REG - Currys PLC - Annual Financial Report
25/07/2024 10:30
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RNS Number : 8471X Currys PLC 25 July 2024
25 July 2024
ANNUAL REPORT 2023/24, NOTICE OF ANNUAL GENERAL MEETING 2024 AND PROXY FORM
Currys plc (the 'Company') has today published its Annual Report and Accounts
2023/24 and Notice of Annual General Meeting 2024. These documents are
available to view on the Company's website at www.currysplc.com/investors
(http://www.currysplc.com/investors) . In addition, they have been posted or
otherwise made available to shareholders depending on their elected method of
communication.
The Annual Report and Accounts have been prepared using the single electronic
reporting format specified in the UK Transparency Directive European Single
Electronic Format ("ESEF").
In accordance with Listing Rule 9.6.1, the Annual Report and Accounts 2023/24,
Notice of Annual General Meeting 2024 and Form of Proxy have been submitted to
the National Storage Mechanism, where they will shortly be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
The Company's 2024 Annual General Meeting (the 'AGM') will be held at 11.00am
on Thursday 5 September 2024 at Hilton London Kensington, 179 - 199 Holland
Park Avenue, London SW11 4UL.
Shareholders are encouraged to vote in favour of all resolutions proposed in
advance of the AGM, and to submit any questions they may have for any member
of the Board to cosec@currys.co.uk (mailto:cosec@currys.co.uk) . Please submit
your votes and questions before 11.00am on Tuesday 3 September 2024.
The information included in the Appendix to this announcement has been
extracted from the Annual Report and Accounts 2023/24 and is reproduced here
solely for the purposes of complying with the requirements of Disclosure
Guidance and Transparency Rule ('DTR') 6.3.5 in respect of how to make annual
financial reports available to the public.
The content of this announcement, including the Appendix, should be read in
conjunction with the Company's Preliminary Results announcement, which was
released on 27 June 2024 and is available on the Company's website at
www.currysplc.com/investors.
Together, these announcements constitute the material required by DTR 6.3.5 to
be communicated to the media in unedited full text through a Regulatory
Information Service. This material is not a substitute for reading the full
Annual Report and Accounts 2023/24. Defined terms used in the Appendix refer
to terms as defined in the Annual Report and Accounts 2023/24. Page numbers
and cross references in the Appendix refer to pages and sections of the Annual
Report and Accounts 2023/24.
Appendix
A. Principal risks to achieving the Group's objectives (pages 54 to 59)
The Group recognises that taking risks is an inherent part of doing business
and that competitive advantage can be gained through effectively managing
risk. The Group has developed and continues to evolve robust risk management
processes, and risk management is integrated into business decision making.
The Group's approach to risk management and risk governance framework is set
out in the Corporate Governance Report on pages 81 to 93. The risks are linked
to the strategic priorities on pages 14 to 15.
Our approach to horizon scanning and emerging risks
In order to promote sustainable success, the business continues to analyse the
risks likely to emerge in the short, medium and longer term that may impact
the delivery of our strategy. To provide a view over the medium to longer
term, a horizon scanning approach is required.
Our approach to undertaking horizon scanning is based on conducting both
reviews of external thought leadership and also through obtaining the views of
key business stakeholders on emerging risks. The horizon scanning exercise is
updated at least semi-annually to ensure that the horizon is consistently
scanned for developments and changes that may impact the business. The Risk
Committee is asked to review and discuss the horizon risks and to form a view
as to whether any of these should be considered a principal risk.
Risks and potential impacts
The Group continues to develop its risk management processes, fully
integrating risk management into business decision making. The risk management
process mirrors the operating model with each business unit responsible for
the ongoing identification, assessment and management of their existing and
emerging risks. The output of these assessments is aggregated to compile an
overall Group level view of risk.
The principal risks and uncertainties, together with their potential impacts
and changes in net risk since the last report, are set out in the tables below
along with an illustration of actions being taken to mitigate them.
Key changes to the Risk Profile
During 2023/24 a number of changes were made to the Group Risk profile, these
included:
· The supply chain logistics risk has been removed as a principal risk
due to being consistently assessed as low, and aspects such as rising
costs/inflation forming part of the macroeconomic environment risk. The
remaining supply chain sourcing risk has been renamed to supply chain
resilience.
