REG - Currys PLC - Positive start to the year

CurrysAnnouncement

05/09/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240905:nRSE9397Ca&default-theme=true

RNS Number : 9397C  Currys PLC  05 September 2024

Trading update for 17 weeks ended 24 August 2024

Positive start to the year - market share gains and improved margins
We Help Everyone Enjoy Amazing Technology

 

·   UK & Ireland like-for-like revenue +5%

o  Strong sales aided by market share gains, encouraging early adoption of AI
computing products and England's performance in EURO 2024

o  Mobile continuing to perform strongly, with iD Mobile reaching over 1.9m
subscribers, +34% YoY

o  Gross margin improvements driven by continued positive momentum in
Services, with credit and solution sales growing above expectations

 

·    Nordics like-for-like revenue (2)%

o  Growing market share in a consumer environment that remains weak

o  Higher Services adoption has driven gross margin improvement despite tough
competition

o  Operating costs tightly controlled including reduced marketing spend and
central costs

 

·   Outlook

o  All guidance for the year remains unchanged

o  At this point in year, the Group is confident in its expectations for
profit and free cash flow growth

o  Balance sheet to remain in healthy net cash position

 

 Like-for-like Sales - YoY
   UK & Ireland              +5%
   Nordics                   (2)%
 Group                       +2%

 

Alex Baldock, Group Chief Executive

"Trading is going well, strengthening our confidence in growing profit and
free cash flow again this year.

New AI-enabled computers are bringing excitement and innovation to customers,
who are coming to our stores to learn more about the technology, helping us
take almost 50% share of the total laptop market.

Along with Mobile and B2B, AI product launches have contributed to an
encouraging start to the year in the UK&I, as we gain market share in an
improving consumer environment.

The Nordic consumer remains subdued, although we're pleased to be
outperforming the market while improving gross margins and controlling costs
well.

Across the Group, we're continuing to target growth in high margin, recurring
revenue services and solutions. Currys is well set for our important Peak
trading period and beyond."

 

 

AGM details

The Currys plc 2024 Annual General Meeting will be held today at 11.00am at
Hilton London Kensington, 179-199 Holland Park Avenue, London, W11 4UL.

Next scheduled announcement

The Group is scheduled to publish its interim results for 26 weeks ending 26
October 2024 on 12 December 2024.

For further information

 Dan Homan    Investor Relations        +44 (0)7401 400442
 Toby Bates   Corporate Communications  +44 (0)7841 037946
 Tim Danaher  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 719 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTBUGDCCGGDGSS