Source: Sharecast
Shares in Currys 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 more than 16% in 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."
AJ Bell investment director Russ Mould said: “Currys is one of the last remaining electronics retailers with a physical presence on the high street and it is making a virtue of this status by offering handholding when people are buying increasingly complex consumer technology."
"It also offers a full range of services from credit to delivery, installation, repairs and recycling, and these help it to stand out from the crowd.
“A notable feature of Currys’ recent performance is the strong cash flow which puts the company in an enviable position relative to other retailers. It potentially allows Currys to go from being prey to predator in the sector, should it spy the right opportunity.”
Real estate investment group Primary Health Properties rose after saying it has made a £1.5bn takeover proposal for Assura, the developer and manager of GP and primary care buildings.
Watches of Switzerland tanked on the imposition of tariffs by US President Donald Trump, as did VinaCapital Vietnam Opportunity Fund and Vietnam Enterprise Investments after the small country was battered with a 46% levy.
Dr Martens plunged for the same reason. The US is a key market for the iconic boot maker.
Market Movers
FTSE 250 - Risers
Currys (CURY) 103.00p 15.80%
Pennon Group (PNN) 485.00p 5.71%
Spire Healthcare Group (SPI) 193.60p 5.33%
Oxford Nanopore Technologies (ONT) 108.60p 4.52%
Vistry Group (VTY) 598.20p 4.47%
Workspace Group (WKP) 432.00p 4.35%
Close Brothers Group (CBG) 287.40p 3.98%
Moonpig Group (MOON) 228.50p 3.63%
B&M European Value Retail S.A. (DI) (BME) 290.40p 3.31%
Grainger (GRI) 209.00p 2.96%
FTSE 250 - Fallers
Watches of Switzerland Group (WOSG) 362.80p -14.31%
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 388.00p -9.77%
4Imprint Group (FOUR) 3,440.00p -9.35%
Ithaca Energy (ITH) 143.70p -9.17%
Dr. Martens (DOCS) 48.48p -8.53%
Investec (INVP) 437.40p -8.49%
Carnival (CCL) 1,253.00p -8.41%
Burberry Group (BRBY) 709.20p -8.04%
Vietnam Enterprise Investments (DI) (VEIL) 538.00p -7.40%
Diversified Energy Company (DEC) 999.00p -6.72%