· The financial services regulation risk has increased in likelihood
due to the heightened regulatory landscape and associated increase in
regulation and legislation.
Principal risks and uncertainties
1. Business Continuity/IT disaster recovery Risk owner: Risk Category:
Chief Operating Officer Operational
Risk movement: Stable What is the risk?
A major incident impacts the Group's ability to trade and business continuity
plans are not effective, resulting in an inadequate incident response.
Link to strategy:
Easy to shop, Customers for life, Colleagues
Considered in the Viability statement:
Yes
Wha
t
is
the
imp
act
?
•
Red
uce
d
rev
enu
e
and
pro
fit
abi
lit
y
•
Det
eri
ora
tin
g
cas
h
flo
w
•
Rep
uta
tio
nal
dam
age
•
Los
s
of
com
pet
iti
ve
adv
ant
age
How
we
man
age
it
•
Bus
ine
ss
con
tin
uit
y
and
cri
sis
man
age
men
t
pla
ns
in
pla
ce
and
tes
ted
for
key
bus
ine
ss
loc
ati
ons
.
•
Ena
ble
men
t
of
hom
e
wor
kin
g
for
off
ice
bas
ed
and
con
tac
t
cen
tre
col
lea
gue
s.
•
Dis
ast
er
rec
ove
ry
pla
ns
in
pla
ce
and
tes
ted
for
key
IT
sys
tem
s
and
dat
a
cen
tre
s.
•
Cro
ss
fun
cti
ona
l
cri
sis
tea
m
to
man
age
res
pon
se
to
sig
nif
ica
nt
eve
nts
.
•
Maj
or
ris
ks
ins
ure
d.
•
Bus
ine
ss
Con
tin
uit
y
Pol
icy
.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
2. Business transformation Risk owner: Risk Category:
Chief Information Officer Strategic
Risk movement: Stable What is the risk?
Failure to respond with a business model that enables the business to compete
against a broad range of competitors on service, price and/or
Link to strategy:
product range.
Easy to shop, Customers for life, Colleagues
Failure to optimise digital opportunities.
Considered in the Viability statement:
Yes
Failure to respond to changes in consumer preferences and behaviours.
Wha
t
is
the
imp
act
?
•
Red
uce
d
rev
enu
e
and
pro
fit
abi
lit
y
•
Det
eri
ora
tin
g
cas
h
flo
w
•
Red
uce
d
mar
ket
sha
re
How
we
man
age
it
•
Con
tin
ued
str
eng
the
nin
g
of
dig
ita
l
exp
ert
ise
as
par
t
of
omn
ich
ann
el
cap
abi
lit
y.
•
Tra
nsf
orm
ati
on
Pro
gra
mme
off
ice
est
abl
ish
ed
and
del
ive
rin
g
key
str
ate
gic
obj
ect
ive
s.
•
Dev
elo
pme
nt
of
cus
tom
er
cre
dit
pro
pos
iti
ons
.
•
Enh
anc
eme
nt
of
dat
a
ana
lyt
ics
cap
abi
lit
ies
.
•
Rob
ust
por
tfo
lio
gov
ern
anc
e.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
3. Crystallisation of legacy tax issues Risk owner: Risk Category:
Chief Financial Officer Financial
Risk movement: Stable What is the risk?
Crystallisation of potential tax exposures resulting from legacy corporate
transactions, employee and sales taxes arising from periodic tax audits
Link to strategy:
and investigations across the various jurisdictions in which the Group
Easy to shop, Customers for life, Colleagues operates.
Considered in the Viability statement:
No
Wha
t
is
the
imp
act
?
•
Fin
anc
ial
pen
alt
ies
•
Red
uce
d
cas
h
flo
w
•
Rep
uta
tio
nal
dam
age
How
we
man
age
it
•
Boa
rd
and
int
ern
al
com
mit
tee
ove
rsi
ght
act
ive
ly
mon
ito
rs
tax
str
ate
gy
imp
lem
ent
ati
on.
•
App
rop
ria
te
eng
age
men
t
of
thi
rd
par
ty
spe
cia
lis
ts
to
pro
vid
e
ind
epe
nde
nt
adv
ice
whe
re
dee
med
app
rop
ria
te.
