In trending news on UK stocks, Currys PLC’s (GB:CURY) shares gained momentum after it increased its adjusted profit before tax guidance to at least £115 million, up from the previous forecast range of £105-£115 million. This was mainly driven by stronger-than-expected sales after January 6, 2024. Currys’ shares are trading at a gain of over 3% at the time of writing.
Currys is a tech retailer and after-sales service provider, operating around 300 stores across the UK.
More Details from the Update
In the update, Currys also noted that both Elliott Advisors (UK) Limited and JD.com (HK:9618) have announced that they don’t intend to pursue the acquisition of the company. In February, CURY stock soared by almost 38% after JD.com declared its interest in potentially acquiring the company, sparking a bidding battle after Elliott Advisors’ bid.
The company emphasized its efforts to improve performance in the Nordics while sustaining growth in the UK. Progress in both markets has been encouraging, and the company is confident about achieving profits above its previous guidance range.
Additionally, Currys is moving forward with its strategy to sell its operations in Greece, aiming to finalize the transaction by mid-April 2024. This step is expected to leave Currys in a net cash-positive position by the end of the Fiscal Year. For FY24, the company projects its capital expenditures to reach approximately £70 million, with net exceptional cash costs forecasted at £50 million.
Are Currys Shares a Good Buy?
According to TipRanks, CURY stock has a Moderate Buy consensus rating, backed by two Buy and two Hold recommendations. The Currys’ share price target is 68.50p, which implies a change of 16.7% from the current trading level.
