Currys has said that it has seen a "strong start to the year" in its UK & Ireland and Nordics divisions, and remains on track to reach its expectations in the full-year.

The electronics retailer said that in the 17 weeks to 29 August, its UK & Ireland like-for-like revenue increased by 6% year-on-year, with sales growth in both stores and online.

It added that it had recorded market share gains in all major categories, in a flat market that benefitting by two percentage points from the World Cup and Summer heatwaves.

Nordics revenue increased by 9%, with sales growth in both channels driven by white goods and mobile.

Group chief executive at Currys, Fredrik Tønnesen, stated: "Having worked in Currys' Nordic business for more than 20 years, most recently leading it, I have spent my early weeks as group chief executive getting to know more of our UK&I colleagues and customers. I'm impressed by the calibre of the colleagues I've met and pleased by our trading in the early part of the year.

“Currys has maintained its strong momentum. Across the Group we saw growth in both stores and online, with new categories, B2B and Services all growing strongly. In the UK&I, we gained share in every category, in a market that was flat even with the help of the World Cup and Summer heatwaves. In the Nordics we gained share in most categories and countries in a market that grew strongly. Throughout, we have kept our focus on margin, cost and cash discipline.”

In its outlook, the firm said it is “planning confidently” for the rest of the year, with all guidance remaining unchanged. Market consensus forecasts the company to record a profit before tax of £199m in the full-year.

Currys has completed £23m of its £50m share buyback to date, and expects its year-end net cash to finish well above its £100m target.

Following the update, shares in Currys dropped by 1.65%.

Investment director at AJ Bell, Russ Mould, said Currys has served up a "reassuring update" despite the consumer backdrop.

He concluded: "Growth is solid and the company is sticking with its full-year guidance. There’s not a lot to get pulses racing, but there will be relief that the outlook hasn’t notably worsened despite the pressures on household budgets. Strong cost control has helped to protect margins.

"One possible concern might be that as temporary benefits from the World Cup and the summer heatwave which drove strong sales of cooling products fade, Currys might find it harder to sustain decent growth.

"Tønnesen has a hard act to follow, with his predecessor Alex Baldock transforming the business in recent years.

"The new boss knows the business well given he spent a long period in the Nordic wing, but he is now fully in the spotlight."

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