•
The
Gro
up
rem
ain
s
com
mit
ted
to
ach
iev
ing
a
res
olu
tio
n
wit
h
HMR
C
in
rel
ati
on
to
ope
n
tax
enq
uir
ies
.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
4. Data protection Risk owner: Risk Category:
Chief Information Officer Regulatory
Risk movement: Stable What is the risk?
Major loss of customer, colleague or business sensitive data.
Link to strategy:
Easy to shop, Customers for life Inadequacy of internal systems, policy, procedures and processes to comply
with the requirements of EU General Data Protection Regulation
('GDPR').
Considered in the Viability statement:
No
Wha
t
is
the
imp
act
?
•
Rep
uta
tio
nal
dam
age
•
Fin
anc
ial
pen
alt
ies
•
Red
uce
d
rev
enu
e
and
pro
fit
abi
lit
y
•
Det
eri
ora
tin
g
cas
h
flo
w
•
Los
s
of
com
pet
iti
ve
adv
ant
age
•
Cus
tom
er
com
pen
sat
ion
How
we
man
age
it
•
The
ope
rat
ion
of
a
dat
a
man
age
men
t
fun
cti
on
to
ens
ure
com
pli
anc
e
wit
h
GDP
R
ope
rat
ion
al
pro
ces
ses
and
con
tro
ls.
•
The
ope
rat
ion
of
a
dat
a
pro
tec
tio
n
off
ice
to
ens
ure
app
rop
ria
te
gov
ern
anc
e
and
ove
rsi
ght
of
the
Gro
up'
s
dat
a
pro
tec
tio
n
act
ivi
tie
s.
•
Con
tro
l
act
ivi
tie
s
ope
rat
e
ove
r
man
age
men
t
of
cus
tom
er
and
emp
loy
ee
dat
a
in
acc
ord
anc
e
wit
h
the
Gro
up'
s
dat
a
pro
tec
tio
n
pol
icy
and
pro
ces
ses
.
•
Inv
est
men
t
in
inf
orm
ati
on
sec
uri
ty
saf
egu
ard
s.
•
IT
sec
uri
ty
con
tro
ls
and
mon
ito
rin
g.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
5. Financial, liquidity and treasury Risk owner: Risk Category:
Chief Financial Officer Financial
Risk movement: Stable What is the risk?
Failure to manage Currys' access to sufficient liquidity at any given time may
impact our ability to meet our obligations and business growth plans.
Link to strategy:
Grow profits
Considered in the Viability statement:
Yes
Wha
t
is
the
imp
act
?
•
Com
mit
ted
fun
din
g
fac
ili
tie
s
cou
ld
be
ful
ly
uti
lis
ed
if
not
mon
ito
red
lim
iti
ng
our
abi
lit
y
to
inv
est
in
the
bus
ine
ss,
pen
sio
n
sch
eme
or
dis
tri
but
e
to
sha
reh
old
ers
.
•
Kno
ck
on
det
rim
ent
al
imp
act
s
on
oth
er
are
as
of
liq
uid
ity
,
for
exa
mpl
e
cre
dit
ins
ure
rs
dec
rea
sin
g
cov
er
whi
ch
cou
ld
res
ult
in
wor
kin
g
cap
ita
l
out
flo
w
or
sup
pli
ers
red
uci
ng
pay
men
t
ter
ms.
•
Giv
en
the
ext
ern
al
len
din
g
env
iro
nme
nt,
the
abi
lit
y
to
rai
se
fur
the
r
fun
din
g
cou
ld
be
mor
e
dif
fic
ult
.
How
we
man
age
it
•
Reg
ula
r
mon
ito
rin
g
of
cas
h
and
liq
uid
ity
lev
els
tak
es
pla
ce
at
the
Tax
and
Tre
asu
ry
Com
mit
tee
.
•
Ban
k
fac
ili
ty
and
cov
ena
nt
cov
er
lev
els
are
rev
iew
ed
and
neg
oti
ate
d.
•
Cap
ex
pri
ori
tis
ati
on
ses
sio
ns
are
und
ert
ake
n
by
the
Exe
cut
ive
Com
mit
tee
to
ide
nti
fy
cos
t
sav
ing
ini
tia
tiv
es.
