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Despite Currys, the UK electronics provider, returning to profit the business will not reinstate its dividend.
At the end of June, Currys announced a 10% increase in its full-year profits.
The profits were driven by a stronger-than-expected recovery for its business in the Nordics.
The firm reported an adjusted pre-tax profit of around £118 million in the year to April 27th up from the £107 million Currys’ saw in the previous year.
Currys scrapped its final dividend in July last year after it reported that it swung to an annual loss before tax of £450 million.
The business was hit hard by the rise in inflation which hit consumer confidence leading to a fall in sales.
Currys agreed to sell its Greek business, worth 7% of all revenue, for £175 million in cost cutting measures that the business said would allow it to focus on bigger markets: the UK, Ireland and the Nordics.
This year Currys received multiple takeover bids from US investment group Elliot management.
However, Elliot Management later abandoned the attempt after multiple efforts to engage with Currys’ board failed.
Yet, after Elliot Management pulled out, Chinese ecommerce group JD.com announced that it was also considering a bid for Currys.
Currys is currently trading at around 80p. Year-to-date, the firm’s share price, has increased by over 61%, although over a five-year period, its shares have lost over 30% of their value.
