Strong momentum heading into results
Currys enters its annual results announcement with genuine operational momentum. Both major divisions contributed positively to full-year performance, with UK & Ireland like-for-like sales rising 3% and the Nordics delivering stronger growth of 6%.
The Nordic outperformance reflects improving consumer demand in those markets, alongside continued market share gains against weaker competition. It also provides some geographic diversification that reduces reliance on the more cost-pressured UK consumer.
The company’s strategy of expanding higher-margin revenue streams continues to pay off. Growth in services, business-to-business sales, credit products and its iD Mobile network has helped offset persistent cost pressures affecting the wider retail sector.
iD Mobile subscribers increased 18% year-on-year to 2.6 million, strengthening the group’s recurring revenue base. This is an increasingly important contributor to earnings quality, as recurring revenues are more predictable and less sensitive to short-term consumer sentiment.