Yahoo Finance Currys back in the black thanks to ‘encouraging’ momentum in key markets
Tech retailer Currys has seen its profit rise as bosses declared the company is “getting back on track” after a tumultuous couple of years.
The London-listed firm grew its pre-tax profit to £28m in the 12 months ended 27 April 2024, up from a pre-tax loss of £462m the year before.
This profit growth was despite the company’s revenue dipping from just over £5m to £4.9m in the same 12 months.
Alex Baldock, Currys’ CEO, said: “Our performance continues to strengthen. We’ve kept up our encouraging momentum in the UK&I, 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.
“As ever, I’m thankful to our thousands of capable and committed colleagues, whose skill and will is an inspiration to me. With them we can go so much further, and they will benefit alongside customers, shareholders and society.”
Currys officially ended its period for considering takeover bids without securing any offers in March this year.
Both Elliott Advisors and JD.com had been mulling bids to purchase Currys and major Chinese online retailer JD withdrew from the running to acquire Currys.
That decision came just one week after another potential buyer backed out. Currys confirmed that it did not receive any formal proposal from JD.
Previously, Currys had rejected a £700m takeover offer from hedge fund Elliott, saying the offer undervalued the business. Shortly after, Elliott made a second bid, this time worth around £750m, which management also turned down.
