Currys has increased its expected profit before tax to between £115m-120m for the 2024 financial year, after previous guidance estimated the group to reach at least £105m.

The technology products and services retailer also reported a return to growth in like-for-like sales in the 16-week period to 27 April, with sales increasing by 2%.

For the financial year, the group said it expects a 2% drop in sales, however, the post-peak increase is set to soften the blow from the first half of the year, which saw sales fall by 4% across the firm.

The results come following the disposal of Currys’ Greek business, which was completed on 10 April, for an enterprise value of £175m and net cash proceeds of £156m.

As a result, the Greek firm has been treated as a discontinued operation and has been excluded from adjusted numbers in the full-year results.

Group chief executive at Currys, Alex Baldock, said: "Our performance is strengthening, with good momentum in the UK&I, and with the Nordics getting back on track. Sales are now growing again, margins are benefiting from higher customer adoption of solutions and services, and cost discipline is good.

"All this means improved profits and, with our strong cash position, we're well set up for the year ahead. As ever, my thanks must go to the thousands of capable and committed colleagues who are building an ever-stronger Currys and helping everyone enjoy amazing technology."

The financial report comes after Currys rejected multiple bids from US firm, Elliot Advisers, earlier this year.

JD.com also declared that it was no longer interested in acquiring the firm, after Currys said that bids from both businesses "significantly undervalued the company".

Following these announcements in March, Currys increased its profit guidance to £115m.

Investment director at AJ Bell, Russ Mould, added: "Rejecting a takeover bid comes with its own pressure so the fact Currys has upgraded profit guidance in the wake of batting off foreign interest is helpful to management’s credibility. Significantly, the shares are now trading above recent suitor Elliott’s top bid.

"After benefiting from the pull-forward of spend on TVs, laptops, printers and household appliances engendered by the pandemic, the post-COVID backdrop has been tougher for Currys. Persistent inflation and rising rates have put the squeeze on consumers’ discretionary spending, and the Scandinavian business, a previously reliable contributor, going wrong only compounded matters.

"Currys deserves some credit for digging itself out of this hole and is really playing into its role as a provider of accompanying services alongside the sale of consumer electronics. This is logical as many people are not hugely tech savvy and if Currys can make itself a trusted provider of expertise and support it could drive customer loyalty and useful ancillary revenue.

"The company still remains at the whim of consumer demand but with the sale of its Greek operations helping to put it in a net cash position, Currys is well positioned for anything the economy might throw at it."

Currys expects to announce its full-year results for the 2024 financial year on 27 June.

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