Currys has said it is anticipates "better than expected" profits for the latest financial year ended 29 April.

After previously predicting profit before tax of £104 million for the 12-month period, the British technology retailer now says that profits will reach between £110 million and £120 million.

The retailer's net debt, guided at between £100 million and £150 million earlier in the year, ended up hitting the lower end of the scale at around £100 million.

Even though sales in the UK and Ireland were down seven per cent, they were still better than anticipated, particularly in the final two months of the year. Currys said that improved profits had largely been driven by management focus on cost efficiencies and gross margin improvements.

The company also revealed that operations in the Nordics had remained “challenging” during the period, with sales declining by 10 per cent during the year. However, under new management, the region made progress on margins and costs, with structural changes underway to remove "at least £25 million of annual costs", said the retailer.

Greece, which saw sales up by 12 per cent, was the only country that didn't experience a decline in sales.

Overall, group sales were down by seven per cent for the year.

The company recently expanded its sale of refurbished technology on its website as part of plans to “meet customer demands for environmentally friendly products at lower price points”.

The retailer first started selling cheaper, pre –owned laptops and mobiles on its website in November 2022, with 80 per cent of products sold out in the first week.

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