Currys has stated that its adjusted profit before tax is set to be ahead of its guidance of £180m to £190m in the year to 2 May, growing by 18% year-on-year to £191m.

The technology products and services retailer reported that in this period, its group like-for-like sales are set to increase by 4% in the full-year.

In its UK and Ireland division, its earnings are expected to grow slightly year-on-year, following continued robust trading driven by market share gains and strong growth in its services, B2B and new categories sectors.

Across its Nordics division, Currys expects to record strong year-on-year earnings growth, with its kitchens and new categories sectors performing well.

In the year to 2 May, the retailer has returned £74m in cash to shareholders, and will finish the year with net cash of £170m.

The update comes after Currys’ group chief executive, Alex Baldock, announced that he was to join Boots as chief executive officer later this year.

Baldock stated: "We finished a good year well, with strong performance in the UK&I and the Nordics, a region that represents 40% of group sales and that grew especially strongly. Recent trading has been very solid; we've not yet seen an impact from the Middle East conflict, and our energy costs are well hedged for the coming year.

"This performance, combined with our strong balance sheet, means we are well positioned to navigate any market volatility ahead, tap into exciting growth opportunities and continue returning capital to shareholders."

Following the update, shares in Currys increased by 13%.

Investment director at AJ Bell, Russ Mould, said that the latest trading update is a "testament to the job" that Baldock has done in recent years.

He concluded: "Baldock’s strategy of helping people navigate an increasingly complex world of consumer technology through the lifecycle of a product – from credit services to repairs and recycling – has paid off. While it offers credit services to customers, Currys is not exposed to risks around rising levels of bad debt because these are underwritten by a third party.

"The decision to rebuff a takeover offer from US firm Elliott in 2024 looks wise, with the share price having more than doubled since then.

"Currys benefits from being one of the last physical electronics retailers of any scale and when people need some handholding it becomes an obvious destination, underpinning market share gains. The Nordics business which had been a problem child of the group for a period is now a reformed character, and Currys’ mobile phone offering is resonating with cost-conscious consumers in the UK."

---