Currys reports strong profit growth, driven by demand for AI laptops and mobile services.
- UK and Ireland sales increased by 6% in six months to 26 October.
- The company’s total revenue reached £3,918m, marking a 1% year-on-year rise.
- Currys holds over 75% of the UK market share in AI laptops.
- iD Mobile subscriber numbers grew by 32%, reaching 2 million.
Currys has announced a significant boost in profits for the first half of the year, attributing this success to heightened demand for AI-enabled laptops and expanding mobile services. This growth is reflected in a 6% increase in sales across the UK and Ireland for the six months leading up to 26 October.
The group’s total revenue has climbed to £3,918 million, representing a 1% increase compared to the previous year. On a like-for-like basis, revenue saw a 2% rise, which helped to balance a 2% decrease in Nordic operations. The UK and Ireland division saw a notable 53% boost in adjusted EBIT, which surged by 52% to reach £41 million across the group.
CEO Alex Baldock expressed optimism about the company’s progress. “We are very encouraged by our progress. Currys’ performance continues to strengthen, with profits and cashflow growing significantly, and the group’s balance sheet is strong,” he stated. The company’s strength in the AI laptop market is clear, with Currys commanding over 75% of the UK market in this segment. Baldock added, “AI is a trend with a lot further to run.”
Currys’ mobile business is thriving, as evidenced by a 32% year-on-year increase in iD Mobile subscribers, bringing the total to 2 million users. Additionally, improvements have been made to both online and physical store channels, leading to more customers engaging with valuable solutions and services.
The company has strategically prepared for its peak trading periods, ensuring adequate stock and competitive offers. Despite external pressures such as inflation and policy changes, Currys maintains its full-year guidance and aims for an at least 3% adjusted EBIT margin.
Currys remains optimistic about sustained profit and cash flow growth amid ongoing market challenges.
