of financial
statements in the half-yearly financial report for the 26 weeks ended 26
October 2024 which comprises the consolidated income statement, the
consolidated balance sheet, the consolidated statement of changes in equity,
the consolidated cash flow statement and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the 26 weeks ended 26 October 2024 is not prepared, in
all material respects, in accordance with IAS 34 Interim Financial Reporting
as adopted for use in the UK and the Disclosure Guidance and Transparency
Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK
FCA").
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the
UK. A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. We read the other
information contained in the half-yearly financial report and consider whether
it contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an
audit opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of conclusion section of this report,
nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that
the directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the group to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the group will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with UK-adopted international accounting standards.
The directors are responsible for preparing the condensed set of financial
statements included in the half-yearly financial report in accordance with IAS
34 as adopted for use in the UK.
In preparing the condensed set of financial statements, the directors are
responsible for assessing the group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. Our conclusion, including our conclusions relating to going concern,
are based on procedures that are less extensive than audit procedures, as
described in the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the DTR of the
UK FCA. Our review has been undertaken so that we might state to the company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company for our review work, for this
report, or for the conclusions we have reached.
Mark Flanagan
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London, E14 5GL
11 December 2024
Alternative performance measures ('APMs')
In the reporting of financial information, the Group uses certain measures
that are not required under IFRS. These are presented in accordance with the
Guidelines on APMs issued by the European Securities and Markets Authority
('ESMA'). These measures are consistent with those used internally by the
Group's Chief Operating Decision Maker ('CODM') in order to evaluate trends,
monitor performance and forecast results.
These APMs may not be directly comparable with other similarly titled measures
of 'adjusted' or 'underlying' revenue or profit measures used by other
companies, including those within our industry, and are not intended to be a
substitute for, or superior to, IFRS measures.
Management consider these additional measures to provide additional
information on the performance of the business and trends to shareholders. The
below, and supplementary notes to the APMs, provides further information on
the definitions, purpose and reconciliations to IFRS measures of those APMs
that are used internally in order to provide parity and transparency between
the users of this financial information and the CODM in assessing the core
results of the business in conjunction with IFRS measures.
Adjusted results
Included within our APMs the Group reports a number of adjusted profit and
earnings measures, all of which are described throughout this section. The
Group subsequently refers to adjusted results as those which reflect the
in-period trading performance of the ongoing omnichannel retail operations
(referred to below as underlying operations and trade) and excludes from IFRS
measures certain items that are significant in size or volatility or by nature
are non-trading or highly infrequent.
Adjusting items
When determining whether an item is to be classified as adjusting, and the
departure from IFRS measures is more useful for the users of the financial
statements than the additional disclosure requirements for material items
under IAS 1, the project or item must:
- be one-off in nature and have a significant impact on amounts
presented in either the statutory income statement or statutory cash flow
statement in any set of annual Group financial statements; or
- recur for a finite number of years and not reflect the underlying
trading performance of the business.
Management will classify items as adjusting where these criteria are met and
it is considered more useful for the users of the financial statements to
depart from IFRS measures.
Items excluded from adjusted results can evolve from one financial year to the
next depending on the nature of exceptional items or one-off type activities.
Below highlights the grouping in which management allocate adjusting items and
provides further detail on how management consider such items to meet the
criteria set out above. Further information on the adjusting items recognised
in the current and comparative periods can be found in note A4.
Acquisition and disposal related items
Includes costs incurred in relation to the acquisition, and income for the
disposal of business operations, as the related costs and income reflect
significant changes to the Group's underlying business operations and trading
performance. Adjusted results do not exclude the related revenues or costs
that have been earned in relation to previous acquisitions, with the exception
of the amortisation of intangibles, such as brands, that would not have been
recognised prior to their acquisition. Where practically possible amounts are
restated in comparative periods to reflect where a business operation has
subsequently been disposed.
Alternative performance measures ('APMs') (continued)
Strategic change programmes
Primarily relate to material one-off costs incurred for the execution and
delivery of a change in strategic direction, such as; severance and other
direct employee costs incurred following the announcement of detailed formal
restructuring plans as they are considered one-off; property rationalisation
programmes where a business decision is made to rebase the store estate as
this is considered one-off in nature and to cause a significant change in the
underlying business operations; and implementation costs for strategic change
delivery projects that are considered one-off in nature. Such costs incurred
do not reflect the Group's underlying trading performance. Results are
therefore adjusted to exclude such items in order to aid comparability between
periods.
