Electricals retailer Currys (LON:CURY) delivered double-digit growth in FY26 profits and launched a new £50 million share buyback. The UK consumer backdrop remains tough. Yet the laptops-to-washing machines seller insisted trading in the early part of FY27 has been ‘very solid’. Drawing confidence from its improving free cash flow generation, Currys also doubled the full year dividend to 3p.
Currys has been in a strong earnings upgrade cycle and the stock had already rallied ahead of today’s results. So the absence of another upgrade today explains the stock price reaction, with the shares dipping in early dealings.
AI drives demand
For the year ended 2 May 2026, Currys generated an 18% surge in adjusted pre-tax profits to £191 million. Group revenue grew 6% to £9.25 billion. This was driven by like-for-like growth and market share gains in the UK & Ireland and the Nordics.
Currys received a big boost from demand for AI technology in FY26. Computing was the strongest performing category as the FTSE 250 firm benefited from AI technology sales and gaming launches including the Nintendo Switch 2.
The FTSE 250 company said every category grew apart from consumer electronics, where a ‘soft TV market’ weighed on sales. Currys also called out robust growth in recurring services revenue, credit sales and iD Mobile subscribers.
Take a bow Mr Baldock
While macro uncertainty abounds, Currys is ‘comfortable’ in meeting the £198 million FY27 adjusted pre-tax profit consensus estimate.
Unveiling his last set of results before handing the CEO baton to Nordics division boss Fredrik Tønnesen, Alex Baldock said: ‘Currys is trending in the right direction on every dimension that matters. Colleague engagement is among the top 10% of global businesses, customers are saying they’re happier (with record satisfaction) and showing they are, as we grew share and extended our lead as market number one. Top line and bottom line, products and Services, the UK&I and the Nordics: all are in growth.’
Baldock added: ‘The outside world remains uncertain, and we are not counting on it to do us any favours. Still, there is much more in the tank here. Growth opportunities such as B2B have almost trebled the market accessible to us, are driving the topline today, and have much further to go.’
We remain constructive on Currys, a tech products seller that keeps on delivering the goods. Investors will be sad to see Baldock depart. But he leaves Currys in great shape and Tønnesen with big boots to fill.
Currys believes the opportunity in front of it is ‘bigger than it has ever been’. With mobile, services, B2B and new categories added to its core electricals base, Currys’ total addressable market (TAM) in the UK alone is around £48 billion. In the UK, it holds around 75% of the market for AI-enabled laptops.
Over in the Nordics, expansion in B2B and kitchens is also widening the opportunity, taking the TAM there to over £34 billion.
Currys benefits from high brand awareness, long-term supplier relationships and a strong balance sheet. In our view, these strengths leave it well-placed to weather retail sector turbulence.
Read the press release here: https://www.currysplc.com/investors/
