Currys – AGM Update proclaims group is on ‘a good track, with growing momentum’, starting £50m share buyback, looking for £170m pre-tax this year, shares now 107p, TP 180p

04.09.2025

Today's AGM Trading Update from Currys (LON:CURY) covers the 17-week period to the end of August.

It reported that the group’s trading in the first four months of the financial year has been in line with expectations, with guidance of around £170m (£162m) of adjusted pre-tax profits.

It noted that the group is planning confidently for the year ahead, comfortable with market those expectations.

It is targeting for continued growth in higher margin, with a build-up in its recurring revenue services, while aiming to reach at least 2.5m iD Mobile subscribers before the year-end.

The group has stated that its year-end net cash is expected to total at least £100m post pension contributions and capital returns.

It is now embarking upon a £50m share buyback programme.

In line with usual practice, the group will update the market on full year profit expectations after the Peak trading period, but at this early stage in the year it is comfortable with market expectations.

Management Comment

CEO Alex Baldock stated that:

"It's been a good start to the year, with encouraging performance across the Group.

In the UK&I we're pleased with the trajectory in our growth areas of new categories, B2B and the Services that are so valuable to customers and to Currys.

Credit was notably strong, and iD Mobile is on track to beat the 2.5m subscriber target we set for this year.

Our Nordics recovery continues to pick up pace.

We continue to grow, improve margins and control costs well.

We're confident that profit margins will step forward again this year.  

We're working to deliver an ever-improving experience for colleagues, for customers and for shareholders, as reintroducing the dividend and now starting share buybacks shows.

None of this would be possible without our thousands of capable and committed colleagues; my heartfelt thanks go out to them.

We're on a good track at Currys, with growing momentum.

We're determined to keep it up, and believe we can."

The Business

The group is a leading omnichannel retailer of technology products and services, operating online and through 708 stores in 6 countries. 

With some 24000 employees, the business is the market leader in all of its markets.

In the UK & Ireland the group trades as Currys and in the UK, it operates its own mobile virtual network under the brand of iD Mobile.

In the Nordics the group trades under the Elkjøp brand.

The group's operations also include one of Europe's largest technology repair facilities, a sourcing office in Hong Kong and an extensive distribution network, centred on Newark in the UK and Jönköping in Sweden, enabling fast and efficient delivery to stores and homes.

Analyst Opinions

The trio of analysts at Panmure Liberum – Wayne Brown, Ben Hunt and Anubhav Malhotra – rate the group’s shares as a Buy, with a Target Price of 180p, against the current 107p.

Their estimates for this year are for £8,812m (£8,706m) sales, with profits of £164.5m (£162.0m), lifting earnings to 11.9p (11.3p) and paying out a dividend of 2.3p (1.5p) per share.

For the coming year, they look for £9,022m sales producing £181.3m of profits, with 13.4p of earnings and a 2.6p per share dividend.

In My View

This group’s shares have been showing a cautious price retrenchment, from a low of 75p at the start of last December, up to a top of 130.18p at the start of July this year, now at 107p I feel that they are ready for a gradual appreciation to trade the 120p to 130p price range within months.

And even then, they would still look underrated!