•
Tri
enn
ial
pen
sio
ns
rev
alu
ati
on
pro
ces
s.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
6. Financial services regulation Risk owner: Risk Category:
Chief Commercial Officer Regulatory
Risk movement: Increased What is the risk?
Failure to manage the business of the Group in compliance with FCA regulation
and other financial services regulation to which the Group is subject in a
Link to strategy: number of areas including insurance operations and consumer credit activities.
Easy to shop, Customers for life, Colleagues
Considered in the Viability statement:
Yes
Wha
t
is
the
imp
act
?
•
Enf
orc
eme
nt
act
ion
by
the
reg
ula
tor
•
Los
s
of
aut
hor
isa
tio
n
and
ina
bil
ity
to
tra
de
reg
ula
ted
pro
duc
ts
•
Rep
uta
tio
nal
dam
age
•
Fin
anc
ial
pen
alt
ies
•
Red
uce
d
rev
enu
es
and
pro
fit
abi
lit
y
•
Det
eri
ora
tin
g
cas
h
flo
w
•
Cus
tom
er
com
pen
sat
ion
How
we
man
age
it
•
Boa
rd
ove
rsi
ght
and
ris
k
man
age
men
t
str
uct
ure
s
mon
ito
r
com
pli
anc
e
and
ens
ure
tha
t
the
Com
pan
y's
cul
tur
e
foc
use
s
on
goo
d
cus
tom
er
out
com
es.
•
Reg
ula
tor
y
Com
pli
anc
e
Com
mit
tee
,
Pro
duc
t
Gov
ern
anc
e
and
oth
er
int
ern
al
gov
ern
anc
e
str
uct
ure
s.
•
Fin
anc
ial
Ser
vic
es
Ris
k
Man
age
men
t
Fra
mew
ork
in
pla
ce.
•
Com
pli
anc
e
mon
ito
rin
g
and
int
ern
al
aud
it
rev
iew
of
the
ope
rat
ion
and
eff
ect
ive
nes
s
of
com
pli
anc
e
sta
nda
rds
and
con
tro
ls.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
inc
rea
sed
in
lik
eli
hoo
d
ove
r
202
3/2
4.
7. Health and Safety Risk owner: Risk Category:
Chief Operating Officer Operational
Risk movement: Stable What is the risk?
Failure to prevent injury or loss of life to customers, colleagues,
contractors, franchisee partners, agency staff and the public which may have
Link to strategy: serious financial and reputational consequences.
Easy to shop, Customers for life, Colleagues
Considered in the Viability statement:
Yes
Wha
t
is
the
imp
act
?
•
Emp
loy
ee/
cus
tom
er
ill
nes
s,
inj
ury
or
los
s
of
lif
e
Rep
uta
tio
nal
dam
age
•
Fin
anc
ial
pen
alt
ies
•
Leg
al
act
ion
How
we
man
age
it
•
Gro
up
Hea
lth
and
Saf
ety
str
ate
gy.
•
Com
pre
hen
siv
e
Hea
lth
and
Saf
ety
pol
ici
es
and
sta
nda
rds
sup
por
tin
g
con
tin
ued
imp
rov
eme
nt.
•
Ope
rat
ion
al
Hea
lth
and
Saf
ety
tea
ms
loc
ate
d
acr
oss
bus
ine
ss
uni
ts.
•
Ris
k
ass
ess
men
t
pro
gra
mme
cov
eri
ng
ret
ail
,
sup
por
t
cen
tre
s,
dis
tri
but
ion
and
hom
e
ser
vic
es.
•
Inc
ide
nt
rep
ort
ing
too
l
and
pro
ces
s.
•
Hea
lth
and
Saf
ety
tra
ini
ng
and
dev
elo
pme
nt
fra
mew
ork
.
•
Hea
lth
and
Saf
ety
ins
pec
tio
n
pro
gra
mme
.
•
Aud
it
pro
gra
mme
inc
lud
ing
fac
tor
y
aud
its
for
own
bra
nd
pro
duc
ts
and
thi
rd
par
ty
sup
ply
cha
ins
.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
8. Information security Risk owner: Risk Category:
Chief Information Officer Technology
Risk movement: Stable What is the risk?
