Shares in Currys (CURY) sparked higher after the electricals retailer raised FY26 profit guidance off the back of strengthening revenues and cash flows.
Despite a tough consumer backdrop, the FTSE 250 retailer continued to win market share in the UK & Ireland and Nordics last year.
There was also relief as the washing machines-to-laptops seller insisted the process to appoint a successor to outgoing CEO Alex Baldock is ‘progressing well’.
Profits spark higher
For the year ending 2 May 2026, Currys now expects to deliver adjusted pre-tax profits of around £191 million. That is ahead of the previously guided £180 million to £190 million range and represents 18% year-on-year growth.
The dishwashers-to-mobile phones purveyor delivered strong like-for-like sales growth of 4% for both FY26 and the 16 weeks since Christmas.
Solid share gains
In the UK & Ireland, Currys highlighted market share gains and strong growth in services, B2B and new categories. A particular highlight was the 18% year-on-year growth in iD Mobile subscribers to 2.6 million.
The tech products seller also called out strong profit growth in the Nordics, which has been turned round in recent years. Recent growth was driven by market share gains and ‘very strong performance’ in kitchens and computing components.
What did Baldock say?
‘We finished a good year well,’ said Baldock, ‘with strong performance in the UK & Ireland and the Nordics, a region that represents 40% of group sales and that grew especially strongly.’
Baldock continued: ‘Recent trading has been very solid; we’ve not yet seen an impact from the Middle East conflict, and our energy costs are well hedged for the coming year.’
We have been fans of Currys for a couple of years now and the technology products seller keeps on delivering. Investors will be sad to see Baldock depart. Having turned Currys round, Baldock is off to lead Boots ahead of a potential London initial public offering (IPO).
He leaves Currys in great shape and his successor has big shoes to fill. While the electricals market is ultra-competitive, we think Currys can continue to take market share and grow profits.
The retailer benefits from its high brand awareness as well as its scale, which underpins long-term supplier relationships. A strong balance sheet leaves Currys well-placed to weather retail sector turbulence whilst continuing to return cash to shareholders.
Read the press released here: https://www.currysplc.com/investors/
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