Currys trading update shows stronger profit momentum and a small but meaningful beat
Currys has put out a genuinely solid trading update for the year ended 2 May 2026. The headline is simple: sales are growing, profit is coming in ahead of previous guidance, and the balance sheet looks strong.
The group now expects full year adjusted profit before tax, or adjusted PBT, to be around £191 million. That is up 18% year-on-year and slightly above the company’s earlier guidance range of £180 million to £190 million. It is not a massive beat, but beating the top end is still a good sign because it suggests trading held up well right through the final stretch of the year.
Key numbers from the Currys FY2025/26 trading update
| Metric | Figure | What it tells us |
|---|---|---|
| Full year adjusted PBT | Around £191 million | Above prior guidance of £180 million to £190 million |
| Adjusted PBT growth | +18% YoY | Profit growth remains strong |
| Group like-for-like sales growth | +4% full year | Healthy demand on a comparable basis |
| Group like-for-like sales growth | +4% post-peak 16 weeks | Momentum continued after the key festive period |
| Cash returned to shareholders | £74 million | Management is confident enough to keep returning capital |
| Year-end net cash | More than £170 million | Strong financial position |
| iD Mobile subscribers | 2.6 million | Up 18% YoY, showing growth beyond core electrical retail |
Why Currys beating guidance matters for retail investors
When a company says profits will be ahead of guidance, the market usually pays attention. In Currys’ case, the beat is modest in absolute terms, but it matters because it comes after a full year of steady like-for-like sales growth and despite cost headwinds.
That combination is the interesting bit. Currys is not just selling more products. It is also holding gross margin broadly stable and growing in areas like Services, B2B, and mobile. That tends to be better quality growth than simply relying on discounting to shift more televisions and laptops.
For retail investors, this suggests the turnaround and improvement story still has legs. It also helps that cash generation appears healthy, although the company has not disclosed full free cash flow figures in this update.
Currys like-for-like sales growth stayed strong in both the UK & Ireland and Nordics
Like-for-like sales strip out the effect of store openings, closures, and other changes, so they give a cleaner read on underlying trading. Currys reported group like-for-like sales growth of 4% for both the full year and the 16-week post-peak period. That is a reassuring level of consistency.
UK & Ireland performance: steady rather than spectacular
UK & Ireland delivered like-for-like sales growth of 3% in the second half and 3% for the full year. Adjusted EBIT, which is operating profit before interest and tax on an adjusted basis, is expected to grow slightly year-on-year.
Management said growth was driven by market share gains and strong performance in Services, B2B, and new categories. That matters because those areas can help reduce reliance on big-ticket consumer purchases alone, which can be patchy in tougher economic periods.
Another bright spot is iD Mobile. Subscribers rose 18% year-on-year to 2.6 million. For me, that is one of the more attractive details in the release because recurring customer relationships can be more valuable than one-off hardware sales.
Nordics performance: the standout region again
The Nordics look especially strong. Like-for-like sales rose 8% in the second half and 6% for the full year, with a striking 12% increase during the peak period. Adjusted EBIT is expected to show strong growth year-on-year.
Currys said this was helped by market share gains and very strong performance in Kitchens and newer categories such as computing components. The company also noted that gross margin was broadly stable and costs were tightly controlled, which is exactly what you want to hear when a retailer is growing quickly.
Alex Baldock highlighted that the Nordics represent 40% of group sales. That is important because it means this is not a side story. Strong Nordic execution can move the needle for the whole group.
Cash returns, net cash and what this says about Currys’ financial strength
Currys returned £74 million of cash to shareholders during the year and still finished with net cash of more than £170 million. That is a strong position for a retailer, especially one operating in markets that can be cyclical and promotional.
The big takeaway here is flexibility. A net cash position gives Currys more room to cope with bumps in the market, invest in growth categories, and continue shareholder returns. It also reduces balance sheet risk, which should not be overlooked in retail.
That said, the update does not disclose how the £74 million was split between dividends and any other forms of return. It also does not give full detail on debt facilities or lease-adjusted leverage, so investors will need to wait for full year results for the finer points.
Risks and softer spots: not all clear skies for Currys shares
This is a positive update, but it is not risk-free. Management said it has not yet seen an impact from the Middle East conflict, which is helpful in the near term, but it also tells you the company is watching external volatility closely.
Currys also said energy costs are well hedged for the coming year. In plain English, that means it has locked in much of its energy pricing, reducing the risk of sudden cost spikes. That is good news, although hedging only buys time rather than removing inflation risk forever.
There is also the leadership question. The process to appoint a new Group Chief Executive is said to be progressing well, but until that is resolved there is still an element of uncertainty. Investors usually prefer smooth succession, especially when a company is in improved form and nobody wants strategic drift.
What this Currys RNS means for the investment case now
My view is that this update strengthens the bullish case. Currys is showing decent sales growth, improving profits, stable margins, good cost control, and a cash-rich balance sheet. Those are not the numbers of a retailer under pressure.
The most encouraging part is the mix of growth drivers. Market share gains, services, B2B, mobile, kitchens, and new categories all suggest Currys is doing more than just riding a consumer recovery. It appears to be executing well across several levers at once.
The main caution is valuation, and this RNS does not discuss that. It also does not give revenue, statutory profit, earnings per share, or dividend details, so investors still need the full year results on 2 July 2026 for the complete picture.
What to watch before Currys full year results on 2 July 2026
- Whether adjusted PBT of around £191 million is confirmed or improved.
- Any detail on free cash flow, which is mentioned positively but not quantified here.
- How much of future growth is coming from Services, B2B, iD Mobile, and newer categories.
- Any update on the new Group Chief Executive appointment.
- Management commentary on consumer demand, the Nordics, and external risks.
Put simply, this was a good update from Currys. Not flashy, not overblown, just the kind of steady, credible progress that long-term shareholders tend to like.
