Currys has announced a drop in profits following poor performance across its Nordics business.

In the 12 months ended 29 April, while the company’s pre-tax profits were in its predicted range at £119 million, they were still £73 million lower than the previous year.

UK and Ireland adjusted EBIT increased by 45 per cent year on year to £170 million, but it declined by 82 per cent in the Nordics.

Revenue fell to £9.5 billion, around six percent, after like-for-like sales fell in all of its markets excluding Greece.

In response to its poor yearly financial results, the company said it plans to save £300 million in the UK and Ireland by the end of 2024. It added that it is on track with these targets with supply chain efficiencies saving the company £42 million this year.

Currys added that in the Nordics savings are being spread across several areas including marketing, IT spending and consultancy fees, with this expected to save the business around £25 million.

Commenting on the news Alex Baldock, group chief executive, said it had been a “mixed year” for the business and that the market had been tough due to lower demand and high inflation.

“Looking ahead, we're wary of optimism about consumer spending power,” said Baldock. “Accordingly, we're being prudent in our planning, and in further strengthening our balance sheet.

"Our focus is on continuing a very encouraging trajectory in the UK&I while we get the Nordics back on track, and being attentive to mitigating any downside risk. We may be cautious in our promises for the short-term, but our confidence is undimmed as we build a stronger and more resilient business that is fit to prosper in the longer term."

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