UK electricals retailer Currys Group has recorded an adjusted profit before tax of £162m ($221.07m) in the fiscal year 2024/25 (FY2024/25) - a 37% jump from the previous year.
It reported 3% year-on-year (YoY) growth in group revenue, reaching £8.7bn.
The rise is attributed to a like-for-like growth of 2%, with the UK and Ireland (UK&I) segment experiencing a 4% increase in like-for-like revenue and an adjusted EBIT [earnings before interest and taxation] of £153m, up 8% YoY.
Currys chief executive Alex Baldock stated: “Currys’ performance continues to strengthen and the business has real momentum.”
The retailer stated that sales growth across various channels and an expansion in gross margin have successfully offset planned and inflationary cost increases. This has resulted in a segmental free cash flow of £95m - a 14% YoY improvement.
The group's free cash flow has seen an 82% YoY rise to £149m.
The company's year-end net cash stood at £184m, an increase of £88m from the previous year, leading to the strongest balance sheet Currys Group has had in more than a decade.
Despite challenging market conditions and currency headwinds, the Nordics region reported an improvement in profit.
Nordics like-for-like revenue remained flat, but adjusted EBIT reached £72m, a 24% currency neutral growth YoY. The gross margin increased by 60 basis points YoY, returning towards historic highs.
Currys’ continuing operations reported a statutory profit before tax of £124m, a £96m improvement from the previous year.
Trading in the early part of the new financial year has been in line with expectations.
The company is targeting continued growth in higher margin recurring revenue services, including reaching at least 2.5 million iD Mobile subscribers before the end of 2025.
Baldock added: “We’re uniquely placed not just to sell customers amazing technology, but to help them enjoy it to the full. Customers are increasingly adopting our credit, setup, installation, repair and connectivity services, building valuable recurring revenues for Currys. We’re now seen as the home of AI-enabled tech and our investments in new product categories and serving B2B customers are showing early signs of success.
“Our brands – Currys in the UK&I and Elkjøp in the Nordics – are stronger than ever. A new generation of customers is discovering Currys, thanks to brilliant social campaigns which have delivered industry-leading levels of engagement.”
In the long term, Currys continues to target at least a 3% adjusted EBIT margin in both the UK&I and the Nordics.
In May 2025, it partnered retail communications specialist VoCoVo to roll out Series 5 Pro headset technology across all its stores in the UK and Ireland.
