Electricals giant Currys has reported that trading momentum improved throughout last year although like-for-likes fell at its core UK division.
Currys posted an increase in full-year earnings and said that trading in the new financial year has been in line with expectations.
At group level, Currys reported adjusted pre-tax profit up 10% to £118m in the year to April 27.
In the UK and Ireland, Currys’ like-for-like sales slipped 2% over the year, while adjusted EBIT was down 16% to £142m. An underlying gross margin improvement and cost savings offset sales decline at the business.
In the Nordics, like-for-likes fell 3% but adjusted EBIT of £61m was up 135%.
Chief executive Alex Baldock said: “Our performance continues to strengthen. We’ve kept up our encouraging momentum in the UK and Ireland, our Nordics business is getting back on track, and we’re stronger financially.
“We can see our progress in ever-more engaged colleagues, more satisfied customers and better financial performance. Continued growth in sales of solutions and services were particular highlights: they’re good for customers, margins and recurring revenues, and they lean on Currys’ competitive strengths.
”We’re planning prudently but confidently for the year ahead, on course to grow both profits and cashflow while carefully stepping back up to more normal investment levels.
“Encouraged as we are by our progress, we know we can go further. For one thing, we expect AI-powered technology to be the most exciting new product cycle since the tablet in 2010. With our partnerships, scale and expert colleagues to demystify AI, we’re best-placed to benefit.”
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