Following today’s release of Currys’ figures for the year ending 2 May 2026; Oliver Maddison, senior retail analyst at GlobalData, a leading intelligence and productivity platform, offers his view: “Currys’ performance was robust in its latest financial year and appears to have thus far escaped the worst of consumers tightening their belts amid the ongoing cost-of-living pressures exacerbated by the conflict in the Middle East. Group sales grew 6.3%, and adjusted PBT grew by 17.9% to £191m, just ahead of the previously guided £180m-£190m, cushioned by the group’s ancillary B2B and services sales. Outgoing group chief executive Alex Baldock’s stewardship has put Currys in a better financial position to weather this storm. Still, his successor must utilise that additional range of motion to bring the fight to the competition and maintain its market position.
” Currys’ UK & Ireland performance of 2.9% growth would at first glance appear solid but unremarkable. However, its retail sales were less impressive, given its B2B performance was up 20% on a like-for-like basis and its recurring services revenues rose 7%. GlobalData estimates retail revenue results to be in the region of +1%, indicating market share losses in 2025 and into the first half of 2026. While it is rational to pursue services and B2B as a means of growth – services yield recurring revenues and higher margins, and AO’s scaling back of its B2B offering leaves a gap to fill – Currys must be careful not to neglect its retail proposition in this next financial year. Both revenue streams fundamentally rely on a strong presence in the electrical retail sector to drive sales; B2B uses the same infrastructure and trades off the same brand, while service sales, even recurring service sales, complement electrical purchases. If Currys allows its retail infrastructure to stagnate, it will impede its name recognition among business customers and result in fewer retail customers to whom it can sell services. Currys must avoid becoming complacent in its services growth, especially with its successful iD Mobile proposition, which experienced an 18% increase in subscribers over the past year. This service will soon face heightened competition from AO, Lidl, and Monzo, leading to a more fragmented market.
“Despite noting a great deal of uncertainty in the global picture, Currys highlighted ‘very solid’ early-year trading, as the full impacts of conflict in the Middle East have yet to hit retail sales and so remain at risk from consumers trading down or deferring non-essential spend throughout this year. However, it is online pureplays that are and will continue to be a significant threat to the current market lead in the UK electricals sector. Rival specialist AO saw B2C retail revenue growth of 9.5% in its FY2025/26 to 31 March 2026, and Amazon is getting dangerously close to taking Currys’ top spot in the UK electricals market. To effectively take the fight to its pureplay rivals, incoming group chief executive Fredrik Tønnesen must leverage Currys’ key point of difference by emphasising the accessibility of its store locations while improving the customer service experience to help cut through the choice paralysis created by its range.”
