Currys has raised its profit outlook after reporting a strong Christmas trading period.

The electronics retailer is now expecting a pre-tax profit between £180 and £190m for the full financial year, which would represent an 11-17% annual increase.

Currys was announcing a trading update covering the 10-week period to 10 January and reported a 6% jump in like-for-like revenue against last year, boosted by 12% growth in the Nordics region, as well as 3% growth in the UK and Ireland (UK&I).

The retailer’s omnichannel sales saw significant year-on-year growth in both its main trading regions, up by 42% in the Nordics and by 11% in the UK&I. Across the entire group, Currys revealed that like-for-like sales in the year to date are up 5% against last year.

Group chief executive at the retailer, Alex Baldock, said that sales had grown “healthily and in a disciplined way”.

“We now expect this year’s profits to exceed market expectations, to keep returning cash to shareholders and finish the year with more than £100m net cash,” he commented.

“Our Omnichannel model is winning. We gained market share in both UK&I and Nordics, in both stores and online, and our fastest growth was where customers use both channels together. This is a competitive advantage we'll keep building.”

Currys, which is listed on the FTSE 250 index, saw its share price climb by 8% following the trading update this morning.

Head of markets at AJ Bell, Dan Coatsworth, called Currys a “rare UK retail success story of recent years”, and suggested that the company is “the last electronics retailer of scale”.

“Market share gains in both the UK and Scandinavia are driving impressive levels of growth in a subdued economic environment,” Coatsworth added.

“As consumer electronics become more complex and harder for people to navigate, Currys has leaned into its strengths, looking to provide customers with support and guidance and help customers navigate a fast-changing world of consumer technology.

“It aims to offer this support through the full lifecycle of a product from purchase, credit and installation to repairs and recycling when it has reached the end of its useful life, thereby potentially generating regular revenue from the sale of a single item.”

Currys is scheduled to publish a full-year trading update on 20 May.

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