Currys Ireland returns to profit as revenues climb 11% to €213m

Retailer says 'the economic climate and competitive environment in Ireland remains challenging'

The pre-tax profit of €2.3m followed a pre-tax loss of €282,000 in the prior year — a positive swing of €2.58m.

The Irish arm of electrical and tech retailer Currys last year returned to profit to record pre-tax profits of €2.3m.

New accounts filed by Currys Ireland Ltd show the company returned to profit after revenues rose by 11%, from €192.35m to €213.27m, in the 12 months to the end of April 27 last.

The pre-tax profit of €2.3m followed a pre-tax loss of €282,000 in the prior year — a positive swing of €2.58m.

The directors say they “continue to manage the cost base of the company and review regularly opportunities to drive efficiencies and savings”.

They say “the economic climate and competitive environment in Ireland remains challenging".

They also say they “are continually driving measures to maximise shareholder value and shareholders' funds”.

Staff numbers

Numbers employed increased from 377 to 385 last year as staff costs rose from €17.07m to €17.9m. The company incurred zero redundancy costs last year, after incurring a €143,000 cost under that heading in fiscal 2023.

A breakdown of staff numbers shows that 297 were employed in retail, 47 in corporate and 41 in services.

The profit last year takes account of non-cash depreciation costs of €5.6m.

The company’s operating profits increased almost threefold, from €1.69m to €4.5m last year.

Interest costs of €2.2m resulted in the pre-tax profit of €2.3m. The company recorded a corporation tax credit of €197,000, resulting in post-tax profits of €2.5m.

The directors recommended no dividend be paid in the current year.

Afell from €4.6m to €3.3m.

The company’s parent is the UK-based Currys plc.