Currys (LSE: CURY) shares jumped 5% in Monday’s trading after revising its full-year profit forecast upwards. The improved outlook follows stronger-than-expected sales since the start of the year.
Previously, Currys projected full-year adjusted pretax profit between £105 million and £115 million. However, buoyed by positive sales performance, they’ve now raised the minimum expectation to £115 million.
This sales strength extends to both the UK & Ireland and Nordic regions, where Currys reports healthy like-for-like sales and robust margins.
The company also highlighted the upcoming sale of its Greek operations, expected to close in the first half of April, which will place them in a net cash position by year-end.
Currys CEO Alex Baldock credited the upgrade to a renewed focus in the Nordics, continued UK & Ireland momentum, stronger trading, high-margin services growth, and tight cost controls.
This news comes amid recent takeover interest. Last week, Currys rejected a 67 pence per share bid from Elliott Advisors UK, deeming it undervalued. Another potential bidder, JD.Com, also recently withdrew their interest.
Year-to-date, Currys shares are up 17%.
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