Revenue falls at Currys Irish business

Electrical retailer Currys saw revenue decline in the year to April 30th, 2022, as the economic environment in Ireland remained challenging.

But pretax profit was broadly stable, and the company said it was continuing to manage costs.

Revenue for the 12 months fell from €249 million in 2021 to €214 million last year, while pre-tax profit was €5.24 million, down from €5.28 million a year earlier. Operating profit was just over €7 million for the year, with the group paying €68 million in tax. Profit after tax was €5.17 million.

The company said it was managing costs, reviewing opportunities to drive efficiencies and savings on a regular basis. “The economic climate and competitive environment in Ireland remains challenging, and the directors are continually driving measures to maximise shareholder value and shareholder’s funds,” the company’s accounts noted.

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The retailer had seen a boost from the pandemic as consumers spent more on electronics and laptops, with more consumer turning to online shopping as the pandemic restrictions limited in-person shopping. However recent months have seen a rise in the cost of living, with rising interest rates putting pressure on disposable income.

Staff costs for the year were more than €18 million, up from €15 million a year earlier. More than €15 million of the 2022 total was accounted for by salaries, with the balance accounted for by pensions and social welfare costs. Redundancies cost the company €638,000 for the year, broadly in line with the prior year. During the period covered by the accounts Currys employed just over 400 people.

The accounts also included more than €4.5 million in costs associated with Dixons Travel. In 2021 the company said it would close its airport technology stores. That follows the decision in April 2021 by the group to close its Carphone Warehouse stores with the loss of almost 500 jobs. The parent company had blamed changes in how people are shopping for the decision, saying it was “a necessary step” in the company’s mobile transformation.