REG - Currys PLC - Strengthening performance drives profit & cashflow
03/07/2025 07:00
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RNS Number : 4889P Currys PLC 03 July 2025
We Help Everyone Enjoy Amazing Technology
Audited Financial Results for the Year Ended 3 May 2025
Strengthening performance drives significant profit and cashflow growth
Summary
· Group adjusted profit before tax £162m, +37% YoY
· Group free cash flow £149m, +82% YoY
· Group year-end net cash £184m, +£88m YoY, resulting in the strongest
balance sheet in over a decade
· Final dividend of 1.5p proposed, in-line with ambition to deliver
consistent and growing shareholder returns
· UK&I revenue grew +6% driven by market share gains and strategic
initiatives, including recurring Services revenue +12%(1), credit sales +14%
to £1.1bn and iD Mobile subscribers +26% to 2.2m
· Nordics profit improving despite tough market and currency headwinds
· Group colleague engagement score +1pt to 82, amongst top 5% of global
companies(2)
· Customer satisfaction rising with UK&I NPS of 55, +6pts Yo2Y, and
Nordics NPS of 63
Financial performance
· Group revenue £8,706m, +3% YoY, driven by like-for-like growth of +2%
· UK&I like-for-like revenue +4% and adjusted EBIT £153m, +8% YoY
o Sales growth in both channels and gross margin expansion more than offset
planned and inflationary cost increases
o Segmental free cashflow £95m, +14% YoY, whilst returning to normal capital
expenditure to underpin future growth
· Nordics like-for-like revenue flat and adjusted EBIT £72m, +24%
currency neutral growth YoY
o Gross margin increased +60bps YoY, recovering towards historic highs
o Segmental free cashflow £69m, more than doubling YoY
· Continuing operations statutory profit before tax of £124m, +£96m YoY
· Period end IAS 19 pension deficit £(103)m, +£68m improvement YoY;
triennial review ongoing and expected to complete by the end of calendar 2025
Outlook
· Group trading in early part of the new financial year has been in line
with expectations
· Planning confidently for year ahead, comfortable with market
consensus(3)
· Targeting continued growth in higher margin, recurring revenue
services, including reaching at least 2.5m iD Mobile subscribers before year
end
Alex Baldock, Group Chief Executive
"Currys' performance continues to strengthen and the business has real
momentum. A stronger Currys is good for colleagues, customers, shareholders
and society, and we're doing a better job for all of them.
We're uniquely placed not just to sell customers amazing technology, but to
help them enjoy it to the full. Customers are increasingly adopting our
credit, setup, installation, repair and connectivity services, building
valuable recurring revenues for Currys. We're now seen as the home of
AI-enabled tech and our investments in new product categories and serving B2B
customers are showing early signs of success.
Our brands - Currys in the UK&I and Elkjøp in the Nordics - are stronger
than ever. A new generation of customers is discovering Currys, thanks to
brilliant social campaigns which have delivered industry-leading levels of
engagement.
I'm pleased that thanks to all this hard work we can resume the dividend. We
aim to return more of our growing free cash flow to shareholders.
As ever, my heartfelt thanks go to the thousands of capable and committed
colleagues who are building an ever-stronger Currys. We're pleased with our
progress, but even more excited about the opportunities ahead of us."
Performance Summary
Group like-for-like sales growth was +2%, driven by the UK&I which grew
+4%. The UK consumer environment was resilient, as cost inflation softened and
interest rates started to fall. The Nordics consumer environment, though
subdued, slowly improved throughout the year, as interest rates started to
fall in most countries.
Year-on-year
Revenue 2024/25 2023/24 Reported Currency neutral Like-for-Like
£m
£m
% change % change % change
- UK & Ireland 5,286 4,970 +6% +6% +4%
- Nordics 3,420 3,506 (2)% 0% 0%
Group 8,706 8,476 +3% +4% +2%
Like-for-like Sales - YoY H1 Peak Post-Peak H2 Full year
UK & Ireland +5% +2% +4% +3% +4%
Nordics (2)% +1% +3% +2% 0%
Group +2% +2% +4% +3% +2%
UK&I adjusted EBIT increased +8% YoY as sales growth and gross margin
improvement offset cost increases. Sales were driven by market share gains and
through strategic initiatives. Gross margin climbed +20bps due to higher
adoption of services and solutions, better monetisation of our improved
customer experience, a focus on more profitable sales, and cost savings.
Operating costs rose driven by wage growth and other inflationary pressures,
an increase in investment spend (which is increasingly expensed rather than
capitalised) and deliberate investment in marketing.
Nordics adjusted EBIT increased +18% (+24% currency neutral) YoY. Sales were
down (4)% on a 52-week basis, driven by flat like-for-like sales coupled with
currency headwinds and store closures. Gross margin climbed +60bps towards
historically high levels, while cost savings and efficiencies offset
inflationary cost pressures.
Group operating cash flow rose +6% YoY due to the improved profitability. Free
cash flow was £149m, +82% YoY as lower cash exceptionals, lower interest
costs and working capital inflow more than offset the planned increases in
capital expenditure. Net cash inflow was £88m after £50m of scheduled
pension contributions.
Profit and Cash Flow Summary 2024/25 2023/24 2024/25 2023/24 Reported Currency neutral
£m £m Adjusted Adjusted % change % change
£m
£m
Segmental EBIT
- UK & Ireland 145 88 153 142 +8% +8%
- Nordics 53 29 72 61 +18% +24%
EBIT on continuing operations 198 117 225 203 +11% +13%
EBIT Margin 2.3% 1.4% 2.6% 2.4% +20 bps +20 bps
Net interest expense on leases (56) (59) (56) (59) (5)% (5)%
Other net finance costs (18) (30) (7) (26) (73)% (74)%
Profit before tax on continuing operations 124 28 162 118 +37% +41%
Tax on continuing operations (16) (1) (40) (31)
Profit after tax on continuing operations 108 27 122 87 +40% +44%
Profit after tax on discontinued operations - 138
Profit after tax 108 165
Earnings per share on continuing operations 10.0p 2.4p 11.3p 7.9p +43%
Operating cash flow 260 246 +6% +7%
Operating cash flow margin 3.0% 2.9% +10 bps +10 bps
Cash generated from continuing operations 507 419
Free cash flow 149 82 +82%
Net cash 184 96 +92%
Outlook and guidance
Current year guidance
The Group is facing into several headwinds this year, including cost increases
driven by the UK government's recent budget, general cost inflation, and the
weaker Norwegian Kroner reducing reported profits. To counteract these, the
Group is pursuing cost saving measures and is well placed to take advantage of
growth opportunities.
In line with usual practice, the Group will update the market on full year
profit expectations after the Peak trading period, but at this early stage in
the year it is comfortable with market expectations.
Guidance on known and controllable financial items is listed below.
· The Group expects total interest expense of around £65m
· Capital expenditure of around £95m
· Exceptional cash outflow of around £30m
· Pension contributions of £78m, in line with scheduled increase
· Cash dividend payments of £25m across the 2024/25 final and expected
2025/26 interim dividend
Other technical cashflow items:
· Depreciation & amortisation around £265m
· Cash payments of leasing costs around £260m
· Cash tax around £20m
· Cash interest of around £15m
· Share purchases to cover colleague share awards of £15-20m
Longer term guidance
The Group is continuing to target at least 3% adjusted EBIT margin in both the
UK&I and the Nordics.
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 be below £10m by 2026/27, and to keep working
capital at least neutral despite continued outflow from the expected growth of
the iD Mobile business.
The Group's cash tax will remain below adjusted P&L tax due to the tax
deductions from defined benefit pension scheme contributions and the benefit
of brought forward losses in the UK and Nordics.
The Group will aim to distribute consistent and growing cash to shareholders
as outlined in the capital allocation framework which is set out below.
Capital allocation
The Group's continued focus on free cash flow resulted in year-end net cash of
£184m and a pension deficit of £(103)m, a net position of £81m. This is the
Group's strongest balance sheet position in over a decade.
On this strong foundation, the Group has a clear capital allocation framework:
1. Maintain a prudent balance sheet - This has historically been defined as
meeting banking covenants and our own targets for indebtedness fixed charge
cover of >1.5x and indebtedness leverage of <2.5x. Alongside these
targets, the Group will look to maintain a year-end net cash balance of at
least £100m for the foreseeable future. This level of cash allows us to
efficiently manage the working capital cycle of the business and protect the
balance sheet in the event of unexpected market downturns.
2. Pay required pension cash contributions - The Group is currently scheduled
to pay £78m of contributions per annum from 2025/26 through to a final
payment of £43m in 2028/29, a total of £277m. The triennial pension review
commenced in March 2025 and is expected to conclude by the end of calendar
year 2025. The Group is continuing to work proactively with the scheme
trustees to agree a revised forward funding schedule that should allow
pensions contributions to reduce over time, reflecting the significant
strengthening of the pension position over recent periods.
3. Invest to grow business/profits/cashflow - The Group has set an annual
capital expenditure target of less than £100m, which is low by historic
levels, but reflects the well-invested nature of the Group's assets and that
an increasing proportion of investment spend is expensed through the P&L.
The Group continues to prioritise high returning projects and the efficient
use of capital and is comfortable that this level of expenditure provides
sufficient bandwidth to achieve our objectives.
4. Pay and grow an ordinary dividend - The Board reconfirms its previous
commitment to a progressive dividend policy and to recommence cash dividend
payments at a level that represents around 5x adjusted EPS cover, starting
with the final dividend of 1.5p (representing 2/3rds of a full year dividend).
Future dividends are expected to grow and will be declared in the normal
course alongside interim and year-end results. The interim dividend is
expected to be set at one-third of the preceding full year dividend.
5. Surplus capital available for share buybacks - The Group is committed to
returning excess cash to shareholders through a share buyback programme. The
Board recognises that the strength of the balance sheet should allow this to
commence sooner rather than later, however, any decision is subject to the
conclusion of the current pension triennial review.
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.
1. Recurring service revenue is the total of Commission, Support
service and Connectivity revenue.
2. Viva-Glint, April 2025 survey completed by 22,200 colleagues
across the Group.
