UK-based electrical and telecommunications retailer Currys has reported an 18% rise in adjusted pre-tax profit to £191m ($255.4m) for the year to 2 May 2026, alongside a leadership change.
Group revenue rose by 6% to £9.25bn, driven by 4% like-for-like (LFL) sales growth.
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Group adjusted earnings before interest and taxes (EBIT) increased by 13% to £255m, while adjusted earnings per share grew by 19% to 13.4p.
The board proposed a final dividend of 2.25p per share, bringing the full-year total to 3p, double the prior year.
Free cash flow increased by 5% to £157m, while net cash stood at £176m after £74m in shareholder returns and £82m in pension contributions.
A new £50m share buyback was announced with immediate effect.
Fredrik Tønnesen, currently CEO of the Nordics business, will take over as group CEO from 3 August, replacing Alex Baldock.
Baldock said: “I will be a loyal Currys customer, advocate and shareholder all my life, and will be cheering on Fredrik and his world-class team. As ever, my heartfelt thanks and admiration go to the thousands of capable and committed colleagues who are building this ever-stronger Currys.”
UK & Ireland revenue increased by 3% to £5.43bn, with LFL sales also up 3%.
Adjusted EBIT rose by 3% to £158m, aided by market share gains, a 7% rise in recurring services revenue, 10% growth in credit sales to £1.2bn and iD Mobile subscribers climbing by 18% to 2.6 million.
Nordics revenue reached £3.81bn, up by 12% on a reported basis and 6% in constant currency, with LFL sales up by 6%.
Adjusted EBIT increased 26% in constant currency to £97m as higher sales and cost discipline offset currency-related margin pressure.
Currys said trading since the start of the new financial year had been “very solid” and that it remained comfortable with current market expectations despite macroeconomic uncertainty.
For 2026/27, the company plans further expansion of recurring services, targeting at least 2.8 million iD Mobile subscribers by year-end.
It expects to return around £85m to shareholders via dividends and buybacks, and aims to reduce dividend cover to four times, alongside its long-term goal of a 3% adjusted EBIT margin in both divisions.
Baldock added: “Our performance continues to strengthen. Profits and cash flow are healthily up, supported by a balance sheet that has never been stronger, even after growing shareholder returns.”