Inadequate governance and control around information security could result in
an information security breach compromising the confidentiality, integrity
Link to strategy: and/or availability of customer, colleague or supplier data.
Easy to shop, Customers for life, Colleagues
Considered in the Viability statement:
Yes
Wha
t
is
the
imp
act
?
•
Rep
uta
tio
nal
dam
age
•
Fin
anc
ial
pen
alt
ies
•
Red
uce
d
rev
enu
e
and
pro
fit
abi
lit
y
•
Det
eri
ora
tin
g
cas
h
flo
w
•
Cus
tom
er
com
pen
sat
ion
•
Los
s
of
com
pet
iti
ve
adv
ant
age
How
we
man
age
it
•
Sig
nif
ica
nt
inv
est
men
t
in
inf
orm
ati
on
sec
uri
ty
saf
egu
ard
s,
IT
sec
uri
ty
con
tro
ls,
mon
ito
rin
g,
in
-ho
use
exp
ert
ise
and
res
our
ces
as
par
t
of
a
man
age
d
inf
orm
ati
on
sec
uri
ty
imp
rov
eme
nt
pla
n.
•
Inf
orm
ati
on
sec
uri
ty
pol
icy
and
sta
nda
rds
def
ine
d
and
com
mun
ica
ted
.
•
Tec
hno
log
y
Ris
k
For
um
wit
h
res
pon
sib
ili
ty
for
ove
rsi
ght
,
co
-or
din
ati
on
and
mon
ito
rin
g
of
inf
orm
ati
on
sec
uri
ty
pol
icy
and
ris
k.
•
Inf
ose
c
tra
ini
ng
and
awa
ren
ess
pro
gra
mme
s
for
emp
loy
ees
.
•
Aud
it
pro
gra
mme
ove
r
key
sup
pli
ers
'
inf
orm
ati
on
sec
uri
ty
sta
nda
rds
.
•
Int
rod
uct
ion
of
enh
anc
ed
sec
uri
ty
too
lin
g
and
ope
rat
ion
s.
•
Ong
oin
g
pro
gra
mme
of
pen
etr
ati
on
tes
tin
g.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
9. IT systems and infrastructure Risk owner: Risk Category:
Chief Information Officer Technology
Risk movement: Stable What is the risk?
A key system becomes unavailable for a period of time impacting our ability to
trade and continue operations.
Link to strategy:
Easy to shop, Customers for life, Colleagues
Considered in the Viability statement:
Yes
Wha
t
is
the
imp
act
?
•
Red
uce
d
rev
enu
e
and
pro
fit
abi
lit
y
•
Det
eri
ora
tin
g
cas
h
flo
w
•
Los
s
of
com
pet
iti
ve
adv
ant
age
•
Res
tri
cte
d
gro
wth
and
ada
pta
bil
ity
•
Rep
uta
tio
nal
dam
age
How
we
man
age
it
•
Ong
oin
g
IT
tra
nsf
orm
ati
on
to
ali
gn
IT
inf
ras
tru
ctu
re
to
fut
ure
str
ate
gy.
•
PEA
K
pla
nni
ng
and
pre
par
ati
on
to
ens
ure
sys
tem
sta
bil
ity
and
ava
ila
bil
ity
ove
r
hig
h
-de
man
d
per
iod
s.
•
Ind
ivi
dua
l
sys
tem
rec
ove
ry
pla
ns
in
pla
ce
in
the
eve
nt
of
fai
lur
e
whi
ch
are
tes
ted
in
lin
e
wit
h
an
ann
ual
pla
n,
wit
h
ful
l
rec
ove
ry
inf
ras
tru
ctu
re
ava
ila
ble
for
cri
tic
al
sys
tem
s.
•
Lon
g
ter
m
par
tne
rsh
ips
wit
h
tie
r 1
app
lic
ati
on
and
inf
ras
tru
ctu
re
pro
vid
ers
est
abl
ish
ed.
•
A
mat
ure
IT
ser
vic
e
des
ign
and
tra
nsi
tio
n
pro
ces
s
con
tro
ls
and
man
age
s
the
tra
nsi
tio
n
of
new
and
cha
nge
d
ser
vic
es
int
o
pro
duc
tio
n.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
10. Macroeconomic environment Risk owner: Risk Category:
Chief Financial Officer Strategic
Risk movement: Stable What is the risk?