3. Company compiled consensus for 2025/26 forecasts Group
adjusted PBT of £167m. Full forecasts are available on the corporate website:
https://www.currysplc.com/investors/consensus-and-analyst-coverage/
(https://www.currysplc.com/investors/consensus-and-analyst-coverage/)
We Help Everyone Enjoy Amazing Technology
Chief Executive's Review
Over the past year, we have maintained our encouraging momentum. In the
UK&I, adjusted EBIT grew +8%, and our market share increased by +50bps to
16.9%. In the Nordics, adjusted EBIT grew +18% (+24% currency neutral), while
our market share remained stable at 28.1%. This progress was based on the
continued execution of our long-term strategy.
We start from a position of strength. In the Nordics our market share makes us
the clear market leader and, even during a difficult last few years, we
delivered sales and profits that are significantly better than peers. In the
UK&I, our Mobile business has shown another year of growth from a stable
base. Reflecting this, we now include Mobile in our stated market share,
resulting in an overall market share of 16.9%, +50bps YoY (under our old
definition excluding Mobile, market share is 23.5%, +30bps YoY). This reflects
the strength we have in our core categories. In such areas as TVs, laundry and
refrigeration we have over 30% market share, and in Windows computing we have
almost 50% share. Conversely there are areas where we have much lower share,
and many of these represent opportunities to grow. Gaming is a good example of
where we have gained share in a growing market, with our UK gaming sales up
+65% over the last 5 years.
Our strategy
The strategy we follow is simple. We're here to help everyone enjoy amazing
technology. To do so, we want capable and committed colleagues, delivering an
easy to shop customer experience, creating customers for life, and ultimately
growing our profits and cashflows.
We prioritise our colleagues because delivering a great customer experience
starts with ensuring a great colleague experience. We support colleagues
through the training they receive, tools to make their jobs easier, and the
reward they earn. We set out to build a winning culture, one that puts
customers first, prizes winning together, and where we all take ownership. We
measure our progress through colleague engagement surveys, which showed that
Group employee satisfaction climbed +1pt to 82, firmly amongst the top 5% of
global companies(1) (in the UK&I, our score of 85 puts us in the top 3%).
While the score is satisfying, the survey is most useful in helping us
identify areas for improvement. In March, over 22,000 colleagues participated
in the survey, providing 54,000 comments. Responding to this feedback not only
makes our colleagues' lives easier and more productive but shows that we are
really listening and reinforces a world-class culture. This is a competitive
advantage that is hard to replicate.
Easy to Shop is about making sure we get right the retail fundamentals of
price, range, availability, and an easy customer experience, that we get it
right first time for customers; and making the most of an omnichannel model
that fits well with how most customers prefer to shop for technology. This
year we have invested in our channels to make shopping easier. In UK, we
invested in better tools, such as adding electronic shelf edge labelling
(ESEL) to 100 stores. This innovation has been successful in the Nordics,
creates a better customer experience, allows more nimble pricing and saves
colleagues' time. Given the success of the programme, we now expect to add
ESEL to all remaining stores in 2025/26. We also re-engineered 115 stores, to
dedicate more space to categories that are faster-selling and more profitable,
and to allow more room for expansion into new categories.
Our main websites (currys.co.uk, Elkjøp.no, elgiganten.se, elgiganten.dk and
gigantti.fi), receive over 500m visits per year. In the Nordics we in-housed
front-end development, and fully migrated to our Next Level platform, saving
£2m per year, while increasing site speed and accelerating change processes.
Across both markets the continual improvement programme has seen over 200
changes to improve the shopping journey; from easier navigation, searching and
filtering, through to an easier checkout with enhanced payment options. This
has led to a +25bps increase in conversion in the UK and a +22bps increase in
the Nordics, driving growth. We have also improved the order & collect
journey, and together with better store processes, this has driven +15% growth
in order & collect revenue, which now represents 34% of our Group online
revenue, +210bps YoY.
The third leg of our strategy is to create Customers for Life. This starts
with good customer data. We want to collect, protect and use data for the
benefit of customers, ourselves and third parties. We are making strides in
this area with continued growth of the Nordics customer club, now up to 9.6m
members, but there is much more to go for. In the UK&I we have significant
customer bases in Credit, iD Mobile, Repair plans and Currys Perks, but we are
not yet doing a good enough job of getting these bases working in tandem, and
our progress here has been slower than we hoped. We have brought in new
leadership to go after this opportunity.
Another big driver of Customers for Life is our unique range of services and
solutions that help customers afford and enjoy amazing technology to the full.
We aim to sell complete solutions, where we provide customers with everything
they need, including products, accessories, and services, rather than just a
single product. Over the last two years, our UK&I 'sold with' adoption
rate has more than doubled to 40% and our Nordic value-added service adoption
has almost tripled to 29%. Solution-selling helps customers make the most of
their technology while growing our profits.
Services are core to these solutions. We help customers afford (often
expensive) tech through credit. Credit is a significant driver of sales,
profit and loyalty. Customers who use credit are happier, buy more, and shop
more frequently, resulting in lifetime sales that are double those of
non-credit customers. We estimate that around 30% of credit sales would not
have happened without our credit offer. To reflect the increased flexibility
of our credit options, we rebranded our UK credit offer to Currys flexpay
during the year. We also invested in tools and processes to make it easier for
colleagues and customers to use credit, including introducing it to our online
in-store sales. As a result of this, we saw UK&I credit adoption climb
+180bps YoY to 21.9%, more than double the adoption of four years ago, and we
generated £1.1bn of UK&I sales on credit, making us one of the UK's
leading brokers of retail credit. As well as additional sales, credit makes a
direct profit contribution and as credit scales, we can use some of this
profit to invest in the customer offer, driving further sales. We are now in
that virtuous circle with credit.
We help customers get started, through installation and set-up. We are in the
privileged position of being trusted in customers' homes and our in-home
customer satisfaction is amongst the highest of all the activities we carry
out. During the year, 31% of UK big box deliveries included installation, a
rise of +320bps YoY, and 34% of deliveries included recycling. In the Nordics,
44% of big-box deliveries included installation, an increase of +220bps YoY,
and 36% of big box deliveries included recycling, an increase of +190bps YoY.
Once they have the tech, customers want to give it longer life. We are
uniquely positioned to support our customers with repair services in Norway,
Sweden, and the UK, where we operate one of Europe's largest technology repair
centres. We are the only tech retailer operating our own repair facilities,
allowing us to offer customers the protection they want at good value, while
giving them the peace of mind that they will only ever be dealing with one
organisation. The result of this can been seen in the 11.9m protection plans
in place across the Group. During the year, our team of almost 1,500 engineers
completed 1.6m customer repair activities, both at our repair centres and in
customers' homes.
Repair is an area where we are truly differentiated and in which we will
continue to invest. During the year we expanded RepairLive, our award-winning
service that allows customers to speak directly to engineers in our repair
centre to diagnose and fix product issues. The 320,000 customers served this
way last year benefitted from keeping tech working without needing to send it
for a physical fix in our operations, or, if a physical fix was needed our
engineers having the right parts with them when visiting customers' homes. In
this way customers benefit from having tech working more of the time and we
benefit from lower labour and write off costs. We have signed new agreements
with suppliers, including being the first third-party authorised to repair
Microsoft's Surface and Xbox. We are developing new AI-backed solutions
alongside engineers to diagnose product issues from customer videos, with all
the same benefit as RepairLive, but without the need for a real time
conversation.
When technology reaches the end of its life, we encourage everyone to bring
their old or unwanted tech to our stores for free reuse or recycling,
regardless of where they purchased it. If we can't reuse it, then we can
harvest the parts, with 25% of parts needed for repair are now from
harvesting; or we can recycle it.
Currys has worked on responsible recycling for many years. We provide free
in-store drop off, and collect our customers' unwanted electrical equipment
and small electrical appliances for recycling when we deliver their new
technology. In 2024/25, 5.5 million e-waste products were collected for reuse
and recycling across the Group.
The circularity of trade-in, protection, repair, refurbishment, reuse and
recycling is part of our business model. We are helping customers, the planet
and our profits at the same time.
Finally, we help customers get the most out of their tech, with connectivity
being the greatest enabler of this.
Mobile remained one of the best performing areas of the business in the last
year. iD Mobile, our 100% owned MVNO (Mobile Virtual Network Operator) in the
UK, had another very strong year. Subscriber numbers climbed to 2.2m, +26%
higher YoY and +70% Yo2Y. Early in the year we launched the iD app, which is
now being used by 73% of customers, giving them more control over their plan,
and halving queries into our contact centre. We see the long-term value in iD
and aim to grow to at least 2.5m subscribers this year.
We intend to continue growing such sources of higher margin, recurring revenue
such as credit, repair 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. In the last year, the Group
revenue derived from these sources grew +9% to £814m.
Delivering a stronger performance
Delivering on our strategy has important measurable benefits: it drives
improved customer satisfaction, it grows our sales and market share, and it
delivers better gross margins.
Customer satisfaction climbed to new highs. In the UK, our NPS climbed to 55,
+6pts Yo2Y as we saw improvement across both channels and at each stage of the
customer journey. In the Nordics, we implemented NPS during the year, with an
initial reading of 63. It is safe to say that our leadership teams are
enjoying the healthy competition on this metric.
Market share was healthy in both markets. In the UK&I, we gained +50bps of
share including gains both in-store and online. In the Nordics, market share
was flat in a market that declined slightly, as we focused trading on
delivering gross margin improvements. We're pleased that not only are our
customers telling us they're happier (through NPS), they're showing they are
(through higher market share).
Gross margin continued to climb. The UK&I gross margin rose +20bps and is
now +240bps higher than four years ago, while the Nordics gross margin rose
+60bps to a level higher than four years ago. This has been driven by selling
solutions and services, monetising and improving customer experience, not
chasing less profitable sales and by cost efficiencies in our supply chain and
service operations.
Financial discipline
Alongside improvements in gross profit, we remain focused on controlling
operating costs. This has been particularly successful in the Nordics, where
costs were broadly flat, offsetting all inflationary headwinds and helping us
to drive profit growth. Over the last two years we made notable improvements
in our marketing operating model, using our scale and centralising work to
save almost £10m in annual costs. We will continue to face cost headwinds in
the UK&I in the coming year, including an additional £32m of annual costs
from the UK government's Autumn 2024 budget. To mitigate this impact we are
underway with removing central costs, and continuing to automate and offshore
activities.