Regulatory costs
The Group includes material costs related to data incidents and regulatory
challenge within adjusting items so far as on the basis of internal or
external legal advice, it has been determined that it is more than possible
that a material outflow will be required to settle the obligation (legal or
constructive) and subsequently recognised a provision in accordance with IAS
37.
Impairment losses and onerous contracts
In order to aid comparability, costs incurred for material non-cash
impairments (or reversals of previously recognised impairments) and onerous
contracts are included within adjusting items where they have a significant
impact on amounts presented in either the statutory income statement or
statutory cash flow statement in any set of annual Group financial statements.
When considering the threshold, management will consider whether the gross
impairment charge and gross reversal of previously recognised impairment in
any one reportable operating segment is above the material threshold for that
financial year.
While the recognition of such is considered to be one-off in nature, the
unavoidable costs for those contracts considered onerous is continuously
reviewed and therefore based on readily available information at the reporting
date as well as managements historical experience of similar transactions. As
a result, future cash outflows and total charges to the income statement may
fluctuate in future periods. If these changes are material they will be
recognised in adjusting items.
Other items
Other items include those items that are one-off in nature that are material
enough to distort the underlying results of the business but do not fall into
the categories disclosed above. Such items include the settlement of legal
cases and other contractual disputes where the corresponding income, or costs,
would be considered to distort users understanding of trading performance
during the period.
Net finance income / (costs)
Included within adjusting finance income / (costs) are net pension interest
costs on the defined benefit pension scheme within the UK and other
exceptional items considered so one-off or material that they distort
underlying finance costs of the Group (including legacy tax cases).
The net interest charge on defined benefit pension schemes represents the
non-cash remeasurement calculated by applying the corporate bond yield rates
applicable on the last day of the previous financial year to the net defined
benefit obligation. As a non-cash remeasurement cost which is unrepresentative
of the actual investment gains or losses made or the liabilities paid and
payable, and given the defined benefit section of the scheme having closed to
future accrual on 30 April 2010, the accounting effect of this is excluded
from adjusted results.
Tax
Included within taxation is the tax impact on those items defined above as
adjusting. The exclusion from adjusted results ensures that users, and
management, can assess the overall performance of the Groups underlying
operations.
Alternative performance measures ('APMs') (continued)
Tax (continued)
Where the Group is cooperating with tax authorities in relation to legacy tax
cases and is applying tax treatments to changes in underlying business
operations as a result of acquisition, divestiture or closure of operations,
the respective costs will also be included within adjusting items. Management
considers it appropriate to divert from IFRS measures in such circumstance as
the one-off charges related to prior periods could distort users understanding
of the Group's ongoing operational performance.
The Group also includes the movement of un-recognised deferred tax assets
relating to unused tax losses and other deductible temporary differences
within adjusting items. Management considers that the exclusion from adjusted
results aids users in the determination of current period performance as the
recognition and derecognition of deferred tax is impacted by management's
forecast of future performance and the ability to utilise unused tax losses
and other deductible temporary differences.
Definitions, purpose and reconciliations
In line with the Guidelines on Alternative Performance Measures issued by
ESMA, we have provided additional information on the APMs used by the Group
below, including full reconciliations back to the closest equivalent statutory
measure.
EBIT / EBITDA
In the key highlights and performance review we reference financial metrics
such as EBIT and EBITDA. We would like to draw to the user's attention that
these are shown to aid comparison of our adjusted measures to the closest IFRS
measure. We acknowledge that the terminology of EBIT and EBITDA are not IFRS
defined labels but are compiled directly from the IFRS measures of profit
without making any adjustments for adjusting items explained above. These
measures are: profit / (loss) for the year before deducting interest and tax,
termed as EBIT; and profit / (loss) for the year before deducting interest,
tax, depreciation, and amortisation, termed as EBITDA. These metrics are
further explained and reconciled within notes A2 and A3 below.
Currency neutral
Some comparative performance measures are translated at constant exchange
rates, called 'currency neutral' measures. This restates the prior period
results at a common exchange rate to the current year in order to provide
appropriate year-on-year movement measures without the impact of foreign
exchange movements.
