Business
End of offer period and trading update
End of offer period and trading update.
About this update from Currys Plc
[{"type":"text","content":"\n\n\nEnd of offer period and trading update\nWe Help Everyone Enjoy Amazing Technology\nEnd of offer period\nCurrys plc (\"Currys\") notes the announcement by Elliott Advisors (UK) Limited (\"Elliott\") on 11 March 2024, and the announcement by JD.com on 15 March 2024, stating that each of Elliott and JD.com, respectively, do not intend to make an offer for Currys, and that they are consequently bound by the restrictions under Rule 2.8 of the City Code of Takeovers and Mergers.\nThe Board of Currys also confirms that no proposal has been received from JD.com.\n\nTrading update\nIn the period since Peak1 trading, sales have been stronger than the Group's expectations.\nIn UK & Ireland and Nordics, like-for-like sales are positive and gross margins remain robust. Combined with continued strong growth in Services which support both stronger margins and Customers for Life, Group adjusted profit before tax is now expected to be at least £115m.\nThe disposal of Greece is on track to complete in the first half of April, resulting in the Group finishing the financial year in a net cash position.\n \nCurrent Year Guidance\nGroup adjusted profit before tax is expected to be at least £115m (previously guided £105-115m).\n \nAlex Baldock, Group Chief Executive\n\"We've been working to get the Nordics back on track, while keeping up the UK&I's encouraging momentum. Both are progressing well, despite still-challenging markets, and we now feel confident to raise this year's profit expectations to at least the top of our previous guidance. Stronger trading, selling more of the solutions and services that boost margins and build customers for life, and strong cost discipline have all been important.\nWe expect to finish the year in a net cash position, with our already healthy balance sheet and liquidity further strengthened by the sale of Kotsovolos.\nThank you to all my colleagues who are making this possible - you're building an ever-stronger Currys that helps everyone enjoy amazing technology\"\n\n\nCurrent year guidance\nGuidance is based on Greece being fully consolidated for the year.\n· Group adjusted Profit Before Tax is expected to be at least £115m (previously £105-115m)\n· Capital expenditure of around £70m (unchanged)\n· Net exceptional cash costs around £50m (unchanged)\n...