Financial discipline extends to cash. Capital expenditure rose as planned and
we have ensured that the spend made has delivered the expected paybacks.
Working capital, after three consecutive years of outflow, was positive as
improved processes on forecasting and payments have more than offset the £24m
working capital headwind from iD Mobile growth.
The result of all this is clear in improved profit and cashflow. Free cash
flow rose +82% to £149m, and we finished the year with £184m net cash.
Alongside a pension deficit of £(103)m, this £81m net position is £901m
better than six years ago.
Levers for growth in the year ahead
The Group is well positioned, as the clear #1 brand in all our markets, with a
diversified revenue base and a strategy that is working for colleagues,
customers and financially. Together with the strengthened balance sheet, this
gives us the confidence and bandwidth to go after opportunities for further
growth. There are three areas that are likely to be most important for the
year ahead.
The first is computing. Across both PCs and Gaming, we are in an exciting
period of growth. In PCs, we are now five years on from the pandemic, and the
natural replacement cycle of machines bought during lock-down is likely to
start building. This could be further catalysed by Windows 10 going out of
support in the Autumn, triggering millions of Windows 10 users in the UK to
look at their computing requirements. Then, there is AI. The consumer use
cases for AI are developing rapidly, the adoption of them is climbing and the
cost of the products is decreasing. Our Group is uniquely placed as we have
the scale and supplier relationships that allow us to invest in colleague
training, customer marketing and stock to become the go-to retailer for
customers in this area. The 75% share we have in Windows AI computing in the
UK is testament to this. In Gaming, exciting new products such as the Nintendo
Switch 2 and ROG Xbox Ally X will be complemented by new NVIDIA graphics cards
and further innovation in gaming accessories. We have done a good job
capturing growth in this market over the last few years, but there is still an
attractive opportunity ahead of us.
Second, we have an opportunity to grow in new products. This includes
categories where we are present but underweight and see opportunities to gain
share, such as Health & Beauty; new product categories of tech that we
haven't sold before, such as pet tech; and products that are adjacent to
technology, where our infrastructure and capabilities give us the right to
play, such as BBQs. Our growing Nordics kitchen business, Epoq, is an exciting
such opportunity. In total, new products represent a substantial opportunity
while requiring limited investment.
Thirdly, we are increasingly excited about the B2B opportunity with
small-to-medium sized businesses (especially those with fewer than 100
employees). We have much of what it takes to serve these customers, by virtue
of our core B2C business: suppliers, products, services, channels, supply
chain and service operations. On top of this, over the past 18 months we've
also now established the B2B leadership team, specialist store colleagues and
hubs, online presence, account management, and remote service capabilities to
go after this opportunity meaningfully in the UK&I. In this we've learned
from the Nordics, which is further advanced in exploiting this opportunity
with B2B enjoying 3x higher share of business than the UK&I. This fact,
and a total accessible market that could be as large as the existing B2C
market, shows there is much more go for in B2B. We aim to at least double our
UK&I B2B sales over the next three years.
Growth in all these areas is further boosted by the increasing traction our
brand is getting. Across both traditional and social media, Currys is gaining
a bigger, even "cult" status. The level of engagement we are seeing is world
class. This is being noticed externally (we have won awards from Channel 4 and
at Cannes Lion), by our suppliers who are seeing better ROI on their spend,
and most importantly by customers, with our Currys brand preference exiting
the year at 26%, +5pts higher than three years ago.
In recent years, our focus has been on driving growth in profits and cash,
even at the expense of some market share. We will continue to ensure that any
growth we pursue is profitable, and that all investments are closely monitored
to generate the targeted returns.
Summary
Our ambition remains unchanged. We aim to engage thousands of capable
colleagues, delight millions of customers, and generate increasing amounts of
free cash flow, with more of it being returned to our shareholders.
Now, more than ever, I am confident that we are on the right path to
fulfilling these ambitions.
(1)Viva-Glint, April 2025 survey, completed by 22,200 colleagues across the
Group.
Results call
There will be a live presentation followed by Q&A call for investors and
analysts at 9:30am BST today.
It will be webcast here: https://brrmedia.news/CURY_FY_2025
Next scheduled announcement
The Group is scheduled to publish a trading update at its AGM on 4 September
2025.
For further information
Dan Homan Investor Relations +44 (0)7401 400442
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 708 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 more than 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 one of Europe's largest technology repair
facilities, 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 'X' feed does not form part of this announcement and
should not be relied on as such.
Performance Review
Our business is managed and evaluated across two reporting segments: UK &
Ireland and Nordics. The table below presents the combined Group results,
followed by detailed explanations for each segment.
Following the disposal of Kotsovolos on 10 April 2024, the Greece reporting
segment has been removed from the prior year results.
Income Statement 2024/25 2023/24 Reported Currency neutral
£m
£m
% change % change
Revenue 8,706 8,476 +3% +4%
Recurring service revenue(1) 814 749 +9% -
Adjusted EBITDA 491 479 +3% +4%
Adjusted EBITDA margin 5.6% 5.7% (10) bps -
Depreciation of right-of-use assets (181) (178)
Depreciation of other assets (39) (41)
Amortisation (46) (57)
Adjusted EBIT 225 203 +11% +13%
Adjusted EBIT margin 2.6% 2.4% +20 bps +20 bps
Interest on lease liabilities (56) (59)
Finance income 11 4
Adjusted finance costs (18) (30)
Adjusted PBT 162 118 +37% +41%
Adjusted PBT margin 1.9% 1.4% +50 bps +50 bps
Adjusted tax (40) (31)
Adjusted Profit after tax on continuing operations 122 87
Adjusted EPS 11.3p 7.9p
Statutory Reconciliation
Adjusting items to EBITDA (4) (63)
EBITDA 487 416 +17% +19%
Adjusting items to depreciation and amortisation (23) (23)
EBIT 198 117 +69% 73%
EBIT Margin 2.3% 1.4% +90 bps +90 bps
Adjusting items to finance costs (11) (4)
PBT 124 28 +343% +357%
Adjusting items to tax 24 30
Profit after tax on continuing operations 108 27 +300% +331%
EPS - total 10.0p 14.9p
1. Recurring service revenue is the total of Commission, Support
service and Connectivity revenue.
Cash flow 2024/25 2023/24 Reported Currency neutral
% change
£m £m % change
Adjusted EBITDAR 495 483 +2% +4%
Adjusted EBITDAR margin 5.7% 5.7% - -
Cash payments of leasing costs (249) (247)
Other non-cash items in EBIT 14 10
Operating cash flow 260 246 +6% +7%
Operating cash flow margin 3.0% 2.9% +10 bps +10 bps
Capital expenditure (77) (48)
Adjusting items to cash flow (33) (48)
Free cash flow before working capital 150 150 - +3%
Working capital 38 (2)
Network receivable (24) (32)
Segmental free cash flow 164 116 +41% +45%
Cash tax paid (4) (7)
Cash interest paid (11) (27)
Free cash flow 149 82 +82% +85%
Dividend - -
Purchase of own shares - share buyback - -
Purchase of own shares - employee benefit trust (15) (12)
Pension (50) (36)
Disposals including discontinued operations (5) 162
Other 9 (3)
Movement in net cash / (debt) 88 193 (54)% (59)%
Net cash 184 96 +92% +86%
UK & Ireland
2024/25 2023/24
Number of stores
UK 280 282
Ireland 16 16
Total UK&I 296 298
Selling space '000 sq. ft
UK 5,159 5,223
Ireland 207 207
Total UK&I 5,366 5,430
Income Statement 2024/25 2023/24 Reported Currency neutral % change
£m £m % change
Revenue 5,286 4,970 +6% +6%
Of which recurring service revenue(1) 606 541 +12% -
Adjusted EBITDA 306 294 +4% +4%
Adjusted EBITDA margin 5.8% 5.9% (10) bps (10) bps
Depreciation of right-of-use assets (98) (97)
Depreciation of other assets (19) (18)
Amortisation (36) (37)
Adjusted EBIT 153 142 +8% +8%
Adjusted EBIT margin 2.9% 2.9% - -
Adjusting items to EBIT (8) (54)
EBIT 145 88 +65% +66%
EBIT margin 2.7% 1.8% +90 bps +100 bps
Cash flow
Adjusted EBITDAR 310 298 +4% +4%
Adjusted EBITDAR margin 5.9% 6.0% (10) bps (10) bps
Cash payments of leasing costs (148) (150)
Other non-cash items in EBIT 14 8
Operating cash flow 176 156 +13% +13%
Operating cash flow margin 3.3% 3.1% +20 bps +20 bps
Capital expenditure (50) (22)
Adjusting items to cash flow (28) (32)
Free cash flow before working capital 98 102 (4)% (4)%
Working capital 21 13
Network receivable (24) (32)
Segmental free cash flow 95 83 +14% +14%
1. Recurring service revenue is the total of Commission, Support
service and Connectivity revenue.
Total UK&I sales increased +6%, driven by like-for-like sales growth of
+4%. The 53(rd) week added around +2% to revenue but did not have a material
impact on profits or cashflow. The online share of business increased +2%pts
to 47%.
Mobile was the strongest performing category, with growth in iD Mobile and
handset-only sales. Computing sales were also positive, with AI technology
sales building momentum. Consumer electronics and domestic appliances were
stable compared to last year. Additional growth was driven by new categories
and accessories which grew significantly from a low base. Growth was supported
by additional above-the-line and online performance marketing.
The UK&I market was broadly flat year-on-year, with the store channel
reducing by around (5)% while the online market increased by +2%. Our market
share was up +50bps compared to the previous year, with growth in both
channels.
Gross margin increased +20bps reflecting the higher adoption rate of credit
and other services, complete solution sales and costs savings and efficiencies
to offset inflation in supply chain. There was also a continued focus on the
end-to-end profitability of product sales. Operating costs increased in
absolute terms due to wage and other inflation, as well as deliberate
investment in marketing and increases in expensed investment spend. The
operating expense to sales ratio worsened by (20)bps as these cost increases
more than offset operating leverage.
Adjusted EBIT increased to £153m at 2.9% EBIT margin, flat YoY.
