Currys reported a decline in group revenue for the six months ending October 31, but made no change to profit guidance as trading remained in line with expectations.
The electricals giant posted a 4% fall in like-for-like group revenue to £4.1bn and an adjusted loss before tax of £16m, which it said was in line with the £17m loss reported last year.
Like-for-like sales in the UK and Ireland declined 2% to £2.2bn, while adjusted EBIT for the region fell 40% year-on-year to £15m, which was “offset by inflationary pressures”.
Like-for-like sales in international markets comprising the Nordics and Greece fell 6% to £1.9bn, while adjusted EBIT improved 375% to £16m.
Looking ahead, the group said there will be no change to its profit guidance as “trading since the period end has been consistent with the Board’s expectation.”
The group said it expects to receive the necessary final clearances and to complete the disposal of its Greek business Kotsovolos in the first quarter of 2024.
Currys chief executive Alex Baldock said: “Our priorities this year are simple: to get the Nordics back on track and to keep up the UK and Ireland’s encouraging momentum, while strengthening our balance sheet and liquidity. We’re making good progress on all these in a still challenging economic environment.
”In the Nordics, our trusted brands have delivered substantial gross margin gains, which combined with strong cost discipline have resulted in significantly improved profits. There’s still a long way back to healthy Nordics performance but we’re on the way.
“In the UK and Ireland, profits are in line with expectations, as we focus on more profitable sales and growing the services that drive margins and customer lifetime value. Credit, care and repair and iD Mobile are all performing strongly, while colleague engagement and customer satisfaction continue to rise.
”We’ve already substantially strengthened our balance sheet and liquidity this year. The proceeds of the planned sale of Kotsovolos, at a price that represents a very good outcome for shareholders, will strengthen us further. We’re confident we’re building a business that’s resilient today and fit to prosper long term.”
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