Currys shares hit four-year high after electrical retailer says bumper sales will boost profits
Shares in Currys hit a four-year high after the electrical retailer said bumper sales would boost profits for the year.
Currys, which sells products from laptops to washing machines, raised its forecast for the third time in 12 months and said the figure for the year to May 3 should be £2million higher at £162million – up 37 per cent year-on-year.
Sales growth since January has accelerated to 4 per cent. Group revenue for the year is expected to grow by 2 per cent. And it will resume paying dividends.
Shares passed 128p – a level last reached in late 2021, before retreating to close down 0.5 per cent at 124,6p.
Chief executive Alex Baldock said: 'We've grown profits by delivering sales growth, market share gains and gross margin increases.
'Cashflow was very healthy. This further strengthening ensures resilience and allows resumption of dividends.'
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