Like-for-like (LFL) % change
Like-for-like revenue is calculated based on adjusted store and online revenue
(including Order & Collect, Online In-Store and ShopLive) using constant
exchange rates consistent with the currency neutral % change measure detailed
above. New stores are included where they have been open for a full financial
year both at the beginning and end of the financial period. Revenue from
franchise stores is excluded and closed stores are excluded for any period of
closure during either period. Customer support agreement, insurance and
wholesale revenues along with revenue from other non-retail businesses are
excluded from like-for-like calculations. We consider that LFL revenue
represents a useful measure of the trading performance of our underlying and
ongoing store and online portfolio.
A1 Reconciliation from (loss) / profit before interest and tax to adjusted
EBIT and adjusted PBT (continuing operations)
Adjusted EBIT and adjusted PBT are measures of profitability that are adjusted
from IFRS measures to remove adjusting items, the nature of which are
disclosed above. A description of costs included within adjusting items during
the period and comparative periods is further disclosed in note A4.
As discussed above, the Group uses adjusted profit measures in order to
provide a useful measure of the ongoing performance of the Group.
The below reconciles (loss) / profit before tax and (loss) / profit before
interest and tax, which are considered to be the closest equivalent IFRS
measures to adjusted EBIT and adjusted PBT.
26 weeks ended 26 October 2024
Total Acquisition / disposal related items Strategic change programmes Impairment losses and onerous contracts Regulatory income Interest Adjusted
(loss) /
profit /
£m £m £m £m Other £m
profit
(loss)
£m
£m £m
UK & Ireland 17 6 1 - (2) 1 - 23
Nordics 12 6 - - - - - 18
EBIT 29 12 1 - (2) 1 - 41
Finance income 4 - - - - - - 4
Finance costs (43) - - - - - 7 (36)
Profit before tax (10) 12 1 - (2) 1 7 9
26 weeks ended 28 October 2023 (Restated)*
Total (loss) / Acquisition / disposal related items Strategic change programmes Regulatory income Interest Adjusted
profit
profit / (loss)
£m £m Impairment losses and onerous contracts £m £m
£m
£m
£m
Other
£m
UK & Ireland (1) 6 9 - (1) 2 - 15
Nordics 7 6 (1) - - - - 12
EBIT 6 12 8 - (1) 2 - 27
Finance income 2 - - - - - - 2
Finance costs (52) - - - - - 7 (45)
Loss before tax (44) 12 8 - (1) 2 7 (16)
* The prior period has been restated to exclude discontinued operations
A1 Reconciliation from (loss) / profit before interest and tax to adjusted
EBIT and adjusted PBT (continuing operations) (continued)
52 weeks ended 27 April 2024
Total (loss) / Acquisition / disposal related items Strategic change programmes Impairment losses and onerous contracts Other Adjusted
profit
profit
£m £m £m £m
£m
£m
Regulatory income Interest
£m £m
UK & Ireland 88 11 11 17 13 2 - 142
Nordics 29 12 5 15 - - - 61
EBIT 117 23 16 32 13 2 - 203
Finance income 4 - - - - - - 4
Finance costs (93) - - - - - 4 (89)
Profit before tax 28 23 16 32 13 2 4 118
A2 Reconciliation from statutory profit / (loss) before interest and tax to
EBITDA (continuing operations)
EBITDA represents earnings before interest, tax, depreciation and
amortisation. It provides a useful measure of profitability for users as it is
a commonly used metric to compare profitability between businesses that have
differing capital asset structures.
The below reconciles profit before interest and tax, which is considered to be
the closest equivalent IFRS measures, to EBITDA.
26 weeks ended (Restated)* 52 weeks ended
26 October 26 weeks ended 27 April
2024 28 October 2024
£m 2023 £m
£m
Profit / (loss) before interest and tax 29 6 117
Depreciation 107 109 219
Amortisation 35 43 80
EBITDA 171 158 416
* The prior period has been restated to exclude discontinued operations
A3 Reconciliation from adjusted EBIT to adjusted EBITDA and adjusted EBITDAR
(continuing operations)
Adjusted EBITDA represents earnings before interest, tax, depreciation and
amortisation. This measure also excludes adjusting items, the nature of which
are disclosed above and with further detail in note A4. It provides a useful
measure of profitability for users by adjusting for the items noted in A1 as
well as depreciation and amortisation expense noted in A2.
