Electronics retailer Currys has revealed stronger sales despite a “subdued consumer backdrop”, amid a boost from demand for AI technology.
Departing boss Alex Baldock said the group’s performance is continuing “to strengthen”, shrugging off wider concerns about pressure on shopper finances.
Currys told shareholders that adjusted pre-tax profits lifted by 18% to £191 million for the year to May 2, compared with a year earlier.
The profit rise came after group revenues increased by 6% to £9.25 billion for the year, with growth in both the UK and Nordics regions.
In the UK, sales rose by 3% to £5.4 billion for the year despite a decline across the wide market.
It said computing was particularly strong, as it benefited from AI technology sales and gaming launches, such as the Nintendo Switch 2.
The company said every category grew apart from consumer electronics, where it was knocked by “soft” demand for TVs.
Currys added that trading has been “very solid” in the two months since the end of its financial year.
Chief executive Alex Baldock has helped lead an upturn in the retailer’s performance in recent years but is set to leave the business in the coming months after eight years in the top role.
Earlier this year, he confirmed plans to take the top job at high street pharmacy and beauty chain Boots in the autumn.
Fredrik Tonnesen, the boss of Currys’ Nordics business, is set to replace Mr Baldock in the top role from next month.
Mr Baldock said: “Currys is trending in the right direction on every dimension that matters.
“The outside world remains uncertain, and we are not counting on it to do us any favours. Still, there is much more in the tank here.
“In Fredrik, the business has an outstanding leader to continue and accelerate this progress.”
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