In the period, adjusting items to EBIT totalled £(8)m mainly due to £(11)m
of amortisation, £(6)m of restructuring charges, +£3m of provision release
for onerous contract following successful renegotiation, and +£7m of
provision release related to historical regulatory matters. The cash costs in
the period primarily relate to ongoing strategic change and leases on closed
properties.
2024/25 £m 2023/24 £m
P&L Cash P&L Cash
Acquisition / disposal related items (11) - (11) -
Strategic change programmes (6) (24) (11) (26)
Impairment losses and onerous contracts 3 (1) (17) (2)
Regulatory 7 (2) (13) (3)
Other (1) (1) (2) (1)
Total (8) (28) (54) (32)
Operating cash flow was up +13% to £176m due to higher operating profit,
slightly offset by lower lease costs. Capital expenditure more than doubled to
£50m due to the planned resumption of investment during the year, with spend
focused on channel improvements and a variety of small-scale IT and system
upgrades. Adjusting items are described above. Working capital cash outflow
was driven by the growth of iD Mobile, with the total £24m iD Mobile related
outflow almost entirely offset by efficiencies in the rest of the business. In
combination, this resulted in segmental free cash inflow of £95m, +£12m
higher than last year.
Nordics
2024/25 2023/24
Number of stores Own stores Franchise stores Total Own stores Franchise stores Total
Norway 75 64 139 80 64 144
Sweden 93 77 170 96 76 172
Denmark 49 - 49 47 - 47
Finland 20 18 38 20 22 42
Other Nordics - 16 16 - 16 16
Nordics 237 175 412 243 178 421
Selling space '000 sq ft Own stores Franchise stores Total Own stores Franchise stores Total
Norway 1,028 652 1,680 1,062 654 1,716
Sweden 1,106 404 1,510 1,150 389 1,539
Denmark 816 - 816 788 - 788
Finland 507 166 673 508 196 704
Other Nordics - 106 106 - 106 106
Nordics 3,457 1,328 4,785 3,508 1,345 4,853
Income Statement 2024/25 2023/24 Reported Currency neutral % change
£m £m % change
Revenue 3,420 3,506 (2)% -
Of which recurring service revenue(1) 208 208 - -
Adjusted EBITDA 185 185 - +4%
Adjusted EBITDA margin 5.4% 5.3% +10 bps +20 bps
Depreciation of right-of-use assets (83) (81)
Depreciation of other assets (20) (23)
Amortisation (10) (20)
Adjusted EBIT 72 61 +18% +24%
Adjusted EBIT margin 2.1% 1.7% +40 bps +40 bps
Adjusting items to EBIT (19) (32)
EBIT 53 29 +83% +100%
EBIT margin 1.5% 0.8% +70 bps +80 bps
Cash flow
Adjusted EBITDAR 185 185 - +3%
Adjusted EBITDAR margin 5.4% 5.3% +10 bps +10 bps
Cash payments of leasing costs (101) (97)
Other non-cash items in EBIT - 2
Operating cash flow 84 90 (7)% (2)%
Operating cash flow margin 2.5% 2.6% (10) bps (10) bps
Capital expenditure (27) (26)
Adjusting items to cash flow (5) (16)
Free cash flow before working capital 52 48 +8% +16%
Working capital 17 (15)
Segmental free cash flow 69 33 +109% +111%
1. Recurring service revenue is the total of Commission, Support
service and Connectivity revenue.
Revenue remained flat on a currency neutral basis, driven by flat
like-for-like sales. The 53(rd) week added c.+2% to revenue, but did not have
a material impact on profits or cashflow. The online share of business
increased +2%pts to 29%.
Compared to last year, the Nordic market declined around (1)% as weakness in
Mobile was largely offset by growth in small domestic appliances and consumer
electronics, while major domestic appliances and computing were flat YoY. Our
market share was stable at 28.1%.
Gross margin was again up strongly, growing +60bps YoY, and +240bps compared
to two years ago. This was driven through balanced trading and focus on
strategic initiatives, particularly increased service revenue. Operating costs
were broadly flat as cost savings across marketing, procurement and changes to
the store portfolio offset the impact of inflation. The operating expense to
sales ratio worsened by (20)bps due to operating deleverage from lower sales.
As a result, adjusted EBIT increased by +18% (+24% on a currency neutral
basis) to £72m.
In the period, adjusting items to EBIT totalled £(19)m, with £(12)m due to
the amortisation of acquisition intangibles as well as £(7)m of restructuring
costs. The cash cost of restructuring was £(5)m in the year.
2024/25 £m 2023/24 £m
P&L Cash P&L Cash
Acquisition / disposal related items (12) - (12) -
Strategic change programmes (7) (5) (5) (16)
Impairment losses and onerous contracts - - (15) -
Total (19) (5) (32) (16)
Operating cash flow reduced by (7)% to £84m, driven by higher leasing cost.
Capital expenditure was £27m, a +4% increase YoY as investment was
maintained. Significant areas of expenditure included store refits, IT
transformation and our new Nordic Distribution Centre in Jönköping. Working
capital inflow was £17m, due to deliberately lower stock levels and timings
of year end promotional campaigns.
Finance Costs
Interest on lease liabilities was £(56)m, lower than last year and in line
with the decrease in our overall lease commitment. The cash impact of this
interest is included within "Cash payments of leasing costs" in segmental free
cash flow.
The adjusted net finance costs were lower than last year primarily due to
lower interest costs as the Group's indebtedness substantially improved. The
net cash impact of these costs was £(11)m from £(27)m in the prior year.
The finance cost on the defined benefit pension scheme is an adjusting item
and decreased by £(3)m compared to the prior year due to the lower balance.
2024/25 2023/24
£m £m
Interest on lease liabilities (56) (59)
Finance income 11 4
Finance costs (18) (30)
Adjusted net finance costs (63) (85)
Finance costs on defined benefit pension schemes (8) (11)
Other finance costs (3) 7
Net finance costs on continuing operations (74) (89)
Tax
The full year adjusted effective tax rate of 24% was slightly lower than the
previous year rate of 27% due to the impact of increased profits in the
Nordics that are taxed at lower rates than the UK tax rate of 25%.
Taxation payments of £4m (2023/24: £7m) were lower due to reduced payments
on account in the Nordics and a £1m rebate being received in the legacy
Carphone Warehouse business in the Netherlands. The cash tax rate of 3% is
lower than the adjusted effective rate of 24% primarily due to the tax impact
of brought forward UK tax attributes (including capital allowances, future
pension contributions and tax losses) and adjusting items which reduce taxes
payable.
Cash flow
2024/25 2023/24 Reported Currency neutral
£m £m % change % change
Operating cash flow 260 246 +6% +7%
Capital expenditure (77) (48)
Adjusting items to cash flow (33) (48)
Free cash flow before working capital 150 150 - +3%
Working capital 38 (2)
Network receivables (24) (32)
Segmental free cash flow 164 116 +41% +45%
Cash tax paid (4) (7)
Cash interest paid (11) (27)
Free cash flow 149 82 +82% +85%
Dividend - -
Purchase of own shares - share buyback - -
Purchase of own shares - employee benefit trust (15) (12)
Pension (50) (36)
Disposals including discontinued operations (5) 162
Other 9 (3)
Movement in net cash 88 193 (54)% (59)%
Opening net cash / (debt) 96 (97) n/a
Closing net cash / (debt) 184 96 +92% +86%
Segmental free cash flow was an inflow of £164m (2023/24: £116m) mainly due
to improvements in working capital in segmental performance above. Interest
and tax outflows totalled £(15)m as described above, resulting in free cash
flow of £149m (2023/24: £82m).
During the prior year, the Group disposed of its Greece business, Kotsovolos,
generating cash proceeds of £162 million. Final fees associated with the
transaction were paid in 2024/25.
The employee benefit trust acquired £15m worth of shares to satisfy colleague
share awards.
Pension contributions of £50m (2023/24: £36m) were in line with the
contribution plan agreed with the pension fund trustees at the previous
triennial review.
Other movements relate to currency translation differences due to changes on
foreign net debt across multiple currencies.
The closing net cash position was £184m, compared to a net cash position of
£96m at 27 April 2024. The average net cash for the year was £136m (2023/24:
£(69)m net debt).
The Board has proposed a final dividend of 1.5p per ordinary share for the
year ended 3 May 2025. The final dividend is subject to shareholder approval
at the Company's Annual General Meeting in September 2025. The ex-dividend
date is 28 August 2025, with a record date of 29 August 2025 and an intended
final dividend payment date of 26 September 2025.
Balance sheet
3 May 2025 27 April 2024
Group Group
£m £m
Goodwill 2,251 2,237
Other fixed assets 1,090 1,156
Working capital (195) (163)
Net cash / (debt) 184 96
Net lease liabilities (937) (999)
Pension (103) (171)
Deferred tax 32 8
Provisions (56) (72)
Income tax payable (23) (20)
Net assets 2,243 2,072
Goodwill increased £14m as currency revaluations impacted goodwill allocated
to Nordics.
Other fixed assets decreased by £(66)m, as capital expenditure was more than
offset by depreciation and amortisation.
3 May 2025 27 April 2024
Group Group
£m £m
Inventory 1,037 1,034
Trade Receivables 195 195
Trade Payables (1,186) (1,180)
Trade working capital 46 49
Network commission receivables and contract assets 47 66
Network accrued income 230 187
Network receivables 277 253
Other Receivables 313 269
Other Payables (820) (743)
Derivatives (11) 9
Working capital (195) (163)
At year-end, total working capital was £(195)m. Group inventory was £1,037m,
broadly flat vs last year and trade payables increased by £6m to £(1,186)m.
Based on average balances, stock days marginally increased to 62 (2023/24 61)
while trade payable days slightly decreased to 73 (2023/24: 74).
Total network receivables increased £24m due to growth of iD Mobile.
Most of the movement in other payables was driven by strong sales in the
additional trading week of FY25, driving higher accruals and contract
liabilities.
Lease liabilities have reduced by £(62)m against 27 April 2024 due to the
closure of stores and reduction in rents at lease renewals.
The IAS 19 accounting deficit of the defined benefit pension scheme amounted
to £(103)m (27 April 2024: £(171)m). The reduction of £(68)m during the
period was primarily driven by £50m of contributions and small changes in
assumptions on future inflation expectations. The application of a higher
discount rate was favourable for the deficit, but this was entirely offset by
a lower return on assets as the asset portfolio is structured to materially
hedge the scheme's funding position against movements in the discount rate.