The depreciation adjusted within adjusted EBITDA includes right-of-use asset
depreciation on leased assets in accordance with IFRS 16. Some leasing costs,
including those on short-term or low value leases, or variable lease payments
not included in the measurement of the lease liability, are also included
within EBITDA. A similar measure, EBITDAR, provides a measure of profitability
based on the above EBITDA definition as well as deducting for leasing costs in
EBITDA.
A3 Reconciliation from adjusted EBIT to adjusted EBITDA and adjusted EBITDAR
(continuing operations) (continued)
The below reconciles adjusted EBIT to adjusted EBITDA and adjusted EBITDAR.
The closest equivalent IFRS measures are considered to be profit / (loss)
before interest and tax, the reconciliation of such from adjusted EBIT can be
found in note A1.
26 weeks ended (Restated)* 52 weeks ended
26 October 26 weeks ended 27 April
2024 28 October 2024
£m 2023 £m
£m
Adjusted EBIT 41 27 203
Depreciation 107 109 219
Amortisation 23 31 57
Adjusted EBITDA 171 167 479
Leasing costs in EBITDA 2 5 4
Adjusted EBITDAR 173 172 483
* The prior period has been restated to exclude discontinued operations
A4 Further information on the adjusting items between IFRS measures to
adjusted profit measures noted above (continuing operations)
Note 26 weeks ended (Restated)* 52 weeks ended
26 October 26 weeks ended 27 April
2024 28 October 2024
£m 2023 £m
£m
Included in (loss) / profit before interest and tax:
Acquisition / disposal related items (i) 12 12 23
Strategic change programmes (ii) 1 8 16
Impairment losses and onerous contracts (iii) - - 32
Regulatory income (iv) (2) (1) 13
Other (v) 1 2 2
12 21 86
Included in net finance costs:
Net non-cash finance costs on defined benefit pension schemes (vi) 4 5 11
Other interest (vii) 3 2 (7)
Total impact on (loss) / profit before tax 19 28 90
Tax on other adjusting items (viii) (4) (3) (30)
Total impact on (loss) /profit after tax 15 25 60
* The prior period has been restated to exclude discontinued operations
A4 Further information on the adjusting items between IFRS measures to
adjusted profit measures noted above (continuing operations) (continued)
(i) Acquisition / disposal related items:
A charge of £12m (26 weeks ended 28 October 2023: £12m, 52 weeks ended 27
April 2024: £23m) relates to amortisation of acquisition intangibles arising
on the Dixons Retail Merger.
(ii) Strategic change programmes:
During the period £1m of costs have been incurred as the Group continues to
deliver the long-term strategic plan. The charges incurred in the period to
date relate to property rationalisation programmes (26 weeks ended 28 October
2023: £1m credit, 52 weeks ended 27 April 2024: £nil).
In the period ended 28 October 2023 cost were also incurred in relation to the
following programmes:
· £10m one off implementation costs of transferring service centre
operations to a third-party (52 weeks ended 27 April 2024: £12m).
· £1m credit from a provision release related to the restructuring of
Nordics central operations and retail business due to successful contract
negotiations (52 weeks ended 27 April 2024: £4m cost).
(iii) Impairment losses and onerous contracts:
No impairment charges have been recognised during the 26 weeks ended 26
October 2024 (26 weeks ended 28 October 2023: £nil).
During the 52 weeks ended 27 April 2024 a non-cash impairment charge of £15m
was recognised over assets held in the Nordics component of the group
following the strategic decision to restructure elements of the segment. This
included £16m of impairments of inefficient software assets and was partially
offset by a £1m net credit related to property closures.
Furthermore, in the 52 weeks ended 27 April 2024 fixed asset impairment
charges of £10m were recognised over intangible software assets held in the
UK & Ireland segment that became obsolete due to system replacements that
took place during the year. In addition, the Group undertook a strategic
review of the IT licensing portfolio which resulted in £1m of intangible
impairments and a provision for onerous contracts of £6m in relation to
unavoidable future costs of licensing agreements.
