Currys shares falter despite annual profit growth, dividend boost
Currys PLC on Thursday posted improved annual profit and doubled its dividend, reaffirming what it sees as "ever-stronger" business prospects.
Shares in the London-based electrical and telecommunications retailer fell 0.9% to 162.20 pence on Thursday morning in London, having traded as low as 157.50p earlier in the day. The stock is up 36% over the past year.
Currys booked pretax profit of £153 million for the financial year ended May 2, up 23% from £124 million a year earlier. Adjusted pretax profit increased 18% to £191 million from £162 million.
Revenue climbed 6.3% to £9.25 billion from £8.71 billion. Currys proposed a final dividend of 2.25 pence, bringing the full-year dividend to 3.00p, doubled from 1.50p for the previous year.
The firm said a share buyback programme for up to £50 million will start on Thursday and end by the start of May 2027.
Looking to financial 2027, Currys noted that trading so far "has been very solid", and backed market consensus for adjusted pretax profit of £198 million. The company will look to grow "higher margin, recurring Services revenue", and in the new financial year, it plans to return approximately £85 million in cash to shareholders.
Chief Executive Alex Baldock commented: "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.
The CEO continued: "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."
Baldock will step down from the board on August 3, and Fredrik Tonnesen will take over as CEO. Tonnesen started his career at the company over two decades ago, rising to managing director for Norway and Nordics chief operating officer before becoming chief executive of the Nordics division in 2023.
"In Fredrik, the business has an outstanding leader to continue and accelerate this progress. I'll 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," Baldock added on Thursday.
In May, the pharmacy chain Boots disclosed that Baldock will be its next chief executive. There had been speculation of public flotation of Boots, but a Financial Times report last month indicated that the chain's controlling shareholder was considering selling the company instead.
Boots' parent company, Walgreens Boots Alliance Inc, was previously listed in New York before its acquisition by private equity firm Sycamore Partners LLC in 2025.
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