Electricals specialist Currys expects annual profits to come in ahead of expectations after returning to like-for-like growth at group level.

Currys store

Currys expects to beat profit guidance

Currys anticipates full-year adjusted pre-tax profits – excluding the Greek business sold in April –  of between £115m and £120m. That compares to the previous guidance of “at least” £105m.

In a full-year trading update to April 27, Currys reported that group like-for-like sales returned to growth and were ahead 2% in the 16 weeks since the peak trading period.

At the core UK and Ireland division, adjusted EBIT is expected to be in line with consensus after “improved trading momentum” delivered like-for-like growth of 2% since the peak Christmas period ending in early January.

In the Nordics, where Currys had earlier faced an intense price war, adjusted EBIT is expected to more than double year on year as gross margin is rebuilt. Like-for-like growth there was also 2%.

Currys chief executive Alex Baldock said: “Our performance is strengthening, with good momentum in the UK and Ireland, and with the Nordics getting back on track.

“Sales are now growing again, margins are benefiting from higher customer adoption of solutions and services, and cost discipline is good. All this means improved profits and, with our strong cash position, we’re well set up for the year ahead.”