(iv) Regulatory income:
In the 52 weeks ended 27 April 2024, £13m of costs were provided for in
relation to regulatory matters. In the current period, £2m of these costs
have been reversed following updated provision estimates.
In the 26 weeks ended 28 October 2023, a £1m credit was recognised in
relation to the release of a provision related to a provision put in place for
regulatory matters in the period ended 29 April 2023.
(v) Other:
During the period ended 26 October 2024, costs of £1m have been recognised
for professional fees in relation to open tax cases (26 weeks ended 28 October
2023: £nil, 52 weeks ended 27 April 2024: £2m).
During the 26 weeks ended 28 October 2023, £2m of foreign exchange losses
were recognised in relation to the translation of a historic non-operating
intercompany balance which was capitalised in the period (52 weeks ended 27
April 2024: £2m). This was is offset in the 52 weeks ended 27 April 2024 by
£2m of income from intra-group balance adjustments, which was offset in total
statutory profit by a corresponding cost in discontinued operations (26 weeks
ended 28 October 2023: £nil).
A4 Further information on the adjusting items between IFRS measures to
adjusted profit measures noted above (continuing operations) (continued)
(vi) Net non-cash financing costs on defined benefit pension schemes:
The net interest charge on defined benefit pension schemes represents the
non-cash remeasurement calculated by applying the corporate bond yield rates
applicable on the last day of the previous financial year to the net defined
benefit obligation.
(vii) Other interest:
Included in the charge to 26 October 2024 is £3m of arrangement fees relating
to the previous Group Revolving Credit Facilities. This represents the
residual prepayment balance that has been released to profit and loss upon the
refinancing to the new Group facility that took place in the period.
The Group continues to cooperate with HMRC in relation to open tax cases
arising from pre-merger legacy transactions in the Carphone Warehouse Group as
detailed in the 2023/24 Annual Report. The Group has risk assessed that
certain cases have a probable chance of resulting in cash outflows to HMRC
that are measured at £51m as at 26 October 2024 (comprising the amount of tax
payable and interest up to 26 October 2024) (52 weeks ended 27 April 2024:
£50m). During the period, interest of £1m accrued in relation to these cases
which is based upon HMRC's prevailing interest rates (26 weeks ended 28
October 2023: £2m, 52 weeks ended 27 April 2024: £(7)m).
(viii) Tax on other adjusting items:
The effective tax rate on adjusting items is 21%. Included within tax on other
adjusting items is a £1m charge relating to the movement in relation to
un-recognised deferred tax assets in the UK, which were reassessed during
2022/23 given the ongoing elevated macroeconomic uncertainty and a £5m credit
reflecting the tax effect on adjusting items explained above.
A5 Reconciliation from statutory (loss) / earnings per share to adjusted
(loss) / earnings per share (continuing operations)
Earnings per share ('EPS') measures are adjusted in order to show an adjusted
EPS figure which reflects the adjusted earnings per share of the Group. We
consider the adjusted EPS provides a useful measure of the ongoing earnings of
the underlying Group.
The below table shows a reconciliation of statutory basic EPS to adjusted
basic EPS as this is considered to be the closest IFRS equivalent.
A5 Reconciliation from statutory (loss) / earnings per share to adjusted
(loss) / earnings per share (continuing operations) (continued)
26 weeks ended (Restated)* 52 weeks ended
26 October 26 weeks ended 27 April
2024 28 October 2024
£m 2023 £m
£m
Adjusted profit / (loss) after tax (continuing operations) 7 (12) 87
Total (loss) / profit after tax (continuing operation) (8) (37) 27
Million Million Million
Average shares in issue 1,133 1,133 1,133
Less average holding by Group EBT (44) (25) (27)
Weighted average number of shares 1,089 1,108 1,106
Pence Pence Pence
Basic (loss) / earnings per share (0.7) (3.3) 2.4
Adjustments (net of taxation) 1.3 2.2 5.5
Adjusted basic earnings / (loss) per share 0.6 (1.1) 7.9
* The prior period profit has been restated to exclude discontinued operations
Basic (loss) / earnings per share is based on the (loss) / profit for the
period attributable to equity shareholders. Adjusted (loss) / earnings per
share is presented in order to show the underlying performance of the Group.
