Currys’ (LON:CURY) shares climbed 10% on Thursday after the retailer reported a clear turnaround in its first-half results and announced an interim dividend for the first time in a year.
For the six months ending 1 November, Currys posted a pretax profit of £9m, reversing a £10m loss a year ago. On an adjusted basis, profits more than doubled to £22m, while earnings per share came in at 1.5p, compared with a 0.7p loss previously. Revenue increased 8% to £4.23bn, or 4% on a like-for-like basis.
The UK & Ireland operations delivered 6% growth, supported by rising credit adoption, stronger business-to-business sales, and expansion into new product categories.
The Nordics grew 11% overall, or 4% like-for-like, with most product categories contributing and consumer demand improving. Adjusted EBIT was £19m in the UK & Ireland and £35m in the Nordics, up £17m on last year.
Cash returns are back on the agenda. Currys declared a 0.75p interim dividend and has completed £30m of a £50m share buyback, bringing total shareholder returns to £75m this year. Free cash flow rose 68% to £84m.
Services and mobile revenue also made progress. Recurring service income grew 11%, and iD Mobile added 21% more subscribers, bringing the total to 2.4 million, slightly ahead of the year-end target.
The company said trading since the reporting period has been in line with expectations, and full-year guidance remains unchanged. CEO Alex Baldock noted that stock availability and execution were strong, supporting the ongoing recovery. Analysts highlight that while results show clear improvement, cost pressures remain a factor, particularly in the UK, and investors will be watching to see if the momentum continues.
Shares have now recovered sharply from 2023 lows and are back to levels last seen in late 2021. The combination of rising profits, stronger cash flow, and renewed shareholder returns gives Currys a more stable outlook than it has had in recent years.