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Currys PLC (LON: CURY) has reported a notable increase in its financial performance for the year, underscored by robust growth in profits, increased net funds, and strong trading momentum. The group’s adjusted profit before tax reached £118 million, marking a 10% year-over-year increase. Additionally, the company's net funds rose by £193 million compared to the previous year, reflecting a solid financial position.
Growth in Credit Adoption and Mobile Subscribers
Currys PLC experienced significant growth in its UK credit adoption, which increased by 240 basis points to 20.1%. This growth was accompanied by a 17% rise in active accounts, reaching a total of 2.3 million. The company's mobile subsidiary, iD Mobile, also showed impressive growth, with the number of subscribers climbing by 34% year-over-year to 1.8 million. This surge in subscribers highlights the increasing popularity and adoption of iD Mobile services.
Enhanced Employee and Customer Satisfaction
The company has also seen improvements in both employee and customer satisfaction. Currys PLC’s colleague engagement score increased by 3 points, reaching 81, placing the company among the top 10% of global companies in terms of employee engagement. On the customer front, satisfaction levels are rising, with the UK Net Promoter Score (NPS) increasing by 4 points year-over-year. In the Nordics, customer satisfaction, measured by the "Happy or Not" metric, continues to climb, indicating a positive trend in customer experience.
Strategic Business Moves and Future Outlook
Currys PLC successfully disposed of its Greece business, achieving a significant valuation premium. This strategic move allows the company to focus on its core markets and operations.
Looking ahead, Currys PLC is trading in line with expectations in the early part of the new financial year. The group is planning confidently for the year ahead, with expectations of continued profit and free cash flow growth. One of the key targets for the company is to continue expanding its high-margin, recurring revenue services. Specifically, Currys PLC aims to reach at least 2 million iD Mobile subscribers by the end of the year, reflecting its commitment to growing its mobile services segment.
In summary, Currys PLC’s financial performance has shown considerable improvement, driven by strong trading momentum, increased credit adoption, and a growing mobile subscriber base. With enhanced employee and customer satisfaction, strategic business disposals, and a confident outlook for the future, Currys PLC is well-positioned for continued growth and success in the coming year.