Adjustments used to determine adjusted (loss) / profit are described further
in note A4.
A6 Reconciliation of cash generated from operations to free cash flow
(continuing operations)
The below provides a reconciliation of cash generated from operations, which
is considered the closest equivalent IFRS measure, to operating cash flow and
free cash flow.
Reconciliation of cash inflow from operations to free cash flow 26 weeks ended (Restated)* 52 weeks ended
26 October 26 weeks ended 27 April
2024 28 October 2024
£m 2023 £m
£m
Cash generated from continuing operations 206 166 419
Capital repayment of leases cost and interest (124) (125) (255)
Less adjusting items to cash flow 10 21 48
Less movements in working capital presented within the performance review (31) (9) 34
(note A8)
Other - 2 -
Operating cash flow 61 55 246
Capital expenditure (22) (21) (48)
Add back adjusting items to cash flow (10) (21) (48)
Taxation (2) (4) (7)
Cash interest paid (8) (14) (27)
Sustainable free cash flow 19 (5) 116
Add back movements in working capital presented within the performance review 31 9 (34)
(note A8)
Free cash flow 50 4 82
* The prior period has been restated to exclude discontinued operations
A6 Reconciliation of cash generated from operations to free cash flow
(continuing operations) (continued)
Reconciliation of adjusted EBIT to free cash flow 26 weeks ended (Restated)* 52 weeks
26 October 26 weeks ended ended
2024 28 October 27 April
£m 2023 2024
£m £m
Adjusted EBIT (note A1) 41 27 203
Depreciation and amortisation (note A3) 130 140 276
Working capital presented within the performance review (note A8) 31 9 (34)
Capital expenditure (22) (21) (48)
Taxation (2) (4) (7)
Interest (8) (14) (27)
Repayment of leases** (120) (120) (243)
Other non-cash items in EBIT*** 10 8 10
Free cash flow before adjusting items to cash flow 60 25 130
Adjusting items to cash flow (10) (21) (48)
Free cash flow 50 4 82
Less working capital presented within the performance review (note A8) (31) (9) 34
Sustainable free cash flow 19 (5) 116
* The prior period has been restated to exclude discontinued operations
** Repayment of leases excludes the impact of non-trading leases, which are
presented within adjusting items to cash flow
*** Other non-cash items in EBIT, as disclosed within the Summary of
Performance section, comprise share-based payments, profit/loss on disposal of
fixed assets, impairments and other non-cash items.
A7 Reconciliation from liabilities arising from financing activities to total
indebtedness and net cash/ (debt)
Total indebtedness is a measure which represents period end net cash/ (debt),
pension deficit and lease liabilities, less any restricted cash. The purpose
of this is to evaluate the liquidity of the Group with the inclusion of all
interest-bearing liabilities.
Net cash/ (debt) comprises cash and cash equivalents and short-term deposits,
less loans and other borrowings. We consider that this provides a useful
alternative measure of the indebtedness of the Group and is used within our
banking covenants as part of the leverage ratio.
The below provides a reconciliation of total liabilities from financing
activities, which is considered the closest equivalent IFRS measure, to total
indebtedness and net cash/ (debt).
A7 Reconciliation from liabilities arising from financing activities to total
indebtedness and net cash/ (debt) (continued)
26 October 2024 28 October 2023 27 April
£m £m 2024
£m
Loans and other borrowings - (218) -
Lease liabilities* (934) (1,141) (1,003)
Total liabilities from financing activities (note 6) (934) (1,359) (1,003)
Cash and cash equivalents less restricted cash 80 67 89
Overdrafts (1) (5) (29)
Lease receivables* 3 5 4
Pension liability (143) (190) (171)
Total indebtedness (995) (1,482) (1,110)
Restricted cash 28 27 36
Add back pension liability 143 190 171
Add back lease liabilities* 934 1,141 1,003
Less lease receivables* (3) (5) (4)
Net cash/ (debt) 107 (129) 96
* Net lease liabilities within the performance review relates to lease
liabilities less lease receivables.
Within the performance review management also refer to average net cash/
(debt). Average net cash/ (debt) comprises the same items included in net
cash/ (debt) as defined above, however calculated as the average between April
- October for the interim reporting period and April - April for the full year
to align to the Group's Remuneration Committee calculation and as reported
internally.
