Currys – tomorrow’s Finals will be good, showing Alex Baldock’s turnaround ability, shares at 159p still offer alluring upside

Mark Watson-Mitchell - 01.07.2026

Tomorrow morning, Thursday, 2^nd July, CEO Alex Baldock will present his last set of results for Currys (LON:CURY) before handing over the reins to former shop assistant Fredrik Tønnesen.

Baldock has done an excellent job at the £1.65bn-capitalised technology retail group as he moves on to the top job at Boots.

Over the last eight years Baldock has streamlined the business, strengthened both its profitability and its balance sheet, while it has regained its market leadership in its core markets.

This week’s Final Results will cover the retail group’s year to end-April, and they are expected to show a 4% increase in group sales, with over a 17.5% leap in group profits and generating a 22% hike in earnings.

Since late-March this year, the group’s shares have been a strong performer, rising from 117.30p to around the current 159p level – a neat 35% lift in price in three months.

Formerly the CEO of Currys Nordic operations, Fredrik Tønnesen has been with the company for over 20 years and, to his credit, led a successful turnaround of the Nordics businesses.

So, taking over from Baldock, in early August, looks to be an excellent executive decision.

The Business

The company, which has some 25,000 employees, is an omnichannel retailer of technology products and services, operating online and through over 708 stores in six countries.

It has two main segments - UK & Ireland; and Nordics.

The UK & Ireland segment comprises the operations of Currys, iD Mobile, and business to business (B2B) operations.

Trading under the Elkjop brand, the Nordics segment operates both franchise and own stores in Norway, Sweden, Finland, and Denmark with further franchise operations in Iceland, Greenland, and Faroe Islands.

The group’s operations include repair facilities in Newark, UK, a sourcing office in Hong Kong and an extensive distribution network, centred in Newark and Jönköping in Sweden, for fast and efficient delivery to stores and homes.

Latest Trading Update

On Tuesday, 19^th May, the group reported a strong trading update for the year ending Saturday, 2^nd May 2026, with group like-for-like sales growth of 4% for the full year.

The company stated that it expects full-year adjusted profit before tax to be around £191m, an 18% year-on-year increase and ahead of previous guidance.

Currys returned £74m to shareholders and finished the year with over £170m in net cash.

Both the UK & Ireland and Nordics regions showed positive performance, with the Nordics experiencing particularly strong growth driven by market share gains and new categories.

Management Comment

Alongside the Update, CEO Alex Baldock stated that:

"We finished a good year well, with strong performance in the UK&I and the Nordics, a region that represents 40% of Group sales and that grew especially strongly.

Profits grew +18% and free cash flow increased again, from a strategy that is delivering ever-stronger results for colleagues, customers, shareholders and society.

Recent trading has been very solid; we've not yet seen an impact from the Middle East conflict, and our energy costs are well hedged for the coming year.

This performance, combined with our strong balance sheet, means we are well positioned to navigate any market volatility ahead, tap into exciting growth opportunities and continue returning capital to shareholders.”

The Equity

There are some 1.1bn shares in issue.

The larger holders include RWC Asset Management (13.40%), Wishbone Management (5.19%), Artemis Investment Management (5.14%), Schroder Investment Management (4.79%), Ruffer (4.77%), JPMorgan Asset Management (UK) (4.51%), Liontrust Portfolio Management (4.04%), Cobas Asset Management (3.77%), JO Hambro Capital Management (3.75%), and Vanguard Capital Management (3.09%).

Broker’s Views

Eight analysts closely follow the group, with five calling the shares as a Buy, two to Outperform, while the other says Hold.

Their average Target Price is 179p, with the Lowest at 150p and the Highest at 210p.

The trio of analysts – Wayne Brown, Ben Hunt and Anubhav Malhotra – at Panmure Liberum, rate the group’s shares as a Buy, with a 200p Target Price.

The end-April 2026 year, they estimate, could have seen sales of £9,070m (£8,706m), with pre-tax profits of £190.7m (£162.0m), raising earnings to 13.8p (11.3p) and almost doubling the dividend per share to 2.6p (1.5p).

For the current year they look for £9,287m sales, £194.9m profits, 14.1p earnings and a 2.8p per share dividend.

For the year to end-April 2028 the analysts estimate £9,473m sales, £203.8m profits, 15.4p earnings and a dividend of 2.9p per share.

My View

I am looking forward to seeing just how the market reacts to Baldock’s Final Results statement tomorrow – he has done a very good job in pulling the group around over the last few years, with these results an example of his ability – that he is now taking to Boots.

But in Fredrik Tønnesen the group appears to have another strong executive to take the business forward.

Tomorrow’s results will prove to be a pointer.

Despite the recent price rise, the group’s shares at 159p still offer alluring upside.

(Profile 10.07.23 @ 49p set a Target Price of 61p*)

(Profile 18.12.23 @ 50.05p set a Target Price range of 61p-65p*)

(Profile 21.01.26 @ 125.40p set a Target Price at 155p*)

(Profile 19.02.26 @ 155.90p set a Target Price of 190p)