Currys shares surge after profit upgrade
Shares in surged on Thursday as the electrical retailer lifted annual earnings guidance after "robust" trading since the start of the year, including a return to growth at its troubled Nordics division.
Group adjusted profit before tax is now expected to be around £160m, compared to previous guidance of £145-155m, Currys said with less than five weeks of the financial year remaining, adding that like-for-like sales growth in the UK & Ireland and the Nordics continued to be positive.
The group also expects to finish the year in a strong net cash position. Currys shares were up almost 12% in early London trade.
Analysts at Shore Capital said the Nordic market had been a "drag on group sales for the past three years, so it is highly encouraging to see this region return to growth".
"The share price looks undemanding to us, if Currys can continue to deliver on LFL growth across its markets then we would expect a re-rating of the stock."
Reporting by Frank Prenesti for Sharecast.com
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