The external macroeconomic environment in which we operate remains challenging
with a range of existing, evolving and new emerging risks driving pressure on
Link to strategy: our financial performance.
Easy to shop, Customers for life, Colleagues
Considered in the Viability statement:
Yes
Wha
t
is
the
imp
act
?
•
The
pot
ent
ial
for
inc
rea
sed
ope
rat
ing
cos
ts
to
Cur
rys
plc
•
The
pot
ent
ial
for
ext
ern
al
fac
tor
s
to
imp
act
con
sum
er
dem
and
whi
ch
may
in
tur
n
res
ult
in
ele
ctr
ica
l
spe
nd
by
cus
tom
ers
How
we
man
age
it
•
Rol
lin
g
for
eca
st
to
ana
lys
e
fut
ure
exp
ect
ed
per
for
man
ce
acr
oss
the
fin
anc
ial
yea
r.
•
Bus
ine
ss
pla
n
upd
ate
s
to
the
Exe
cut
ive
Com
mit
tee
to
ana
lys
e
the
inv
est
men
t
ini
tia
tiv
es
tak
ing
pla
ce
and
pro
gre
ss
aga
ins
t
del
ive
ry
and
fin
anc
ial
ben
efi
ts,
alo
ngs
ide
mor
e
det
ail
ed
dai
ly
and
wee
kly
tra
ini
ng
per
for
man
ce.
•
Cos
t
fle
xib
ili
ty
in
ope
rat
ing
mod
el.
•
Hed
gin
g
str
ate
gy
in
pla
ce
(fo
r
for
eig
n
exc
han
ge
and
ene
rgy
).
•
Exp
and
ing
the
ava
ila
bil
ity
of
our
cre
dit
and
ser
vic
e
off
eri
ngs
for
cus
tom
ers
.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
11. Product safety Risk owner: Risk Category:
Chief Operating Officer Operational
Risk movement: Stable What is the risk?
Unsuitable procedures and due diligence regarding product safety, particularly
in relation to OEM sourced product, may result in poor quality or unsafe
Link to strategy: products provided to customers which pose risk to customer health and safety.
Customers for life
Considered in the Viability statement:
No
Wha
t
is
the
imp
act
?
•
Fin
anc
ial
pen
alt
ies
•
Red
uce
d
cas
h
flo
w
•
Rep
uta
tio
nal
dam
age
How
we
man
age
it
•
Fac
tor
y
aud
its
con
duc
ted
ove
r
OEM
sup
pli
ers
.
•
Tec
hni
cal
eva
lua
tio
n
of
OEM
pro
duc
ts
pri
or
to
pro
duc
tio
n.
•
Pro
duc
t
ins
pec
tio
n
of
OEM
pro
duc
ts
pri
or
to
shi
pme
nt.
•
Mon
ito
rin
g
of
rep
ort
ed
inc
ide
nts
.
•
Saf
ety
gov
ern
anc
e
rev
iew
s
con
duc
ted
by
int
ern
al
by
Tec
hni
cal
and
Bus
ine
ss
Sta
nda
rds
tea
ms.
•
Est
abl
ish
pro
toc
ols
and
pro
ced
ure
s
to
man
age
pro
duc
t
rec
all
s.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
12. Supply chain resilience Risk owner: Risk Category:
Chief Operating Officer Operational
Risk movement: Stable What is the risk?
Failure to actively understand, manage and deepen key supplier and
Link to strategy: brand relationships who contribute materially to our business weakens
Easy to shop, Customers for life, Colleagues our ability to respond to external shocks.
Considered in the Viability statement:
No
Wha
t
is
the
imp
act
?
•
Dis
rup
tio
ns
to
sup
ply
of
goo
ds
•
Pri
cin
g
and
sto
ck
ava
ila
bil
ity
ter
ms
cou
ld
wor
sen
,
lea
din
g
to
dec
eas
ing
sal
es/
red
uce
d
mar
gin
•
Red
uce
d
rev
enu
e
and
pro
fit
abi
lit
y
•
Det
eri
ora
tin
g
cas
h
flo
w
•
Red
uce
d
mar
ket
sha
re
How
we
man
age
it
•
Ens
uri
ng
ali
gnm
ent
of
key
sup
pli
ers
to
fut
ure
str
ate
gy
and
mee
tin
gs
wit
h
str
ate
gic
sup
pli
ers
'
man
age
men
t.