A8 Reconciliation of movements in statutory working capital to working capital
presented within the performance review
Within the performance review a reconciliation of the adjusted EBIT to free
cash flow is provided. Within this, the working capital balance of £31m (26
weeks ended 28 October 2023 £9m, year ended 27 April 2024 £(34)m) differs to
the statutory working capital balance as cash flows on adjusting items are
separately disclosed.
Working capital presented within the performance review is a measure of
working capital that is adjusted from total IFRS measures to remove the
working capital on adjusting items. A description of costs included within
adjusting items during the period and comparative periods is further disclosed
in note A4.
As discussed above, the Group uses adjusted profit measures in order to
provide a useful measure of the ongoing performance of the Group. A
reconciliation of the disclosed working capital balance is as follows:
26 weeks ended (Restated)* 52 weeks ended
26 October 26 weeks ended 27 April
2024 28 October 2024
2023
£m £m
£m
Movements in working capital (note 6) 25 - (33)
Adjusting items provisions 6 9 (1)
Working capital presented within the performance review 31 9 (34)
* The prior period has been restated to exclude discontinued operations
A9 Restatement of comparative balance sheet
Within the Performance Review a summary Group balance sheet it presented which
includes a comparative column for 28 October 2023 that excludes balances at
this date that were held by Dixons South East Europe A.E.V.E. Whilst under
IFRS requirements the prior period balance sheet is not restated for
discontinued operations, this additional comparator has been included to aid
comparability between periods.
Other definitions
The following definitions may apply throughout this interim statement and the
Annual Report and Accounts 2023/24 previously published:
Acquisition intangibles Acquired intangible assets such as customer bases, brands and other intangible
assets acquired through a business combination capitalised separately from
goodwill.
B2B Business to business.
Board The Board of Directors of the Company.
Carphone Warehouse Group The Carphone Warehouse Group prior to the Merger on 6 August 2014.
CODM Chief Operating Decision Maker.
Company or the Company Currys plc (incorporated in England & Wales under the Act, with registered
number 07105905), whose registered office is at 1 Portal Way, London W3
6RS.
Currys plc or Group The Company, its subsidiaries and other investments.
Dixons Retail Merger or Merger The all share merger of Dixons Retail plc and Carphone Warehouse plc which
occurred on 6 August 2014.
EBT Employee benefit trust.
HMRC His Majesty's Revenue and Customs.
IFRS International Financial Reporting Standards as adopted by the UK.
Market position Ranking against competitors in the electrical and mobile retail market,
measured by market share. Market share is measured for each of the Group's
markets by comparing data for revenue or volume of units sold relative to
similar metrics for competitors in the same market.
MVNO Mobile Virtual Network Operator.
Net zero Net zero emissions includes our Scope 1, 2 and 3 emissions. In 2020, we
collaborated with The British Retail Consortium and other major retailers on
the development of a Climate Action Roadmap to decarbonise the retail industry
and its supply chains. The plan aims to bring the retail industry and its
supply chains to Net Zero by 2040. Our commitment to net zero meets a number
of the criteria of the SBTi Corporate Net-Zero Standard but is not fully
aligned or validated against this standard. We will develop and publish a
robust net zero emissions roadmap for the Group which will provide detail on
carbon abatement for key emissions sources and neutralisation plans of any
source of residual emissions that remain unfeasible to remove.
NPS Net promoter score, a rating used by the Group to measure customers'
likelihood to recommend its operations.
Online Online sales and Online market share relate to all sales where the journey is
completed via the website or app. This includes online home delivered, order
& collect, Online In-Store and ShopLive UK.
Online in-store Sales that are generated through in-store tablets for products that are not
stocked in the store.
Order & collect Sales where the sale is made via the website or app and collected in store.
Peak Peak refers to the 10-week trading period ending on 6 January 2024 as to be
announced in the Group's Christmas Trading statement in January 2024.
ShopLive UK The Group's own video shopping service where store colleagues can assist,
advise and demonstrate the use of products to customers online face-to-face.
Store Store sales, Store market share, and Store share of business relate to all
sales where the journey is completed in store. This excludes online home
delivered, order & collect, Online in-store and ShopLive UK.
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