Currys Reports Positive Start to FY2024 with Strong UK & Ireland Sales Growth

September 05, 2024 04:49 PM AEST | By Team Kalkine Media

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Currys Reports Positive Start to FY2024 with Strong UK & Ireland Sales Growth — Image source: Shutterstock

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Currys PLC (LSE:CURY) announced a strong start to the year, with like-for-like revenue growth of 5% in the UK & Ireland. This growth was driven by several key factors, including market share gains and an encouraging early adoption of AI computing products. Additionally, the company's performance benefited from England's success in EURO 2024, which boosted consumer spending.

Mobile sales also played a significant role, with iD Mobile, Currys’ mobile network, surpassing 1.9 million subscribers, marking an impressive 34% year-on-year growth. The company saw improvements in gross margins, largely due to higher-than-expected sales in services like credit and solutions, which continued to show positive momentum.

Nordics Performance

In the Nordics, Currys reported a 2% decline in like-for-like revenue, reflecting a challenging consumer environment. Despite this, the company managed to grow its market share, aided by higher adoption of services that contributed to improved gross margins. Operating costs in the region were tightly controlled, with reductions in marketing and central costs helping to mitigate the impact of weak consumer demand and tough competition.

Outlook and Guidance

Looking ahead, Currys remains confident in its outlook for the year, reaffirming all previous guidance. The group expects continued profit and free cash flow growth, supported by its strong performance so far. Additionally, the company anticipates maintaining a healthy net cash position on its balance sheet, reflecting a sound financial strategy.

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