Outgoing CEO Alex Baldock is leaving Currys on a high note, with the electricals retailer posting a strong set of numbers across the board.

The electricals retailer reported an 18% rise in pre-tax profit of £191m for the year to 2 May, as revenue increased 6% to £9.25bn. Free cash flow rose 5% to £157m, while year-end net cash stood at £176m despite £74m of shareholder returns and £82m of pension contributions.

Growth was driven by market share gains and expanding services, with services revenue rising 7%, credit sales increasing 10% to £1.2bn and iD Mobile subscribers growing 18% to 2.6 million.

Nordics delivered very good results with adjusted earnings up 26% to £97m, while sales grew 6% as most product categories contributed to growth.

Currys also doubled its full-year dividend and announced a new £50m share buyback.

The group said trading at the start of the new financial year had been "very solid" and it remained comfortable with current market expectations despite ongoing macroeconomic uncertainty.

Baldock said Currys is "trending in the right direction on every dimension that matters", but warned of chip supply shortages among other risk factors.

"The outside world remains uncertain, and we are not counting on it to do us any favours. Still, there is much more in the tank here", Baldock said.

Fredrik Tønnesen, currently CEO of the company's fast-growing Nordic business, will succeed Baldock as group CEO on 3 August.

Despite the results, Currys shares fell around 2.3% with investors perhaps disappointed guidance wasn't upgraded.

Analysts, however, said Currys posted a resilient set of numbers.

“Currys has kept the tills ringing despite geopolitical tensions and energy worries threatening to dent consumer confidence,” said Susannah Streeter, chief investment strategist, Wealth Club.

"While many other retailers are finding shoppers tightening their purse strings, Currys has demonstrated that much of the technology it sells has become less of a luxury and more of a household essential. Consumers may delay upgrading a television, but when a washing machine or laptop packs up, or a mobile contract comes up for renewal, those purchases are much harder to put on hold."

Streeter added: "Currys is also steadily building more engines of earnings through higher-margin recurring services, credit products and its fast-growing iD Mobile business. Those recurring revenue streams act as valuable shock absorbers, helping smooth out the bumps in demand for other product lines."

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