Currys has delivered a strong set of half-year results for the six months to 1 November 1, 2025, despite a challenging retail environment – demonstrating its ongoing shift from ‘electrical retailer’ to ‘leading omnichannel and electricals retailer’.
The company reported an adjusted pre-tax profit of £22 million, up 144% year-on-year, on revenues of £4.23 billion, an 8% increase. Like-for-like sales rose 4%, and free cash flow surged 68% to £84 million, strengthening the group’s balance sheet and reinforcing its commitment to shareholder returns. Underlying EBITDA climbed 32% to £54 million, reflecting operational leverage and disciplined cost control.
Executives pleased with momentum
Group chief executive Alex Baldock said in a statement on the company’s corporate website that the results reflect Currys’ resilience in the face of ongoing headwinds. “We’re pleased with the momentum we’ve built, with healthy growth in sales, profits and cash flow,” he said. “In the Nordics, being the clear leader in an improving market, combined with strong execution, has driven another notable step forward in profits. It’s pleasing that strong top-line growth is translating into improved profitability.
He added: “In the UK&I, the consumer environment is more muted, and cost headwinds are unhelpful. Still, we’re the growing market leader, gaining share, and our margin and cost discipline is going a long way to mitigate headwinds and protect profits. In all markets, our big growth initiatives are paying off, our omnichannel model continues to win, and our growing services and solutions are great for customers and valuable to us.”
Currys was one of the earliest UK retailers to launch Black Friday promotions, which Baldock alluded to in his statement. “We entered Peak well prepared, with strong stock availability and market-leading deals that reflect our unmatched importance to our partners,” he said, reaffirming full-year guidance for profit and cash flow growth. The company also announced plans to return £75 million to shareholders through dividends and buybacks, underlining confidence in its financial position.
Analysts optimistic about Currys’ future
Analysts share Baldock’s optimism. Investment bank Peel Hunt described the interims as “confident” and suggested Currys could be “the first Christmas winner.” While the first half typically accounts for only around 10% of full-year profits, the strong trajectory in both UK and Nordics leaves sales and adjusted PBT ahead of market expectations. Peel Hunt reiterated its Buy rating, praising strategic progress across credit, B2B, new product categories, and mobile subscriptions, and predicting further improvements when January’s trading update arrives. “Consistent cash returns will drive a further re-rating in our view,” the broker said.
With firm foundations, a clear focus on services and solutions, and improving profitability in key markets, Currys looks well-positioned to deliver sustainable growth. Ending his statement by thanking his colleagues, Baldock concluded: “Their hard work is building an ever stronger Currys, and allows us to look ahead with confidence.”
Stay informed
Our editor carefully curates two newsletters a week filled with up-to-date news, analysis and research. Click here to subscribe to the FREE newsletter sent straight to your inbox. Why not follow us on LinkedIn to receive the latest updates on our research and analysis?
