Currys PLC (LSE:CURY) doubled its dividend and unveiled a new £50 million share buyback as the electricals retailer posted profits in line with previous guidance and said trading at the start of its new financial year had been "very solid".
Adjusted pre-tax profit for the year to 2 May jumped 18% to £191 million, on revenue up 6% to £9.25 billion.
The UK and Ireland business grew sales 3% on a like-for-like basis, with adjusted earnings before interest and tax up 3% to £158 million. Nordics LFL sales rose 6% and adjusted EBIT 26% on a currency-neutral basis to £97 million.
Group free cash flow rose 5% to £157 million and net cash balance ended the year at £176 million, despite returning £74 million to shareholders and making £82 million of pension contributions.
As well as the new buyback, the board proposed a final dividend of 2.25p a share, taking the full-year payout to 3p, compared to 1.5% a year ago.
Overseeing his last set of results before leaving next month, chief executive Alex Baldock said: "Our performance continues to strengthen. Profits and cash flow are healthily up, supported by a balance sheet that has never been stronger, even after growing shareholder returns."
Currys said it was comfortable with current market expectations, where the mid-point is an adjusted pre-tax profit of £198 million, despite continued macroeconomic uncertainty.
Baldock will hand over the reins to Nordics division boss Fredrik Tønnesen on 3 August.
