Business
Solid performance in a tough environment
Solid performance in a tough environment.
About this update from Currys Plc
[{"type":"text","content":"\n\n14 December 2023\n \n Unaudited Results for the Half Year Ended 28 October 2023\nSolid performance and progress in a tough environment\nWe Help Everyone Enjoy Amazing Technology\nSummary\n· Group adjusted EBIT +7% YoY\n· Further progress in UK&I, with strong momentum in Services: Credit adoption +330bps to 20.3%, Care & Repair adoption +340bps, iD Mobile subscriptions > 1.5m, +24% YoY\n· Nordics profitability improved despite difficult consumer environment, with gross margins back up to the levels of two years ago\n· First-half free cash outflow limited to £(10)m (H1 2022/23: £(86)m)\n· After period closed, agreed sale of Greece for an enterprise value of £175m and net proceeds of £156m, representing an attractive return for shareholders. Greece will be included in continuing operations until transaction completes\nFinancial performance\n· Group LFL revenue (4)%; Currency neutral revenue (4)%; Reported revenue (7)%\n· Group adjusted loss before tax £(16)m, in line with last year\n· UK&I LFL revenue (3)%, adjusted EBIT £15m, (40)% YoY - profit decline as anticipated as improved gross margin and costs savings of £53m were more than offset by inflationary pressures and non-repeat of £11m of mobile revaluations\n· Nordics LFL revenue (6)%, adjusted EBIT £12m, +300% YoY - significant gross margin recovery of +190bps and cost actions offset continued market driven sales decline\n· Greece LFL revenue (4)%, adjusted EBIT £4m, +300% YoY - delivering another period of robust profits\n· Group statutory loss before tax of £(46)m, from £(548)m in prior year\n· Period end net debt of £(129)m - first-half cash outflow of £(32)m, compared to £(149)m outflow in prior year\n· Period end IAS 19 pension deficit £(190)m, from £(249)m at year end\nOutlook\n· Trading since the period end has been consistent with the Board's expectations\n· No change to previous guidance\n· Greece disposal expected to receive final approvals and to complete in first quarter of 2024\n· Group expected to finish year in net cash position if disposal completes before year end\nAlex Baldock, Group Chief Executive\n\"Our priorities this year are...