Business
Trading Statement
Trading Statement.
About this update from Currys Plc
[{"type":"text","content":"\n\n15 May 2023\n\nTrading update for year ending 29 April 2023\nStronger UK&I business drives better than expected results We Help Everyone Enjoy Amazing Technology\nCurrys plc, a leading omnichannel retailer of technology products and services, today issues the following trading update for the year ending 29 April 2023.\n \n· Group full year adjusted PBT expected to be £110-120m (previously guided to around £104m)\n· Group year-end net debt around £(100)m (previously guided to £(100-150)m)\n· Fixed charge cover covenant on revolving credit facility amended, providing increased financial resilience \n\n· UK & Ireland full year adjusted EBIT expected to increase >40% YoY\no UK&I trading has been better than expectations, especially in the final two months of the year\no Improved profits driven by continued gross margin improvements and management focus on cost efficiencies \no In-year benefit from non-repeating mobile debtor revaluation has been higher than prior year and forecast\n \n· International full year adjusted EBIT expected to be materially lower than last year driven by Nordics\no Nordics trading environment remains challenging, but under new management we have made progress on margins and costs\no Structural changes underway to remove at least £25m of annual costs , the one-off cash costs associated with these actions will be £15-20m\no Another year of robust performance from our market leading business in Greece\n \n· Balance sheet further improved\no Strong finish to year means year-end net debt is around £(100)m (previously guided to £(100-150)m)\no Full year average net debt was also around £(100)m\no Supportive lending group has agreed to amend the fixed charge cover covenant in respect of its c.£500m revolving credit facility to 1.5x (from 1.75x) for the measurement periods from 28 October 2023 to 26 October 2024\no Group closing stock position is down (10)% YoY\n \n\n\n\n\nLike-for-like Sales - YoY\n\n\nH1\n\n\nPeak\n\n\nPost-Peak \n\n\nH2\n\n\nFull year \n\n\n\n\n UK & Ireland \n\n\n(10)%\n\n\n(5)%\n\n\n(4)%\n\n\n(4)%\n\n\n(7)%\n\n\n\n\n International \n\n\n(6)%\n\n\n(7)%\n\n\n(10)%\n...