Currys PLC is a leading omnichannel retailer of technology products and services, operating online and through 720 stores in 6 countries. Its shares have a premium listing on the London Stock Exchange (symbol: CURY), have a market cap of £700m and are a constituent of the FTSE 250 index.
We were delighted to welcome Dan Homan, Director of Investor Relations, Carla Fabiano, Head of Investor Relations, and Joe Saunders, Investor Relations Manager, to the latest Yellowstone Advisory webinar. The team provided an introduction to Currys PLC updated on current trading and outlined future prospects before engaging in a lively Q&A session. A recording of the webinar is available here.
Currys is the number 1 technology omnichannel retailer in all markets where they operate and have 20%+ market share in the UK and a 25%+ market share in the Nordics. Until recently they also operated in Greece but this business, which accounted for 7% of sales, was sold for 25% of the market capitalisation of the whole company. The UK&Ireland represents c 57% of sales and the Nordics 43% of sales. The business has a highly diversified revenue base by product, channel and also by services. They also operate at significantly larger scale than the competition being over 4x larger than the next biggest specialist competitor in the UK. In the Nordics the second largest competitor is different in each market giving Currys much greater scale than the competition.
The company vision is clear: “helping everyone enjoy amazing technology” a vision reflecting that technology is playing a more and more important role in all our lives. The strategy to achieve this vision has three pillars. The first is to invest in colleagues so that they can provide a good customer experience. Colleague engagement scores place Currys in the top 5% of global businesses for employee engagement. In the UK and in the Nordics after a brief drop in performance in early 2023, they are scoring strongly again. The second part of the strategy is making their products easy to shop. The key component of this is providing an omnichannel experience, which is a proven winning model for all technology retailers in all the developed markets. Customers access their products and services roughly equally between online only, store only and a combination of both online and in stores. The second component of easy to shop is providing excellence across…
