Currys (LSE:CURY) delivered a strong financial performance for the year ended 2 May 2026, with group revenue increasing 6% to £9.25 billion, supported by 4% like-for-like sales growth. Adjusted profit before tax rose 18% to £191 million, while adjusted EBIT increased 13% to £255 million.
The retailer also generated free cash flow of £157 million and finished the year with a net cash position of £176 million, despite increasing shareholder distributions and making higher pension contributions.
UK and Nordics businesses both improve profitability
In the UK and Ireland, like-for-like sales rose 3% as Currys continued to gain market share despite a challenging retail environment. Adjusted EBIT for the division increased to £158 million, helped by continued growth in higher-margin services, consumer credit and iD Mobile subscriptions.
The Nordics business delivered an even stronger performance, with like-for-like revenue increasing 6% and adjusted EBIT climbing 26% on a constant currency basis to £97 million. Improving consumer confidence, tighter cost control and greater operating leverage all contributed to stronger profitability and margin expansion.
Higher dividends and buyback backed by strong cash generation
Currys has doubled its full-year dividend to 3.0p per share and announced a new £50 million share buyback programme, reflecting confidence in its financial position and cash generation.
The company’s capital allocation framework targets a year-end net cash balance of at least £100 million while continuing to grow shareholder returns. Management also reiterated its objective of achieving adjusted EBIT margins of at least 3% in both the UK & Ireland and Nordic operations, while keeping annual capital expenditure below £100 million and maintaining strong free cash flow.
Leadership transition and recurring revenue remain key priorities
Management said trading has started positively in the new financial year and remains comfortable with current market profit expectations.
Strategically, the company continues to focus on expanding higher-margin recurring revenue streams, including services, credit products and mobile subscriptions, with a target of reaching at least 2.8 million iD Mobile subscribers by the end of the year.
Currys will also undergo a leadership change in August, when Nordics chief executive Fredrik Tønnesen succeeds as group CEO. He is expected to continue driving growth initiatives, including expanding the company’s B2B business, which has significantly increased its addressable market.
The group’s improving financial performance, reduced leverage, strong free cash flow and relatively low earnings multiple continue to support its investment outlook. Although technical indicators remain positive, elevated momentum measures suggest the recent share price rally may be becoming stretched.
More about Currys plc
Currys plc is one of Europe’s leading retailers of electrical goods and technology products, operating across the UK, Ireland and the Nordic region. The company sells a wide range of consumer electronics, domestic appliances and connected devices through its stores and online platforms.
Alongside its retail operations, Currys has increasingly focused on growing higher-margin recurring revenue through services, consumer credit, mobile subscriptions and business-to-business technology solutions. This strategy is designed to strengthen customer relationships, improve profitability and diversify earnings beyond traditional product sales.
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