Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • CURY reported a 37% YoY rise in adjusted profit before tax to GBP 162 million in FY24
  • Currys PLC generated GBP 149 million in free cash flow, up 82% YoY, with net cash doubling
  • The company proposed a 1.5p final dividend, reflecting resumed returns to shareholders

Currys PLC (LSE:CURY), a UK-based electrical and technology retailer operating under the Currys and Elkjøp brands across the UK&I and Nordic regions, reported its financial results for the fiscal year ending 2024. The group delivered a year marked by higher profitability and improved liquidity while announcing the reinstatement of a shareholder dividend.

In FY24, Currys recorded adjusted profit before tax of GBP 162 million, representing a 37% increase year-over-year (YoY). The growth was underpinned by disciplined cost management, improved gross margins, and growth in both the UK & Ireland (UK&I) and Nordics operations. Free cash flow surged 82% YoY to GBP 149 million, contributing to net cash of GBP 184 million, up by GBP 88 million compared to the previous year.

The board has proposed a final dividend of 1.5p per share, resuming returns to shareholders after a period of suspension, in line with the company's goal of delivering consistent and growing returns.

UK&I operations delivered 6% revenue growth, supported by market share gains and targeted strategic initiatives. Recurring services revenue increased 12%, credit sales rose 14% to GBP 1.1 billion, and iD Mobile subscribers expanded by 26% to reach 2.2 million. UK&I adjusted EBIT rose 8% YoY to GBP 153 million. Like-for-like revenue increased by 4% in the segment, and free cash flow reached GBP 95 million, up 14% from the prior year. The company noted that growth in both sales channels and improved gross margins helped to offset inflationary pressures.

In the Nordics segment, while like-for-like revenue remained flat, adjusted EBIT rose 24% YoY on a currency-neutral basis to GBP 72 million. Gross margins improved by 60 basis points YoY, recovering toward historical levels. Free cash flow from the region more than doubled to GBP 69 million. The company reported improved profitability in this market despite ongoing challenges related to macroeconomic conditions and currency headwinds. On a statutory basis, the group’s profit before tax from continuing operations was GBP 124 million, a GBP96 million increase from the prior year.

Customer satisfaction showed improvement, with UK&I Net Promoter Score (NPS) rising by six points YoY to 55, and Nordics NPS reaching 63. The group’s internal colleague engagement score rose by 1 point to 82, placing it within the top 5% of global companies based on external benchmarks.

Trading in the early part of the new financial year has been described as in line with internal expectations. Currys confirmed that it is comfortable with current market consensus for FY25 and is focused on growing its higher-margin, recurring revenue streams. It is targeting at least 2.5 million iD Mobile subscribers before the end of the year and continuing to scale services including credit, setup, repair, and connectivity.

The company’s triennial pension review is currently underway and is expected to conclude by the end of calendar year 2025.

As of July 3, 2025, Currys PLC shares were trading 5.72% higher at GBX 125.28 per share.