As agreed during the last triennial valuation, pension contributions will rise
to £78m per annum for the three years starting in 2025/26, with a final
payment of £43m in 2028/29, when the deficit is scheduled to be closed.
During this period, the Group must match shareholder distributions above £12m
for 2024/25 and above £60m for 2025/26 onwards by additional contributions to
the pension scheme. The triennial pension review commenced in March 2025 and
is expected to conclude by the end of calendar year 2025. The Group is
continuing to work proactively with the scheme trustees to agree a revised
forward funding schedule that should allow pensions contributions to reduce
over time.
3 May 2025 27 April 2024 29 April 2023*
£m £m £m
Net cash / (debt) 184 96 (97)
Restricted cash (30) (36) (30)
Net lease liabilities (937) (999) (1,228)
Pension liability (103) (171) (249)
Total closing indebtedness (886) (1,110) (1,604)
Less: year-end net cash / (debt) (184) (96) 97
Add: average net cash / (debt) 136 (69) (96)
Total average indebtedness (934) (1,275) (1,603)
3 May 2025 27 April 2024 29 April 2023*
£m £m £m
Operating cashflow 260 246 268
Cash payments of leasing costs 249 247 283
Operating cash flow plus cash payments of leasing 509 493 551
Bank covenant ratios
Fixed charges (cash lease costs + cash interest) 260 274 309
Fixed charge cover 1.96x 1.80x 1.78x
Net cash excluding restricted funds 154 60 (127)
Net debt leverage (0.59)x (0.24)x 0.47x
Net indebtedness ratios
Fixed charges (cash lease costs + cash interest + pension contributions) 310 310 387
Total indebtedness fixed charge cover 1.64x 1.59x 1.42x
Total closing indebtedness (886) (1,110) (1,604)
Total indebtedness leverage 1.74x 2.25x 2.91x
*Figures not restated for the disposal of Kotsovolos as these calculations are
consistent with the covenants in place at the time
At 3 May 2025 the Group had a net cash position of £184m (2023/24: net cash
£96m) and average net cash for the year of £136m (2023/24: average net debt
£(69)m).
During the year, 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 (2024/25: (0.59)x) and
fixed charge cover >1.5x (2024/25: 1.96x).
The deferred tax asset increased to £32m from £8m in the year primarily due
to the partial recognition of a £23m UK deferred tax asset, following the
Group's improved trading performance and outlook.
Provisions primarily relate to property, reorganisation and sales provisions.
The balance decreased by £(16)m during the year due to releases for
provisions related to historical regulatory matters.
Comprehensive income / Changes in equity
Total equity for the Group increased from £2,072m to £2,243m in the period,
driven by profit after tax of £108m, the actuarial gain (including taxation)
on the defined benefit pension scheme of £54m, £17m for the translation of
overseas operations, and movements in relation to share schemes (including
taxation) of £15m. This was partially offset by hedging losses of £(8)m and
purchase of own shares by the EBT of £(15)m.
Share count
The weighted average number of shares used for basic earnings reduced by 25m
to 1,081m due to an increase in the average number of shares held by the Group
EBT to satisfy colleague shareholder schemes.
The dilutive effect of share options and other incentive schemes increased as
some schemes improved performance against vesting conditions.
3 May 2025 27 April 2024
Million Million
Weighted average number of shares
Average shares in issue 1,133 1,133
Less average holding by Group EBT and treasury shares held by Company (52) (27)
For basic earnings per share 1,081 1,106
Dilutive effect of share options and other incentive schemes 51 22
For diluted earnings per share 1,132 1,128
Financial Information
Consolidated Income Statement
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Note
Continuing Operations
8,706 8,476
Revenue 2
Profit before interest and tax 198 117
Finance income 11 4
Finance costs (85) (93)
Net finance costs 3 (74) (89)
Profit before tax 124 28
Income tax expense (16) (1)
Profit after tax for the period from continuing operations 108 27
Profit after tax for the period from discontinued operations - 138
Profit after tax for the period 108 165
Earnings per share (pence) 4
Basic - continuing operations 10.0p 2.4p
Diluted - continuing operations 9.5p 2.4p
Basic - total 10.0p 14.9p
Diluted - total 9.5p 14.6p
Financial Information
Consolidated Statement of Comprehensive Income
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Profit after tax for the period 108 165
Items that may be reclassified to the income statement in subsequent periods:
Cash flow hedges
Fair value movements recognised in other comprehensive income (10) 4
Reclassified and reported in income statement 4 6
Tax on movements on cash flow hedges 2 (1)
Gain/(loss) arising on translation of foreign operations 17 (41)
Reclassification of foreign currency translation differences due to disposal - (1)
of foreign operations
13 (33)
Items that will not be reclassified to the income statement in subsequent
periods:
Actuarial gain on defined benefit pension schemes - UK 26 52
- Overseas - -
Tax on movements on defined benefit pension schemes 28 5
54 57
Other comprehensive income for the period (taken to equity) 67 24
Total comprehensive income for the period - continuing operations 175 52
Total comprehensive income for the period - discontinued operations - 137
Total comprehensive income for the period 175 189
Financial Information
Consolidated Balance Sheet
3 May 27 April
2025 2024
£m £m
Non-current assets
Goodwill 2,251 2,237
Intangible assets 204 246
Property, plant & equipment 125 111
Right-of-use assets 761 799
Lease receivables 2 3
Trade and other receivables 100 101
Deferred tax assets 41 20
3,484 3,517
Current assets
Inventory 1,037 1,034
Lease receivables 1 1
Trade and other receivables 685 616
Income tax receivable 2 3
Derivative assets 5 13
Cash and cash equivalents 209 125
1,939 1,792
Total assets 5,423 5,309
Current liabilities
Trade and other payables (1,889) (1,809)
Derivative liabilities (16) (4)
Income tax payable (25) (23)
Loans and other borrowings (25) (29)
Lease liabilities (201) (202)
Provisions (46) (64)
(2,202) (2,131)
Non-current liabilities
Trade and other payables (117) (114)
Lease liabilities (739) (801)
Retirement benefit obligations (103) (171)
Deferred tax liabilities (9) (12)
Provisions (10) (8)
(978) (1,106)
Total liabilities (3,180) (3,237)
Net assets 2,243 2,072
Capital and reserves
Share capital 1 1
Share premium reserve 2,263 2,263
Other reserves (848) (844)
Accumulated profits 827 652
Equity attributable to equity holders of the parent company 2,243 2,072
Financial Information
Consolidated Statement of Changes in Equity
Share premium reserve
Share capital £m Other reserves Accumulated
£m £m profits Total equity
£m £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
period
- - (5) - (5)
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)
At 27 April 2024 1 2,263 (844) 652 2,072
Profit for the period - - - 108 108
Other comprehensive income recognised directly in equity
- - 13 54 67
Total comprehensive income for the period
- - 13 162 175
Amounts transferred to the carrying value of inventory purchased during the
period
- - (4) - (4)
Net movement in relation to share schemes - - 2 9 11
Tax on items recognised directly in reserves - - - 4 4
Purchase of own shares - employee benefit trust - - (15) - (15)
At 3 May 2025 1 2,263 (848) 827 2,243
Financial Information
Consolidated Cash Flow Statement
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Note
Operating activities
Cash generated from operations 6 507 419
Contributions to defined benefit pension scheme (50) (36)
Income tax paid (4) (7)
Net cash flows from operating activities - continuing operations 453 376
Net cash flows from operating activities - discontinued operations - (10)
Net cash flows from operating activities 453 366
Investing activities
Acquisition of property, plant & equipment and other intangibles (77) (48)
Net cash flows from investing activities - continuing operations (77) (48)
Net cash flows from investing activities - discontinued operations - (11)
Net cash flows from investing activities - discontinued operations: proceeds (5) 202
on sale of
business
Net cash flows from investing activities (82) 143
Financing activities
Interest paid (67) (87)
Capital repayment of lease liabilities (205) (195)
Purchase of own shares - employee benefit trust (15) (12)
Repayment of borrowings - (178)
Cash inflows/(outflows) from derivative financial instruments 7 (3)
Facility arrangement fees paid (5) (1)
Net cash flows from financing activities - continuing operations (285) (476)
Net cash flows from financing activities - discontinued operations - (17)
Net cash flows from financing activities (285) (493)
Increase in cash and cash equivalents and bank overdrafts 86 16
Cash and cash equivalents and bank overdrafts at the beginning of the period 96 81
Currency translation differences 2 (1)
Cash and cash equivalents and bank overdrafts at the end of the period 6 184 96
Financial Information
Notes to the Financial Information
1 Basis of preparation
The Financial Information, which comprises the Consolidated Income Statement,
Consolidated Statement of Comprehensive Income,
Consolidated Balance Sheet, Consolidated Statement of Changes in Equity,
Consolidated Cash Flow Statement and extracts from the
notes to the accounts for the period ended 3 May 2025 and 27 April 2024, has
been prepared in accordance with the accounting
policies set out in the full financial statements and on a going concern
basis.
Alternative performance measures ('APMs')
In addition to IFRS measures, the Group uses certain APMs 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 APMs
used by the Group in addition to IFRS measures are included within the
Glossary and Definitions. This includes further information on the
definitions, purpose, and reconciliation to IFRS measures of those APMs 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.
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 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. In September 2024, Currys agreed a new
Revolving Credit Facility of £525m with a syndicate of six banks. The
facility is bound by a Fixed Charge Cover Covenant Ratio of 1.50, covering
testing periods across a four-year window from 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% to all future years in the
model from, May 2025/26 April 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. Further, 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 Company and 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.
Further information
The Financial Information set out in this announcement does not constitute
statutory accounts within the meaning of Sections 434 to
436 of the Companies Act 2006 and is an abridged version of the Group's
financial statements for the period ended 3 May 2025
which were approved by the directors on 2 July 2025. Statutory accounts for
the period ended 27 April 2024 have been delivered to the
Registrar of Companies, the auditor has reported on those accounts, their
report was unqualified and did not contain statements
under Section 498(2) or (3) of the Companies Act 2006. Statutory accounts for
the period ended 3 May 2025 will be delivered in due
course. The auditor has reported on those accounts, their report was
unqualified and did not contain statements under Section 498 of
the Companies Act 2006.
