Currys trading statement preview: can new CEO Fredrik Tønnesen keep the momentum going?

Currys trading statement preview: can new CEO Fredrik Tønnesen keep the momentum going?

Currys is set to provide investors with an early update on trading for its new financial year on Thursday, with the consumer electronics retailer under pressure to show that the strong momentum seen in 2025/26 has carried into the summer months.

The trading update will be released alongside the company's annual general meeting on 10 September, just over two months after Currys reported a stronger-than-expected full-year performance and formally handed the chief executive role from Alex Baldock to Fredrik Tønnesen.

The key question for investors is whether Currys can continue to gain market share while protecting margins in an increasingly uncertain consumer environment.

Those looking to invest in Currys ahead of or after the update can do so through IG Invest or our share dealing service, while traders can access the share price via spread betting or CFD trading.

Strong finish to 2025/26

Currys entered the new financial year from a position of strength.

For the year ended 2 May, group revenue increased 6% to £9.25 billion, with like-for-like sales up 4%. Adjusted profit before tax rose 18% to £191 million, ahead of the company's previous £180 million to £190 million guidance, while free cash flow increased 5% to £157 million. Year-end net cash stood at £176 million after £74 million of shareholder returns and £82 million of pension contributions.

Trading momentum was particularly encouraging in the second half. Group like-for-like sales rose 5% in the second half, with UK & Ireland up 3% and the Nordics up 8%. Currys also continued to benefit from market-share gains, growth in services and B2B, and expansion of its mobile operation.

iD Mobile subscribers increased 18% year-on-year to 2.6 million, while recurring services revenue rose 7% and credit sales increased 10% to £1.2 billion.

The May trading update had already shown that Currys finished the year strongly, with group like-for-like sales up 4% in the 16 weeks after the peak trading period. At that stage, management said recent trading had been "very solid".

What will investors be looking for?

The first priority will be sales momentum.

Analysts currently expect UK & Ireland revenue to rise to £5.53 billion in 2026/27 from £5.44 billion, implying growth of around 1.7%. Nordics revenue is forecast to increase from £3.82 billion to £3.99 billion, or roughly 4.4%.

That means investors will be looking for evidence that Currys is tracking towards those expectations, particularly in the UK where the consumer backdrop remains challenging.

The Nordics will also be important. The region delivered significantly stronger like-for-like growth than the UK & Ireland in the second half of the last financial year, and investors will want to know whether that performance is proving sustainable.

Margins will be another major focus.

Currys has a longer-term target of at least a 3% adjusted EBIT margin in both the UK & Ireland and the Nordics. Current consensus puts UK & Ireland adjusted EBIT at £159 million for 2026/27, only slightly above the £158 million reported last year, with the margin remaining around 2.9%.

That relatively modest forecast for UK profit growth suggests that the market is not expecting a dramatic acceleration in earnings. Instead, the emphasis will be on whether Currys can continue growing sales while maintaining gross margins and controlling costs.

Can the new CEO maintain the strategy?

The update will also provide one of the first opportunities to assess the early progress of new Group Chief Executive Fredrik Tønnesen.

Tønnesen, previously Currys' Nordics CEO, formally succeeded Alex Baldock on 3 August. His appointment provides continuity rather than representing a radical change of direction, with Currys saying the business is in a strong position and that he has the experience and ambition to accelerate its progress.

That continuity could be important for investors. Currys' recent improvement has been driven by a combination of market-share gains, an increasingly integrated store-and-online proposition, growth in services and mobile, and tighter financial discipline.

The company has also continued to invest in its omnichannel model, with management previously highlighting particularly strong growth where customers use both stores and online channels together.

Investors will therefore be listening for any changes to the strategic priorities under Tønnesen, but perhaps more importantly for confirmation that the existing strategy remains on track.

Balance sheet and shareholder returns

Currys' balance sheet is another potential positive.

The group ended the year with £176 million of net cash and launched a further £50 million share buyback alongside its full-year results. It also proposed a final dividend of 2.25p, taking the full-year dividend to 3.0p, double the previous year's level.

The latest analyst consensus expects year-end net cash to rise further to £197 million in 2026/27, alongside £152 million of free cash flow, another £50 million of share buybacks and £36 million of dividends.

That gives Currys scope to continue returning cash to shareholders while investing in the business, although the market will want reassurance that capital returns are not coming at the expense of investment in growth.

For income-focused investors, the combination of a growing dividend and active share buyback programme makes Currys an increasingly interesting case. You can find out more about the advantages of buying shares and how to build a dividend portfolio through our educational resources.

Currys share price: what is priced in?

Currys shares – up over 19% year-to-date – has been in a clearly defined uptrend since early 2024, having risen by around 250% since then.

Currys monthly candlestick charts

It hit a high at 169.5p in July – a level last traded in November 2018 – before slipping back below its December 2019, April 2021 and February 2026 highs at 166.5p-to-159.2p.

This Currys share price pull back make Thursday's update particularly important for near-term sentiment.

A strong trading statement confirming continued sales momentum, stable margins and confidence in full-year expectations could provide a catalyst for the shares to recover recent ground.

Conversely, any indication that consumer demand has weakened, that promotional activity is putting pressure on margins, or that the strong Nordics performance is fading could expose Currys to a sharper pullback.

From a technical perspective, the Currys share price has been in a short-term downtrend since early August – in line with major stock indices – and has fallen by around 10% to its current 151.0p level (on 9 September 2026). While the shares remain below their 7 September high at 157.9p on a daily chart closing basis, the short-term trend continues to point lower. 

Currys daily candlestick charts

A fall through the late August low and the 200-day simple moving average (SMA) at 145.3p-to-143.6p may lead to the April peak at 138.4p being revisited.

Were a rise and daily chart close above the 7 September high at 157.9p to ensue, the key long-term resistance area mentioned above at 159.2p-to-169.5p would likely be back in the frame. If overcome, a rise towards the psychological 200p region may unfold.

The wider retail backdrop also makes the update more significant. UK consumers remain sensitive to inflation, interest rates and household costs, while recent trading updates from other retailers have highlighted the potential impact of changing weather patterns and cautious spending on discretionary purchases.

Currys analyst ratings

Analysts rate Currys as a ‘buy’ with a mean long-term price target at 185.14p, around 23% above current levels (as of 9 September 2026).

The verdict

Currys goes into Thursday's update with relatively high expectations but also a stronger financial position than it had a year ago.

The company delivered an 18% increase in adjusted profit before tax in 2025/26, generated £157 million of free cash flow and ended the year with £176 million of net cash. Its immediate challenge is to demonstrate that this improvement is not simply a cyclical recovery but evidence of a more durable improvement in market share, margins and cash generation.

For investors, the numbers to watch will be like-for-like sales growth across the UK & Ireland and Nordics, gross-margin trends, evidence of continued market-share gains, iD Mobile growth and any change to the company's full-year profit outlook.

With consensus currently pointing to UK & Ireland revenue of £5.53 billion, Nordics revenue of £3.99 billion and free cash flow of £152 million for 2026/27, the bar is not excessively high.

But after a strong recovery in profitability, Currys now needs to prove it can keep delivering growth under a new chief executive and against a more uncertain consumer backdrop. Thursday's trading statement should provide the first meaningful test.

How to invest in Currys shares

1. Do your research on Currys, Thursday's trading statement and the key metrics to watch on 10 September
2. Download IG Invest or open a share dealing account with us
3. Search for Currys (CURY) in our platform or app
4. Choose the number of shares or value of money you'd like to invest
5. Place your trade