•
Con
tin
uin
g
to
lev
era
ge
the
sca
le
of
ope
rat
ion
s
to
str
eng
the
n
rel
ati
ons
hip
s
wit
h
key
sup
pli
ers
and
mai
nta
in
a
goo
d
sup
ply
of
sca
rce
pro
duc
ts.
•
Wor
kin
g
wit
h
sup
pli
ers
to
ens
ure
ava
ila
bil
ity
of
pro
duc
ts
thr
oug
h
key
sup
pli
er
gro
up
eng
age
men
t
pro
gra
mme
.
•
Eth
ica
l
sup
ply
cha
in
due
dil
ige
nce
ove
r
our
sup
pli
er
bas
e.
•
Con
tro
l
str
uct
ure
s
to
ens
ure
app
rop
ria
te
sup
pli
er
rel
ati
ons
hip
man
age
men
t
for
GFR
,
GNF
R
and
OEM
.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
13. Sustainability Risk owner: Risk Category:
Chief People, Communications and Sustainability Officer Strategic
Risk movement: Stable What is the risk?
Our commitment to sustainability and being a good corporate citizen is either
not delivered or not adequately communicated to, or recognised by, customers
Link to strategy: and investors.
Easy to shop, Customers for life
Considered in the Viability statement:
No
Wha
t
is
the
imp
act
?
•
Red
uce
d
cas
h
flo
w
as
cus
tom
ers
sho
p
els
ewh
ere
•
Rep
uta
tio
nal
dam
age
•
Los
s
of
com
pet
iti
ve
adv
ant
age
How
we
man
age
it
•
Roa
dma
p
to
Net
Zer
o
by
204
0.
•
Com
mit
men
t
to
EV1
00.
•
Ove
rsi
ght
fro
m
the
Gro
up
Sus
tai
nab
ili
ty
Lea
der
shi
p
Tea
m,
ESG
Com
mit
tee
,
ExC
o
and
the
Boa
rd.
•
Gro
up
ESG
str
ate
gy
reg
ula
rly
rev
iew
ed
•
Ind
epe
nde
nt
rev
iew
s
on
env
iro
nme
nta
l
pra
cti
ces
e.g
.
CDP
.
•
Par
tne
rsh
ips
wit
h
rep
uta
ble
ext
ern
al
age
nci
es
Cir
cul
ar
Ele
ctr
oni
cs
Par
tne
rsh
ip
(on
cir
cul
ar
eco
nom
y),
Bri
tis
h
Ret
ail
Con
sor
tiu
m
(on
cli
mat
e
cha
nge
),
Dig
ita
l
Pov
ert
y
All
ian
ce.
•
Man
age
men
t
rep
ort
ing
on
pro
gre
ss
aga
ins
t
tar
get
for
e
-wa
ste
and
emi
ssi
ons
wit
h
met
ric
s
for
bot
h
inc
lud
ed
in
ann
ual
bon
us
sco
rec
ard
.
Cha
nge
s
sin
ce
las
t
rep
ort
Thi
s
ris
k
has
rem
ain
ed
sta
ble
ove
r
202
3/2
4.
B. Responsibility Statement (page 142)
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company and
the undertakings included in the consolidation taken as a whole; and
• the Strategic Report includes a fair review of the development and
performance of the business and the position of the issuer and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face.
We consider the Annual Report and Accounts, taken as a whole, is fair,
balanced and understandable and provides the information necessary for
shareholders to assess the Group's position and performance, business model
and strategy.
By Order of the Board
Alex Baldock, Group Chief Executive
Bruce Marsh, Group Chief Financial Officer
26 June 2024
* The directors of Currys plc as at 26 June 2024 are listed on pages 74, 76
and 77 of the Annual Report and Accounts 2023/24.
ENDS
For further information:
Dan Homan Investor Relations Director
+44 (0)7401 400442
Sarah Thomas Deputy Company Secretary +44
(0)7401 373 188
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