Currys has increased its profit before tax expectations to £115m for the financial year, a jump of £10m, after two firms stated that they do not intend to make an offer for the technology retailer

The firm received offers from Elliot Advisers to acquire the company, for an improved offer of £757m, with JD.com also stating an interest.

However, these bids were rejected by Currys, which stated that the bids "significantly undervalued the company".

Elliot and JD.com declared on 11 March and 15 March respectively that they were no longer looking to make a bid for Currys.

Following these announcements, the technology retailer said that sales have been stronger than its previous expectations, leading it to raise its expected profit before tax to be at least £115m.

Furthermore, following the disposal of its Greek business, which is set to complete in the first half of April, the group expects to finish the financial year in a net cash position.

Group chief executive at Currys, Alex Baldock, said: "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.

“We 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.”

Head of money and markets at Hargreaves Lansdown, Susannah Streeter, added: "The board was steadfast in its view that the offers priced the company too low, given that it’s partly the current economic climate which is to blame for its lacklustre performance. Today’s figures give a little more weight to their opinion, with the retailer upping pre-tax profit forecasts to at least £115m, up from the previous range of £105-115m, but there is clearly more work to be done.

"Consumer electronics has been a challenging place to be, with shoppers’ spending power under pressure, but with inflation set to fall and interest rate cuts eyed on the horizon, there are hopes that these headwinds are subsiding, amid some signs of ‘encouraging momentum’. There are also bright spots emerging for the group’s services channels which have the potential to make customers more sticky, with chief executive, Alex Baldock, underlining that the group was selling more solutions and services that boost margins.

"However, recovery will also depend on a turnaround in operations in the Nordics and although the group says that here too there has been good progress made, the company needs to stay highly focused to keep that on track."

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