Shares in Currys increased by 9% in early trading after the electronics retailer maintained its guidance for the financial year.

In the six months to 1 November, the firm’s profit before tax jumped by 144% year-on-year to £22m, while its group revenue increased by 8% to £4.23bn, driven by a 4% rise in like-for-like revenue.

The retailer reported an earnings increase of 31% to £54m, while its group free cash flow increased by 68% to £84m.

In its UK and Ireland division, Currys’ LFL revenue increased by 4%, while its earnings dropped by £4m to £19m in this period. It stated that Government driven increases in colleague costs were not fully offset by cost savings.

However, the retailer’s Nordics LFL revenue and earnings also increased by 4% and 94% respectively, driven by higher sales and tightly controlled operating costs.

Group chef executive at Currys, Alex Baldock, said that he is "pleased with the momentum" that the firm has built.

He stated: "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. 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."

In this period, Currys has completed £30m in its £50m share buyback programme, and has also announced an interim dividend of 0.75 pence, bringing its total cash return to shareholders to £75m this year.

In its outlook, Currys has reiterated its guidance for the full year, targeting at least 3% earnings growth in both the UK and Ireland and the Nordics.

Investment director at AJ Bell, Russ Mould, said: "Currys is benefiting from being one of the few remaining electronics retailers of scale with a high street presence.

"The pace of change in consumer electronics means shoppers are often looking for guidance on what to buy and how the kit they are buying works. By offering credit, installation, spares and repairs and recycling services, Currys is attempting to position itself to benefit throughout the lifecycle of a product.

"The comeback of meaningful returns of cash to shareholders in 2025 has been a key milestone for the business and Currys has managed to keep a tight rein on costs. A continuing recovery in its Nordics business is also helping to support the positive sentiment around the company."

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