Technology products retailer Currys (CURY) has seen its share price crumble 14.9% year-to-date to 48.4p, a 10-year low, in the wake of poorly-received full-year results (6 July).

Not only did the white goods-to-electronics seller report a drop in sales and profits for the year ended 29 April 2023, it also passed the final dividend on a very cautious outlook for consumer spending to proactively protect the balance sheet.

Annual results showed group adjusted pre-tax profits of £119 million, towards the top end of guidance as cost-cutting helped drive earnings improvement in the UK and Ireland business. But this was down £73 million year-on-year due to lower profits in the Nordics, where falling consumer demand exacerbated by heavy competitor discounting brought Currys’ long-run record of Scandinavian success to an abrupt halt.

‘Our market has been tough everywhere, with depressed demand, high inflation and unforgiving competition,’ warned CEO Alex Baldock, adding that looking ahead, his charge is ‘wary of optimism about consumer spending power’.

The FTSE 250 retailer reported a substantial statutory loss of £450 million for the year, though this this was struck after a £511 million accounting charge relating to the 2014 merger of Dixons and Carphone that created the enlarged company, and didn’t represent cash going out of the business.

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