Currys (LSE: CURY), the FTSE 250 electricals and technology retailer, upgraded its full-year profit expectations on Tuesday in a trading update that sent shares surging as much as 11% during the session, as the company confirmed performance across both its UK and Nordic divisions had come in ahead of what management had guided. The update covers the 52-week period ended May 2, 2026, and positions the Business for a formal results announcement that will follow in the weeks ahead.
Adjusted pre-tax profit for the full year is now expected to land at approximately £191 million, representing an 18% increase on the £162 million delivered in the prior financial year and exceeding the company’s own guidance range of £180 million to £190 million. The figure also came in above the £187 million figure that had built up as the market’s consensus expectation heading into the update, giving Currys a clean beat on all relevant comparisons simultaneously.
Group like-for-like sales growth of 4% was sustained across the full year, with the same pace of growth maintained through the 16-week post-peak period that ran through to May 2. That consistency is meaningful in retail, where momentum often fades sharply after the Christmas trading season. In this case, the second half of the year came in with overall like-for-like growth of 5%, suggesting the business actually accelerated modestly after peak rather than tapering.
Chief Executive Alex Baldock, who handed in his notice in March and whose replacement search the company confirmed is still progressing, delivered a characteristically confident summary of where the business stands. “We finished a good year well, with strong performance in the UK&I and the Nordics, a region that represents 40% of group sales and that grew especially strongly,” Baldock said. He added that recent trading had remained “very solid” and noted that energy costs for the coming year are well hedged, providing some insulation against the inflationary backdrop that has continued to weigh on UK consumer spending elsewhere.
The UK and Ireland division, which drives the majority of the company’s revenue, delivered like-for-like sales growth of 3% for the full year. Adjusted earnings before interest and tax from that segment is expected to grow slightly on the prior year, underpinned by market share gains and continued expansion in services, business-to-business sales, and newer product categories. iD Mobile, the company’s mobile virtual network operator, was a standout performer, with subscriber numbers growing 18% year on year to reach 2.6 million, adding meaningful recurring revenue that is structurally more durable than one-off hardware sales.
The Nordic operation delivered the strongest headline numbers, with like-for-like sales growing 6% across the full year, trading under the Elkjop brand across Norway, Sweden, Finland, and Denmark. The Nordics segment now accounts for 40% of group sales, a scale that makes its outperformance genuinely material to the consolidated picture. The region’s 12% like-for-like growth during the peak 10-week period ending January 10 was particularly strong, driven by computing components and kitchen categories alongside the company’s broader omnichannel improvements.
From a balance sheet perspective, Currys ended the year in sound financial health. Net cash stood at more than £170 million, with £74 million returned to shareholders during the period. That combination of profit growth, cash generation, and shareholder returns in a challenging consumer environment reinforces the credibility of the multi-year turnaround that has been underway at the business since the pandemic disruption of its prior era.
The leadership question is one of the few meaningful uncertainties hanging over the stock. Baldock’s notice was given in March, and while the board has confirmed a search is ongoing, no appointment has been publicly signalled. Maintaining operational momentum during a chief executive transition is a genuine challenge for any retailer, particularly one that has delivered compounding improvements through consistent strategic execution rather than one-off restructuring. The incoming CEO will inherit a significantly better business than the one Baldock took on, which is itself a meaningful attraction for credible external candidates.
At a market capitalisation that sat just above £1.5 billion at recent prices, Currys trades at a valuation that does not yet fully reflect the consistency of its earnings recovery. The 18% profit growth delivered against macro headwinds, combined with the Nordic momentum and iD Mobile’s subscriber trajectory, gives the investment case a breadth that pure UK retail plays lack entirely.