Currys has achieved a sales increase of 3% to £8.7 billion in the year ending May 3, driven by a 6% growth in the UK market. The Nordics experienced a 2% decline due to challenging market conditions. Alex Baldock, the group chief executive, stated that the company's performance is strengthening and expresses optimism about future opportunities. Analysts note that Currys' net cash position of £184 million supports its growth potential, especially if consumer confidence continues to improve despite an inflationary environment.
Currys' performance continues to strengthen and the business has real momentum. A stronger Currys is good for colleagues, customers, shareholders and society, and we're doing a better job for all of them.
Profits before tax are in rude health and net cash of £184m gives the balance sheet a solid basis to make even bigger strides this year.
UK consumer confidence is growing and if it has bottomed, Currys could benefit even more from Britons feeling happier to spend on bigger electrical purchases.
Currys is right to focus on investing wisely and targeting high-returning projects, especially if it adds to an improving free cash flow picture.
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