The British electricals retailer Currys is leading the risers on the FTSE 250 index, with the shares up 12%, after it raised its full-year profit forecast, defying a slowdown in the retail sector.
Currys, which sells computers, video games, televisions, mobile phones and white goods, said recent trading has been “very solid” and has not been affected by the ramifications of the US-Israeli-war on Iran.
Underlying sales in the UK and Ireland, its main business, rose 3% in the year to 2 May, while sales in Nordic countries climbed 6%. The company is now forecasting a full-year profit of £191m, up 18%. This is up from its previous estimate of £180m to 190m).
Alex Baldock, the chief executive, said:
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.
