“The latest uplift in profit guidance demonstrates the continued success of Currys' profitability drive. Alongside cost reduction actions, including divesting from less profitable Greek and Cypriot businesses, Currys has put a laser focus on its service arm, which has consistently delivered robust performance. Not only do services give a boost to profit margins, they also foster customer loyalty, with Currys saying credit shoppers are 52% more likely to return to shop.

The Care & Repair service is another key contributor, with its adoption increasing over the past few years as it provides consumers with an affordable alternative to buying new. Currys’ plans to scale its remote RepairLive service to handle a greater volume of repairs could lower costs of transporting products and offer quicker solutions for customers. The repair market has room for further expansion, bolstered by the introduction of Right to Repair legislations and the dual benefits of cost savings and waste reduction that repair services offer. 39% of electrical buyers haven’t used an electrical repair service in the last year but are interested in doing so (see upcoming Electrical Goods Retailing - UK, 2024), indicating a largely untapped market potential for repair services.”