Currys (LON:CURY) unveiled a £50 million share buyback on Thursday after reporting an encouraging start to the financial year, sending its stock soaring more than 15% to close at 126.90p. Shares in the electricals retailer are now up 34% in 2025.
Group like-for-like sales rose 3% in the 17 weeks to 30 August. In the UK and Ireland, revenue climbed 3% on market share gains and double-digit growth in new categories and business-to-business sales. Recurring services revenue also advanced, with credit adoption rising and iD Mobile subscribers jumping 22% year-on-year to 2.3 million.
In the Nordics, sales grew 2% as AI computing and categories like robotic lawnmowers fuelled demand. Gross profit improved across every country in the region, supported by a pivot toward more profitable lines. Currys said operating costs were tightly controlled, offsetting inflation and lifting margins.
The company expects full-year adjusted pretax profit of £170 million, up from £162 million last year, and said year-end net cash would total at least £100 million. Longer-term, it continues to target an adjusted EBIT margin of at least 3% in both the UK and Nordics, alongside strict capital discipline.
Currys also confirmed the completion of its triennial pension review, with the scheme deficit shrinking to £134 million from £403 million in 2022. Future annual contributions will fall to £13 million, down from £78 million, freeing cash for returns and investment.
The new buyback, described as a “value-enhancing use of cash,” begins immediately and is scheduled to complete by April 2026. Currys also announced the appointment of Rune Bjerke as an independent non-executive director from 8 September.