The AI Revolution: Currys CEO Alex Baldock
Currys has praised recent tech innovation and hopes the AI gadget will boost sales.
“The coming wave of AI-driven technology will deliver perhaps the most exciting technology cycle since Apple’s iPad in 2010,” said Alex Baldock, chief executive of the electronics retailer.
Products already selling well include the £1,249 Microsoft Copilot+ laptop and the £799 Samsung Galaxy S24 smartphone.
It comes with useful features to assist users, such as improving photo quality and translating languages.
Currys believes it is “uniquely positioned” to capitalise on the momentum behind AI and plans to make “smart investments” in its stores.
Baldock said the company was now heading in the “right direction” after fending off takeover bids from the United States and China this year.
But investors are less than impressed by three straight years of sluggish sales.
It fell 2% in the 12 months to April 27 to £8.5bn.
Shares fell 5.8%, or 4.4p, to 71.65p, bringing their loss since 2021 to 55%.
But management pointed out that it made a profit of £28 million after a loss of £462 million the previous year.
DIY Investment Platform
AJ Bell
AJ Bell
Easy investments and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund trades and investment ideas
Interactive Investor
Interactive Investor
Fixed investments from £4.99 per month
E-Toro
E-Toro
Stock Investing: A community of over 30 million people
Trading 212
Trading 212
Free stock trading, no account fees
Affiliate links: If you buy something, This is Money may earn commission. These deals are selected by our editorial team because they believe they are noteworthy. This does not affect our editorial independence.
Compare the best investment accounts for you