The consolidated financial statements have been prepared in accordance with
UK-adopted international accounting standards. The
consolidated financial statements incorporate the financial statements of the
Company and its subsidiary undertakings for the period
ended 3 May 2025.
Financial Information
Notes to the Financial Information continued
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 been identified as follows:
· UK & Ireland; comprises the operations of Currys, iD Mobile
and B2B operations.
· Nordics; operates both franchise and own stores in Norway,
Sweden, Finland and Denmark with further franchise operations in Iceland,
Greenland and the 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.
Segmental results
Period ended 3 May 2025
UK & Ireland Nordics Eliminations Total
£m £m £m £m
External revenue 5,286 3,420 - 8,706
Inter-segmental revenue 63 - (63) -
Total revenue 5,349 3,420 (63) 8,706
Profit before interest and tax 145 53 - 198
Finance income 11
Finance costs (85)
Profit before tax 124
Depreciation and amortisation (164) (125) - (289)
Period ended 27 April 2024
UK & Ireland Nordics Eliminations Total
£m £m £m £m
External revenue 4,970 3,506 - 8,476
Inter-segmental revenue 53 - (53) -
Total revenue 5,023 3,506 (53) 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)
No individual customer represented more than 10% of the Group's revenue
within the current or preceding period.
Financial Information
Notes to the Financial Information continued
2 Segmental analysis continued
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:
Period ended 3 May 2025
UK & Ireland Nordics Total
£m £m £m
Sale of goods 4,541 3,117 7,658
Commission revenue 173 161 334
Support services revenue 231 47 278
Connectivity revenue 202 - 202
Other services revenue 139 95 234
Total revenue from continuing operations 5,286 3,420 8,706
Period ended 27 April 2024
UK & Ireland Nordics Total
£m £m £m
Sale of goods 4,296 3,208 7,504
Commission revenue 178 165 343
Support services revenue 229 43 272
Connectivity revenue 134 - 134
Other services revenue 133 90 223
Total revenue from continuing operations 4,970 3,506 8,476
Revenue from commissions relates predominantly to network and insurance
commissions.
Financial Information
Notes to the Financial Information continued
3 Net finance costs
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Unwind of discounts on trade and other receivables 5 4
Other interest income 6 -
Finance income 11 4
Interest on bank overdrafts, loans and borrowings (9) (21)
Interest expense on lease liabilities (56) (59)
Net interest on defined benefit pension obligations (8) (11)
Amortisation of facility fees (4) (2)
Intercompany interest - (3)
Other interest (expense)/income (8) 3
Finance costs (85) (93)
Total net finance costs (74) (89)
All finance costs in the above table represent interest costs of financial
liabilities and assets, other than amortisation of facility fees which
represent non-financial assets and net interest on defined benefit pension
obligations.
4 Earnings per share
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Profit for the period attributable to equity shareholders - continued 108 27
operations
Profit for the period attributable to equity shareholders - discontinued - 138
operations
Profit for the period - total 108 165
Million Million
Weighted average number of shares
Average shares in issue 1,133 1,133
Less average holding by Group EBT shares held by Company (52) (27)
For basic earnings per share 1,081 1,106
Dilutive effect of share options and other incentive schemes 51 22
For diluted earnings per share 1,132 1,128
Pence Pence
Earnings per share
Basic earnings per share - continuing operations 10.0 2.4
Diluted earnings per share - continuing operations 9.5 2.4
Basic earnings per share - discontinued operations - 12.5
Diluted earnings per share - discontinued operations - 12.2
Basic earnings per share - total 10.0 14.9
Diluted earnings per share - total 9.5 14.6
Financial Information
Notes to the Financial Information continued
5 Equity dividends
There were no dividends paid during the current or comparative periods.
The following distribution is proposed but has not been effected at 3 May 2025
and is subject to shareholder's approval at the forthcoming Annual General
Meeting:
£m
Final dividend for the period ended 3 May 2025 of 1.50p per ordinary share 16
The payment of this dividend is not subject to withholding taxes in the UK.
6 Notes to the cash flow statement
a. Reconciliation of cash and cash equivalents and bank overdrafts at the
end of the period
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Cash at bank and on deposit 209 125
Bank overdrafts (25) (29)
Cash and cash equivalents and bank overdrafts at end of the period 184 96
b. Reconciliation of operating profit to cash generated from continuing
operations
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Profit after tax for the period 108 27
Income tax expense 16 1
Net finance costs 74 89
Profit before interest and tax 198 117
Depreciation and amortisation 289 299
Share-based payment charge 15 8
Loss on disposal of fixed assets (1) -
Impairments and other non-cash items 5 28
Operating cash flows before movements in working capital 506 452
Movements in working capital:
(Increase)/Decrease in inventory (2) (43)
(Increase)/Decrease in receivables (65) (36)
Increase/(Decrease) in payables 84 21
Increase/(Decrease) in provisions (16) 25
1 (33)
Cash generated from continuing operations 507 419
Financial Information
Notes to the Financial Information continued
6 Notes to the cash flow statement continued
c. 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.
Lease additions, modifications and disposals
£m
27 April Financing cash flows Foreign exchange 3 May
2024 £m £m Interest 2025
£m £m £m
Loans and other borrowings - 9 - - (9) -
Lease liabilities(()(i)()) (1,003) 262 (135) (8) (56) (940)
Total liabilities from financing activities (ii) (1,003) 271 (135) (8) (65) (940)
Lease additions, modifications and disposals
29 April Financing cash flows £m Foreign exchange 27 April
2023 £m £m Interest 2024
£m £m £m
Loans and other borrowings (178) 197 4 (1) (22) -
Lease liabilities(()(i)()) (1,233) 275 1((iii)) 18 (64) (1,003)
Total liabilities from financing activities (ii) (1,411) 472 5 17 (86) (1,003)
i. Lease liabilities are secured over the Group's right-of-use assets.
ii. In addition to the amounts shown above, facility arrangement fees of
£5m (2023/24: £1m) are included within cash flows from financing activities
in the consolidated cash flow statement.
iii. This figure includes the disposal of lease liabilities
related to Greece of £80m.
d. Proceeds on sale of business
On 10 April 2024,the Group 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. Total consideration received was £237m and £32m of cash was held in
Dixons South East Europe A.E.V.E. at the disposal date, resulting in a net
cash inflow on disposal of £205m. A further £3m of transaction fees
associated with the sale were paid during FY24, resulting in net proceeds on
disposal of £202m. During the period ended 3 May 2025, transaction fees of
£5m that were accrued at the prior period end were paid, resulting in a
corresponding cash flow from discontinued operations.
7 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:
3 May 27 April
2025 2024
£m £m
Revenue from sale of goods and services 14 14
Amounts owed to the Group 1 1
All transactions entered into with related parties were completed on an arm's
length basis.
Risks to Achieving the Group's Objectives
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 as disclosed in
the Annual Report and Accounts 2024/25 and remain relevant, but have evolved,
in the current period.
The updated risks and uncertainties are listed below:
1. Failure to actively understand, manage and deepen key supplier and
brand relationships who contribute materially to our business could weaken our
ability to respond to external shocks and, could result in a deterioration in
financial performance;
2. Failure to deliver an effective business transformation programme
in response to a changing consumer environment 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 adequately invest in and integrate the Group's IT
systems and infrastructure could result in operational disruption, restricted
growth and reputational damage impacting financial performance;
5. Failure to appropriately safeguard against cyber risks and
associated attacks and failure to comply with legislation, including
appropriately safeguarding sensitive information, could result in operational
disruption, reputational damage, customer compensation, financial penalties
and a resultant deterioration in financial performance;
6. Failure to attract, engage, and retain skilled colleagues
affordably and action appropriate Health and Safety measures to protect
customers and colleagues could give rise to reputational damage and financial
penalties and a resultant deterioration in financial performance;
7. Failure to have effective business continuity plans and adequate
major incident response could result in prolonged operational disruption,
reputational damage and a loss of competitive advantage;
8. 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. Concurrently, the 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;
9. 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;
10. Failure to anticipate and respond to changing competitor behaviour
and/or the disruptive retail landscape could result in a loss of competitive
advantage impacting financial performance;
11. Failure to either deliver or adequately communicate our commitment to
sustainability and being a good corporate citizen could result in reduced cash
flow, reputational damage and loss of competitive advantage; and
12. Failure to successfully navigate an increasingly pervasive set of
externally driven factors, inflation and cost of living pressures could result
in a deterioration in financial performance.
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.
Glossary and Definitions
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.
We 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 discontinued operations and 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 deemed more appropriate than the additional
disclosure requirements for material items under IAS 1, it must meet at least
one of the following criteria:
o 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
o recur for a finite number of years and do 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 period to
the next depending on the nature of exceptional items or one-off type
activities. Where appropriate, for example where a business is classified as
exited/to be exited, comparative information is restated accordingly.
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 period 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, except for 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.
Strategic change programmes
Primarily relate to 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
both one-off in nature and to cause a significant change to 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 based on 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.
Glossary and Definitions continued
Alternative performance measures ('APMs') continued
Adjusting items continued
Impairment losses and onerous contracts
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 period.
While the recognition of such is 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
management's 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 non-operating and 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 interest income/(costs)
Included within adjusting interest income/(costs) are the finance
income/(costs) of businesses to be exited, previously disposed operations, 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). As
disclosed above, the disposal of businesses represents a significant change to
the underlying business operations, as such, the related interest
income/(costs) are removed from adjusted results to assist users'
understanding of the trading business.
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 period 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 Group's underlying
operations.
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 unrecognised 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.
Glossary and Definitions continued
Alternative performance measures ('APMs') continued
Adjusting items continued
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 for the period before deducting interest and tax, termed
as EBIT; and profit for the period before deducting interest, tax,
depreciation and amortisation, termed as EBITDA. These metrics are further
explained and reconciled within notes A1 and A2 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 period in order to provide appropriate period-on-period movement
measures without the impact of foreign exchange movements.
Like-for-like ('LFL') % change
LFL revenue is calculated based on adjusted store and online revenue
(including Order & Collect, Online in-store and ShopLive UK) using
constant exchange rates consistent with the currency neutral percentage change
measure detailed above. New stores are included where they have been open for
a full financial period both at the beginning and end of the financial period.
