Currys PLC (LSE:CURY) shares retreated from a three-year high as the retailer said it would resume dividends after profits swelled 37% in the past year.
The electrical products chain posted a year-end trading update where it said adjusted profit before tax will come in at around £162 million for the year ending 3 May 2025. Expectations were already high after two profit guidance upgrades in recent months.
Group like-for-like sales grew 2% over the year after a 4% advance in the final 17 weeks.
Free cash flow improved significantly over the year, aided by lower interest costs and tight working capital management.
With net cash exceeding £180 million at year end, the board plans to resume cash dividends that were suspended its in December 2022.
CEO Alex Baldock said: “We finished another year of strengthening performance on a high note with encouraging momentum and accelerating sales growth in both the UK&I and the Nordics."
The shares fell 0.85% to 124.2p in early trading, having climbed 75% over the past 12 months after sinking to around a 14-year low at the end of 2023.