Following today’s release of Curry’s figures for the year ending 2 May 2026; Oliver Maddison, 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 4% on a like-for-like (l-f-l) basis, and adjusted PBT is expected to be £191m, just ahead of the previously guided £180m-£190m, cushioned by the group’s ancillary B2B and services sales. This resilience, along with £74m cash returned to shareholders during this financial year, resulted in Curry’s share price rising by around 15% in early morning trading. Outgoing group chief executive, Alex Baldock’s stewardship has put Currys in a better financial position to weather this storm, but his successor must utilise that additional range of motion to bring the fight to the competition and maintain its position in the market.
“Currys’ UK & Ireland performance of 3% l-f-l growth would at first glance appear solid but unremarkable. However, growth was primarily driven by services and B2B, which appear much more resilient to downturns, implying less impressive retail sales execution. 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 both its name recognition among business customers and have fewer retail customers to sell services to.
“Baldock, noted that recent trading had yet to see much impact from the conflict in the Middle East, suggesting that the sector remains supported by replacement-driven sales, but it is 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, Baldock’s successor must leverage Currys’ key point of difference by emphasising the accessibility of its store locations and the expertise of its staff in helping to cut through the choice paralysis created by its range.”
