UK Retailer Comet has joined the OnBuy family -a partnership that marks the beginning of a bold new chapter for one of the UK’s most iconic names in home appliances and consumer electronics! With a legacy built on great-value tech and trusted service. Relaunching Comet later in 2025 as a standalone marketplace, powered by OnBuy’s advanced technology and customer-first approach
Tag Archives: UK retail
Marks Electrical reports record sales
Marks Electrical reported record sales in its annual pre close trading update ahead of its full year results, as it experienced a “period of significant strategic change and progress”.
The appliance specialist, which saw its profit halve in November, pulled in full-year revenues of £117.2m for the 12 months ended 31 March, up 2.6% year-on-year
Currys Christmas trading
Currys delivered impressive results this Christmas, with profits on track to exceed market expectations. Key highlights below UK & Ireland Highlights: Peak like-for-like revenue rose by 2%, Order & collect sales increased by 13%, and online-in-store sales grew by 24%. “Sold with” adoption climbed to 41.1% (+7.8 percentage points), and credit adoption gre
Currys results
Currys has recently highlighted the significant impact of Labour’s tax policies on its financial performance. In its half-year results for the six months ending 26 October 2024, the company estimated that these tax changes could cost up to £32 million.
This figure includes a £9 million increase due to National Living Wage hikes, a £12 million rise in National Insurance contributions, £2 million from inflation-based business rate increases, and up to £9 million in costs passed on from suppliers.
To mitigate these pressures, Currys plans to implement cost-saving measures such as process improvements, automation, offshoring, outsourcing, and overhead efficiencies. However, some price increases are expected to be unavoidable.
Despite these challenges, Currys reported a strong financial performance for the period. Adjusted earnings before interest and tax rose by 52% to £41 million, and group free cash flow increased to £50 million, up by £46 million. Revenue grew by 2% on a like-for-like basis, and the company ended the period with a net cash balance of £107 million.
CEO Alex Baldock expressed optimism about the company’s progress, noting significant growth in profits and cash flow, and a robust balance sheet. He highlighted the company’s preparedness for the peak trading period, with strong stock levels and competitive deals. Baldock also pointed out the rising demand for AI laptops, where Currys holds over 75% market share in the UK.
Looking ahead, Baldock remains confident in Currys’ ability to continue its growth trajectory, despite the new challenges posed by government policies. He emphasized the company’s focus on maintaining high levels of colleague engagement, increasing customer satisfaction, and growing cash flow for shareholders. Baldock also expressed gratitude to the Currys team for their hard work and dedication in driving the company’s success.
Marks Electrical profit fall
Marks Electrical Group plc (-13.7%) fell sharply after reporting a near halving of profits for the six months to 30 September, despite a 9.3% rise in sales. The company highlighted a 9% drop in average order value, as customers shifted to more affordable, non-premium products
Currys trading update
Currys shared an updated report on our trading since the busy ‘Peak’ period over the winter months.
Sales have been stronger than the Group’s expectations – and combined with continued strong growth in Services – Group adjusted profit before tax is now expected to be at least £115m.
The update also reflects the end of the offer period in which takeover offers from Elliot Advisors and JD.com could have been made.
Group CEO, Alex Baldock: “Stronger trading, selling more of the solutions and services that boost margins and build customers for life, and strong cost discipline have all been important
Sirius add MIDEA
UK trade buying group Sirius announced that MIDEA have become the latest Approved Supplier to the Group.
Frasers getting into appliance retail
Frasers has upped its stake in AO World and Currys as it continues its acquisition spree.
The Mike Ashley owned group raised its holdings in the Bolton-based online electrical retailer for the third time this month to 22.2% from 21.3%.
It also lifted its shareholdings in Currys to 10.4%, which it said last week was part of a “strategic investment” as it looks to increase its “foothold in the electricals industry”.
Currys group sales slump 6% as international market pressures intensify
Currys UK and Ireland delivered better than expected profits over Christmas to offset struggling international business.
The group’s like for like sales slumped 6% in the 10 weeks to 7 January as UK and Ireland sales dipped 5%. However, it achieved stronger profits than expected thanks to a gross margin increase and cost cutting.
International like-for-likes fell 7% and plummeted 10% in the Nordics as it continues to be hit by aggressive growth strategies from European rivals.
Profits were below forecast in the market as margins came under pressure.
Despite the further deterioration in its internation business, Currys said it remained confident of hitting its full-year profit guidance of £100m to £125m.
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