Revenue from franchise stores are 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 LFL calculations. We consider that LFL revenue
represents a useful measure of the trading performance of our underlying and
ongoing store and online portfolio.
Glossary and Definitions continued
A1 Reconciliation from statutory 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 total 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 profit before tax and profit before interest and tax,
which are considered to be the closest equivalent IFRS measures, to adjusted
EBIT and adjusted PBT.
Period ended 3 May 2025
Acquisition Impairment losses and onerous contracts
/disposal related items Strategic change programmes £m
Total profit £m £m Regulatory income Adjusted
£m £m Other Interest profit
£m £m £m
UK & Ireland 145 11 6 (3) (7) 1 - 153
Nordics 53 12 7 - - - - 72
EBIT from continuing operations 198 23 13 (3) (7) 1 - 225
Finance income 11 - - - - - - 11
Finance costs (85) - - - - - 11 (74)
Profit before tax from continuing operations 124 23 13 (3) (7) 1 11 162
Period ended 27 April 2024
Acquisition Impairment losses and onerous contracts
Total profit/ (loss) /disposal related items Strategic change programmes £m
£m £m £m Regulatory income Adjusted
£m Other Interest profit
£m £m £m
UK & Ireland 88 11 11 17 13 2 - 142
Nordics 29 12 5 15 - - - 61
EBIT from continuing operations 117 23 16 32 13 2 - 203
Finance income 4 - - - - - - 4
Finance costs (93) - - - - - 4 (89)
Profit before tax from continuing operations 28 23 16 32 13 2 4 118
A2 Reconciliation from statutory profit 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 by
adjusting for the volatility of depreciation and amortisation expense which,
due to variable useful lives and timing of capital investment, could distort
the underlying profit generated from the Group in relative periods.
The below reconciles profit before interest and tax, which are considered to
be the closest equivalent IFRS measures, to EBITDA.
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Profit before interest and tax from continuing operations 198 117
Depreciation 220 219
Amortisation 69 80
EBITDA 487 416
Glossary and Definitions continued
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
above as well as the volatility of depreciation and amortisation expense
which, due to variable useful lives and timing of capital investment, could
distort the underlying profit generated from the Group in relative periods.
The depreciation adjusted within adjusted EBITDA includes right-of-use asset
depreciation on leased assets under IFRS 16. As some lease rental expenses are
not depreciation linked to right-of-use assets due to being short-term, low
value or variable, a similar measure of adjusted EBITDAR is provided. Adjusted
EBITDAR provides a measure of profitability based on the above adjusted EBITDA
definition as well as deducting rental expenses not linked to right-of-use
assets. The purpose of this measure is aligned to the adjusted EBITDA purpose
above, with the addition of excluding the full cost base of leases which can
vary from period to period, for example when leases are short term, whilst
negotiations are ongoing regarding lease renewals.
The below reconciles adjusted EBIT to adjusted EBITDA and adjusted EBITDAR.
The closest equivalent IFRS measures are considered to be profit before
interest and tax, the reconciliation of such from adjusted EBIT can be found
in note A1.
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Adjusted EBIT 225 203
Depreciation 220 219
Amortisation 46 57
Adjusted EBITDA 491 479
Leasing costs in EBITDA 4 4
Adjusted EBITDAR 495 483
A4 Further information on the adjusting items between IFRS measures to
adjusted profit measures noted above (continuing operations)
Period ended Period ended
3 May 27 April
Note 2025 2024
£m £m
Included in profit before interest and tax (continuing operations):
Acquisition/disposal related items (i) 23 23
Strategic change programmes (ii) 13 16
Impairment losses and onerous contracts (iii) (3) 32
Regulatory (income)/cost (iv) (7) 13
Other (v) 1 2
Included in net finance costs (continuing operations): 27 86
Net non-cash finance costs on defined benefit pension schemes (vi) 8 11
Other interest (vii) 3 (7)
Total impact on profit before tax (continuing operations) 38 90
Tax on adjusting items (viii) (24) (30)
Total impact on profit after tax (continuing operations) 14 60
(i) Acquisition/disposal related items
A charge of £23m (2023/24: £23m) relates primarily to amortisation of
acquisition intangibles arising on the Dixons Retail Merger.
Glossary and Definitions continued
A4 Further information on the adjusting items between IFRS measures to
adjusted profit measures noted above (continuing operations) continued
(ii) Strategic change programmes
During the period, costs of £13m have been incurred as the Group continues to
deliver the long-term strategic plan. The costs incurred relate to the
following strategic change programmes:
• £2m (2023/24: £12m) of one-off implementation costs related to
transferring service centre operations to a third party;
• £7m (2023/24: £4m) of additional restructuring costs in relation to
the restructure of the Nordics central operations and retail business as
announced in a prior period.
Property rationalisation
Included within strategic change programmes in the period is £4m of costs
that primarily relate to property rates for ongoing leases for stores that
were closed as part of previously announced store property rationalisation and
closure programmes, as well as costs associated with lease remeasurement
following renegotiations. Amounts recognised in the prior period in relation
to property programmes were net £nil.
(iii) Impairment losses and onerous contracts
During the prior period 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. During the current period, the remaining
provision balance of £3m was released following successful contract
renegotiations resulting in a corresponding credit to adjusting items. During
the prior period the Group also recognised £10m of impairments over
intangible software assets in the UK & Ireland segment that became
obsolete due to system replacements that took place in the year.
Following the announcement in a prior period of the strategic decision to
restructure elements of the Nordics segment, the 2023/24 adjusting items also
included fixed asset impairment charges of £15m, recognised over assets held
in the Nordics component of the Group. This included £16m of impairments of
inefficient intangible software assets with a view to achieving long-term
efficiencies with alternative assets. This was partially offset by a £1m net
credit from reversals of right-of-use asset impairments following some
additional store closures and some planned closures from the prior period not
executed.
(iv) Regulatory costs
During the prior period the Group provided for £13m of costs related to
historic regulatory matters. In the current period, £7m of the remaining
provisions were released following a revision to the estimate of the amount
required to settle the related obligations, and the corresponding credit has
been recognised as an adjusting item.
(v) Other
In the current period the Group has recognised £1m for professional fees
incurred in relation to open tax cases and other non-operating matters
(2023/24: £2m).
In the prior period the Group recognised £2m of FX impact upon translation of
an exceptional underlying intra-group balance that has since been capitalised.
A further £2m was recognised for professional fees incurred in relation to
open tax cases and other non-operating matters. These costs were partially
offset by £2m of income from intra-group balance adjustments, which is offset
in total statutory profit by a corresponding cost in discontinued operations.
Glossary and Definitions continued
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 period to the net defined
benefit obligation.
(vii) Other interest
The Group continues to cooperate with HMRC in relation to open tax cases
arising from pre-merger legacy transactions in the Carphone Warehouse Group.
The Group has risk assessed that certain of the cases have a probable chance
of resulting in cash outflows to HMRC that are measured at £51m as at 3 May
2025 (comprising the amount of tax payable and interest up to 3 May 2025)
(2023/24: £50m). During the period, an interest charge of £1m (2023/24: £7m
credit) was recorded in relation to these cases which arose from the further
accrual of one years' interest, based on their most recent based on their
recent weighted average probability of occurring.
An additional £2m of finance costs have been recognised in adjusting items in
respect 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.
(viii) Tax on other adjusting items
The effective tax rate on adjusting items is 61%. The rate is higher than the
UK statutory rate of 25% predominantly due to the claiming of UK capital
allowances in excess of depreciation for which no deferred tax asset was
previously recognised.
A5 Reconciliation from statutory net finance costs to adjusted net finance
costs (continuing operations)
Adjusted net finance costs exclude certain adjusting finance cost items from
total finance costs. The adjusting items include net pension interest costs
and interest charged on Uncertain Tax Positions ('UTP'). Further information
on these items being removed from our adjusted earnings measures is included
within the definitions above.
The below provides a reconciliation from net finance costs, which is
considered to be the closest IFRS measure, to adjusted net finance costs.
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Total net finance costs (74) (89)
Net interest on defined benefit pension obligations 8 11
Other interest 3 (7)
Adjusted total net finance costs (63) (85)
Glossary and Definitions continued
A6 Adjusted tax expense (continuing operations)
a) Tax expense
The income tax charge comprises:
Period ended 3 May 2025 Period ended 27 April 2024
Adjusting Adjusting
Adjusted items Statutory Adjusted items Statutory
£m £m £m £m £m £m
Current tax
UK corporation tax at 25% (2023/24: 25%) 12 (1) 11 16 (9) 7
Overseas tax 3 3 6 6 (1) 5
15 2 17 22 (10) 12
Adjustments made in respect of prior periods:
UK corporation tax - - - - (4) (4)
Overseas tax - - - (1) - (1)
- - - (1) (4) (5)
Total current tax 15 2 17 21 (14) 7
Deferred tax
UK corporation tax 16 (18) (2) 10 (12) (2)
Overseas tax 9 (8) 1 - (4) (4)
25 (26) (1) 10 (16) (6)
Adjustments made in respect of prior periods:
UK corporation tax - - - - - -
Overseas tax - - - - - -
- - - - - -
Total deferred tax 25 (26) (1) 10 (16) (6)
Total tax charge 40 (24) 16 31 (30) 1
b) Reconciliation of standard to actual (effective) tax rate
The principal differences between the total tax charge shown above and the
amount calculated by applying the standard rate of UK corporation tax to
profit/(loss) before taxation are as follows:
Period ended 3 May 2025 Period ended 27 April 2024
Adjusting Adjusting
Adjusted items Statutory Adjusted items Statutory
£m £m £m £m £m £m
Profit before taxation 162 (38) 124 118 (90) 28
Tax at UK statutory rate of 25% (2023/24: 25%) 41 (10) 31 30 (23) 7
Items attracting no tax relief or liability((i)) 1 - 1 2 - 2
Recognition of UK deferred tax asset((ii)) - (2) (2) - - -
Movement in unprovided deferred tax((iii)) - (13) (13) - (4) (4)
Differences in effective overseas tax rates (2) 1 (1) (1) 1 -
Other tax adjustments - - - 1 - 1
Adjustments in respect of prior periods((iv)) - - - (1) (4) (5)
Total tax charge 40 (24) 16 31 (30) 1
The effective tax rate on adjusted earnings for the period ended 3 May 2025 is
24% (2023/24: 27%). The effective tax rate on adjusting items is 61% (2023/24:
34%). The future effective tax rate is likely to be impacted by the
geographical mix of profits and the Group's ability to take advantage of
currently un-recognised deferred tax assets.
