(Alliance News) - Currys PLC on Monday raised full-year profit guidance on the back of stronger-than-expected sales.

The London-based consumer electronics retailer, which spurned a recent bid approach, expects full-year adjusted pretax profit to be at least GBP115 million, ahead of previous guidance of GBP105 million to GBP115 million.

Shares in Currys rose 2.8% to 58.20 pence each in London on Monday morning.

Currys said sales since January 6, had been stronger than expected.

UK & Ireland and Nordics like-for-like sales are positive and gross margins remain robust, Currys said.

Currys noted the sale of its Greek operations was on track to complete in the first half of April, resulting in the group finishing the financial year in a net cash position.

Chief Executive Alex Baldock commented: "We've been working to get the Nordics back on track, while keeping up the UK&I's encouraging momentum. Both are progressing well, despite still-challenging markets, and we now feel confident to raise this year's profit expectations to at least the top of our previous guidance. Stronger trading, selling more of the solutions and services that boost margins and build customers for life, and strong cost discipline have all been important."

Last Monday, Elliott Advisors UK said it did not intend to make a bid for Currys after having a 67p per share proposal rejected.

"Following multiple attempts to engage with Currys' board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it," Elliott Advisors commented.

Currys had previously stated it felt the 67p offer "significantly undervalued the company and its future prospects," adding that the board unanimously rejected it.

On Friday, JD.Com, another potential bidder for Currys, said it would not be making a bid.

By Jeremy Cutler, Alliance News reporter

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