Currys - a cracking set of Interim results, shares 126.6p, brokers up TP to 200p

Mark Watson-Mitchell
11 hours ago
2 min read

Mark Watson-Mitchell - 18.12.2025

This morning Currys (LON:CURY) has reported a significant improvement in its financial performance for the half year ended 1st November, with group adjusted profit before tax reaching £22m, a 144% year-on-year increase, and group free cash flow rising by 68% to £84m.

The UK and Ireland segment showed strong momentum with a 6% revenue increase, driven by gains in recurring service revenue, credit adoption, B2B sales, and new categories, while the Nordics segment also saw accelerating recovery with a 7% currency-neutral revenue increase.

The company is undertaking a £50m buyback programme, having completed £30m to date, and declared an interim dividend of 0.75p per share, bringing total shareholder returns for the year to £75m.

Full-year guidance for profit and free cash flow growth has been maintained.

Management Comment

CEO Alex Baldock stated that:

"We're pleased with the momentum we've built, with healthy growth in sales, profits and cash flow.

In the Nordics, being the clear leader in an improving market, combined with strong execution, has driven another notable step forward in profits.

It's pleasing that strong top-line growth is translating into improved profitability. In the UK&I, the consumer environment is more muted, and cost headwinds are unhelpful.

Still, we're the growing market leader, gaining share, and our margin and cost discipline is going a long way to mitigate headwinds and protect profits. In all markets, our big growth initiatives are paying off, our omnichannel model continues to win, and our growing services and solutions are great for customers and valuable to us.

The business now has firm foundations and is focused on sustainable growth and cash flow generation.

We're committed to delivering for colleagues, customers and shareholders alike, and are pleased to be returning £75m to shareholders this year through dividends and buybacks.

We entered Peak well prepared, with strong stock availability and market-leading deals that reflect our unmatched importance to our partners.

Trading is in line with expectations."

Broker's View

Analysts Wayne Brown, Ben Hunt and Anubhav Malhotra, at Panmure Liberum, have today upped their Target Price for the group's shares to 200p (180p).

They note that the valuation differential to US & European peers remains too low and with buy backs resuming in January, and more upgrades likely.

"Currys shares look appealing and have done well over the past 18 months.

Notwithstanding this, the Autumn budget, low consumer confidence and recent.

3 negative trading updates (in the sector) has impacted Currys share price.

These interims should put this right and the underperformance relative to earnings momentum should close."

Their current year estimates to end April 2026 show sales of £8,967m (£8,706m), with pre-tax profits of £180.1m (£162.0m), earnings of 13.1p (11.3p) and a 2.5p (1.5p) per share dividend.