(i) Items attracting no tax relief or liability relate mainly to
non-deductible expenditure, including non-qualifying depreciation.
(ii) The Group recognised a UK deferred tax asset of £23m, of which £2m
was credited to the income statement (mainly in relation to tax losses), £17m
was credited to other comprehensive income (mainly in relation to its defined
benefit pension scheme) and the £4m was credited directly to equity (in
relation to equity settled share-based payments). These amounts relate to the
deductible temporary differences that are expected to reverse in the next
year.
(iii) The Group utilised accelerated capital allowances to shelter its
taxable profits arising in the period ended 3 May 2025. As no deferred tax
asset was recognised on brought forward deductible temporary differences, this
gives rise to a reconciling item that reduces the effective tax rate for the
year. Following the partial recognition of a UK deferred tax asset during the
year ended 3 May 2025, to the extent that future taxable profits are sheltered
by the utilisation of recognised deferred tax assets, this will not give rise
to a reconciling difference in the future.
(iv) The provisions for uncertain tax positions relating to the legacy
Carphone Warehouse tax cases outlined in the Financial Statements of the
Annual Report were remeasured during the prior period.
A7 Adjusted 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 to provide a useful measure of the ongoing earnings
of the underlying Group.
The below table shows a reconciliation of statutory basic and diluted EPS to
adjusted basic and diluted EPS as these are considered to be the closest IFRS
equivalents.
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Profit after tax for the period (continuing operations)
Total 108 27
Adjustments 14 60
Adjusted profit after tax (continuing operations) 122 87
Million Million
Weighted average number of shares
Average shares in issue 1,133 1,133
Less average holding by Group EBT and Treasury shares held by Company (52) (27)
For basic earnings per share 1,081 1,106
Dilutive effect of share options and other incentive schemes 51 22
For diluted earnings per share 1,132 1,128
Pence Pence
Basic earnings per share
Total 10.0 2.4
Adjustments 1.3 5.5
Adjusted basic earnings per share (continuing operations) 11.3 7.9
Diluted earnings per share
Total 9.5 2.4
Adjustments 1.3 5.3
Adjusted diluted earnings per share (continuing operations) 10.8 7.7
Basic and diluted EPS are based on the profit for the period attributable to
equity shareholders. Adjusted EPS is presented to show the underlying
performance of the Group. Adjustments used to determine adjusted earnings are
described further in note A4.
A8 Reconciliations of cash generated from operations to free cash flow
(continuing operations)
Operating cash flow comprises cash generated from/(utilised by) operations,
adjusting items (the nature of which are disclosed above), and after
repayments of lease liabilities (excluding non-trading stores) and movements
in working capital presented within the Performance review. The measure aims
to provide users with a clear understanding of cash generated from the
operations of the Group.
Sustainable free cash flow comprises cash generated from/(utilised by)
operations, but before movements in working capital, and after capital
expenditure, capital repayments of lease liabilities, net cash interest paid,
and income tax paid. Free cash flow comprises all items contained within
sustainable free cash flow but after movements in working capital. Sustainable
free cash flow and free cash flow are considered to be useful for users as
they represent available cash resources after operational cash outflows and
capital investment to generate future economic inflows. We consider it useful
to present both measures to draw users' attention to the impact of movements
in working capital on free cash flow.
Glossary and Definitions continued
A8 Reconciliations of cash generated from operations to free cash flow
(continuing operations) continued
The below provides a reconciliation of cash generated from operations, which
is considered the closest equivalent IFRS measure, to operating cash flow,
sustainable free cash flow and free cash flow:
Reconciliation of cash inflow from operations to free cash flow
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Cash generated from continuing operations 507 419
Capital repayment of leases cost and interest (261) (255)
Less adjusting items to cash flow 33 48
Less movements in working capital presented within the Performance review (14) 34
(note A10)
Other (5) -
Operating cash flow 260 246
Capital expenditure (77) (48)
Add back adjusting items to cash flow (33) (48)
Taxation (4) (7)
Cash interest paid (11) (27)
Sustainable free cash flow 135 116
Add back movements in working capital presented within the Performance review 14 (34)
(note A10)
Free cash flow 149 82
Reconciliation of adjusted EBIT to free cash flow and sustainable free cash
flow
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Adjusted EBIT (note A1) 225 203
Depreciation and amortisation (note A3) 266 276
Working capital presented within the Performance review (note A10) 14 (34)
Capital expenditure (77) (48)
Taxation (4) (7)
Interest (11) (27)
Repayment of leases* (245) (243)
Other non-cash items in EBIT** 14 10
Free cash flow before adjusting items to cash flow 182 130
Adjusting items to cash flow (33) (48)
Free cash flow 149 82
Less working capital presented within the Performance review (note A10) (14) 34
Sustainable free cash flow 135 116
* 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 Performance
review, comprise share-based payments, profit/loss on disposal of fixed
assets, impairments and other non-cash items.
A9 Reconciliation from liabilities arising from financing activities to total
indebtedness and net cash
Total indebtedness represents period end net cash, pension deficit, lease
liabilities and lease receivables, 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 comprises cash and cash equivalents and short-term deposits, less
loans and other borrowings. Lease liabilities are not included within net
cash. 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.
Glossary and Definitions continued
A9 Reconciliation from liabilities arising from financing activities to total
indebtedness and net cash continued
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:
3 May 27 April
2025 2024
£m £m
Lease liabilities* (940) (1,003)
Total liabilities from financing activities (note 6c) (940) (1,003)
Cash and cash equivalents less restricted cash 179 89
Overdrafts (25) (29)
Lease receivables* 3 4
Pension liability (103) (171)
Total indebtedness (886) (1,110)
Restricted cash 30 36
Add back pension liability 103 171
Add back lease liabilities 940 1,003
Less lease receivables (3) (4)
Net cash 184 96
* Net lease liabilities within the Performance review relates to lease
liabilities less lease receivables.
Within the Performance review management also refers to average net
cash/(debt) and total average indebtedness. Average net cash/(debt) and total
average indebtedness comprises the same items as included in net cash and
total indebtedness as defined above, however the net cash element is
calculated as the average between April to April for the full period to align
to the Group's Remuneration Committee calculation and as reported internally.
A10 Reconciliation of 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 £14m
(2023/24: £(34)m) differs to the statutory working capital balance of £1m
(2023/24: £(33)m) 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, 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. A
reconciliation of the disclosed working capital balance is as follows:
Period ended Period ended
3 May 27 April
2025 2024
£m £m
Movements in working capital (note 6b) 1 (33)
Adjusting items provisions 13 (1)
Working capital presented within the Performance review 14 (34)
Glossary and Definitions continued
A11 Summary of working capital presented within the Performance review
Within the Performance review a summary balance sheet is provided which
includes a working capital balance of £(195)m (2023/24: £(163)m). The below
table provides a breakdown of how the summary working capital balance ties
through to the statutory balance sheet.
3 May 27 April
2025 2024
£m £m
Non-current assets
Trade and other receivables 100 101
Current assets
Inventory 1,037 1,034
Trade and other receivables 685 616
Derivative assets 5 13
Current liabilities
Trade and other payables (1,889) (1,809)
Derivative liabilities (16) (4)
Non-current liabilities
Trade and other payables (117) (114)
Working capital presented within the Performance review (195) (163)
Glossary and Definitions continued
The following definitions apply throughout this Annual Report and Accounts
unless the context otherwise requires:
Acquisition intangibles Acquired intangible assets such as customer bases, brands and other intangible
assets acquired through a business combination capitalised separately from
goodwill.
AGM Annual General Meeting
APM Alternative Performance Measure
Board The Board of Directors of the Company
B2B Business to business
Carphone, The Company or Group prior to the Merger on 6 August 2014
Carphone Warehouse or Carphone Group
CEO Chief Executive Officer
CFO Chief Financial Officer
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
Credit adoption Sales on Credit as a proportion of total sales
Currys plc or Group The Company, its subsidiaries, interests in joint ventures 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
DTR Disclosure Guidance and Transparency Rules
EBT Employee benefit trust
EPS Earnings per share
HMRC His Majesty's Revenue and Customs
IFRS International Financial Reporting Standards as adopted by the UK
IT Information Technology
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 as reported in the
Sustainable business section of the Strategic Report. 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 Science Based Targets inititive's 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, Online market share, and Online share of business 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 product that is not
stocked in the store
Order & collect Sales where the sale is made via the website or app and collected in store
PEAK Planning, Execution, Analysis, Knowledge
Peak/Post-Peak Peak refers to the ten-week trading period ended on 4 January 2025 as reported
in the Group's Christmas Trading statement on 15 January 2025. Post-Peak
refers to the trading period from 5 January 2025 to the Group's period end on
3 May 2025.
SBTi Science Based Targets initiative
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.
UK&I United Kingdom and Ireland
Responsibility Statement
The 2024/25 Annual Report and Accounts which will be issued in July 2025
contains a responsibility statement in compliance with DTR 4.1.12 of the
Listing, Prospectus and Disclosure Rules, which sets out that as at the date
of approval of the Annual Report and Accounts on 2 July 2025, the directors
confirm to the best of their knowledge:
· the financial statements, prepared in accordance with the relevant
financial reporting framework, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole;
· the Strategic Report includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face; and
· the Annual Report and Accounts, taken as a whole, are fair, balanced and
understandable and provide the information necessary for shareholders to
assess the Group and the Company's performance, business model and strategy.
At the date of this statement, the directors are:
Alex Baldock, Group Chief Executive
Bruce Marsh, Group Chief Financial Officer
Ian Dyson, Chair of the Board
Octavia Morley, Senior Independent Director
Eileen Burbidge, Magdalena Gerger, Steve Johnson, Gerry Murphy, Adam Walker
each an independent non-executive director.
The financial statements were approved by the directors on 2 July 2025 and
signed on their behalf by:
Alex Baldock
Bruce Marsh
Group Chief Executive
Group Chief Financial Officer
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