Half Year 2025 Currys PLC Earnings Call Transcript
Key Points
- Currys PLC (DSITF) reported a 1% year-on-year increase in total group sales, reaching GBP3.9 billion.
- Adjusted EBIT rose by 52% to GBP41 million, indicating strong profitability improvements.
- The company achieved a significant increase in free cash flow, up GBP4 million from last year to GBP50 million.
- The UK and Ireland segment showed strong performance with a 5% revenue increase on a like-for-like basis and a 53% rise in adjusted EBIT.
- Currys PLC (DSITF) successfully reduced its pension deficit by GBP47 million year-on-year to GBP143 million, strengthening its financial position.
- The Nordics market faced a challenging environment with a market decline of over 3%, resulting in a 2% drop in like-for-like revenue.
- Operating cash flow in the Nordics remained flat, and segmental free cash flow experienced an outflow of GBP4 million due to negative working capital.
- The company anticipates a GBP30 million year-on-year impact from the UK government budget changes, including national living wage and national insurance increases.
- Currys PLC (DSITF) faces unwelcome headwinds, including inflationary pressures that may lead to inevitable price rises across the retail sector.
- Despite improvements, the company still needs to mitigate half of the anticipated cost impacts from the recent budget changes.
Good morning, and welcome to Currys' 2024-25 Interim Results Webcast.
I will now hand over to CEO, Alex Baldock.
Thanks, Sergey. Good morning, everybody. In a moment, Bruce will take you through some encouraging results, which see our performance continues to strengthen. We see us getting the Nordics back on track and continuing our strong multiyear UK&I momentum, all underpinned by strong balance sheet and liquidity and promising further strengthening of free cash flow. I'll then say a few words about how we've done it with a fuller update to come in January before we take your questions. Bruce?
Thank you, Alex. Good morning, everyone. As Alex said, the first half has delivered strong performance. So let me kick off with some headlines. From a revenue perspective, total group sales up by 1% year-on-year to GBP3.9 billion. Adjusted EBIT has
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