We help everyone enjoy amazing technology
Annual Report & Accounts 2021/22
Currys
What we do
We are a leading omnichannel retailer of technology
Currys plc is a leading omnichannel retailer of technology products and services, operating online and through 830 stores in 8 countries.
We Help Everyone Enjoy Amazing Technology, however they choose to shop with us.
Our vision has a powerful social purpose at its heart.
We believe in the power of technology to improve lives, help people stay connected, productive, healthy, and entertained.
We're here to help everyone enjoy those benefits and with our scale and expertise, we are uniquely placed to do so.
Quick links
www.currysplc.com/investors
For the latest news visit our website.
Long Live | Our Business | Strategy | ||
Your Tech | Model | in Action | ||
6 | 10 | 18 | ||
Strategic Report | Governance | Financial Statements | Investor Information | 1 |
2021/22 Highlights
Financial highlights
Revenue | Free cash flow* | ||||||||||||
£10,144m | £72m | ||||||||||||
(2)% | (84)% | ||||||||||||
2021/22 | £10,144m | £72m | 2021/22 | ||||||||||
2020/21 | £10,344m | £438m | 2020/21 | ||||||||||
2019/20 | £10,170m | £109m | 2019/20 | ||||||||||
Adjusted profit before tax* | Statutory profit/(loss) before tax | ||||||||||||
£186m | £126m | ||||||||||||
+19% | +282% | ||||||||||||
2021/22 | £186m | 2021/22 | £126m | ||||||||||
2020/21 | £156m | 2020/21 | £33m | ||||||||||
2019/20 | £116m | £(140)m | 2019/20 | ||||||||||
Adjusted EPS* | Statutory EPS | ||||||||||||
11.9p | 6.3p | ||||||||||||
+11% | |||||||||||||
2021/22 | 11.9p | 2021/22 | 6.3p | ||||||||||
2020/21 | 10.7p | 2020/21 | 0.0p | ||||||||||
2019/20 | 6.7p | ||||||||||||
(13.9)p | 2019/20 | ||||||||||||
See our Key Performance Indicators on pages 66 to 67.
Operational highlights
• Moved to a single brand in the UK&I. | • Strong progress against net zero |
Currys is now customers' single | targets(1), recognised by CDP "A" score. |
destination for all things tech. | • Successfully entered Cyprus, |
• Launched new omnichannel | our 8th market. |
platforms in both UK and across | • Resumed dividend payments and |
the Nordics. | commenced a share buyback. |
- Alternative performance measure (APM). In the reporting of financial information throughout the Annual Report and Accounts, the Group uses certain APMs that are not required under IFRS. We consider these to provide
additional useful information on the performance of the business and trends to shareholders, consistent with those used internally and are disclosed in order to provide parity and transparency for readers of the Annual Report. Definitions, purpose and reconciliations to the closest statutory equivalent for our APMs are provided within the Glossary and definitions on pages 231 to 245.
(1) Net zero is defined in the Glossary and definitions section on page 245.
Contents
Strategic Report
- 2021/22 Highlights
- Our Vision
- The importance of technology
- Long Live Your Tech
- Our business
- Our business model
- Chair's statement
- Chief executive's statement
- Strategy in action
- Our stakeholders
- Sustainable business
- Risk management
- Principal risks and uncertainties
- Going concern and viability statement
- Key performance indicators
- Performance review
Governance
- Governance at a glance
- Board of Directors
- Directors' Report
- Corporate Governance Report
- Audit Committee report
- Disclosure Committee report
- Nominations Committee report
- Environmental, Social and Governance (ESG) Committee report
- Remuneration Report
- Remuneration Committee report
- Remuneration details for 2021/22
- Statement of directors' responsibilities
Financial Statements
- Independent Auditor's Report
- Consolidated Income Statement
- Consolidated Statement of Comprehensive Income
- Consolidated Balance Sheet
- Consolidated Statement of Changes in Equity
- Consolidated Cash Flow Statement
- Notes to the Group Financial Statements
- Company Balance Sheet
- Company Statement of Changes in Equity
- Notes to the Company Financial Statements
- Five Year Record (unaudited)
Investor Information
231 Glossary and Definitions
246 Shareholder and Corporate Information
Non-Financial Information Statement
We aim to comply with the Non-Financial Reporting requirements contained in sections 414CA and 414CB of the Companies Act 2006. The requirements of this disclosure are addressed within this section by means of cross reference in order to avoid duplication and to help stakeholders understand our position on key non-financial matters:
Environmental matters (including impact of
business on the environment) | pages 42-51 |
TCFD Report | page 49 |
Colleagues | pages 18-25 |
Social matters | pages 52-55 |
Respect for human rights | page 56 |
Anti-corruption and | |
anti-bribery matters | page 56 |
Description of our business model pages 10-11 Details of the principal risks relating
to non-financial matters | pages 58-64 |
Non-financial KPIs | page 67 |
2 Currys plc Annual Report & Accounts 2021/22
Overview
Our Vision
We help everyone enjoy amazing technology
We help customers choose, afford and enjoy amazing technology however they shop with us.
As a market leading technology products and services retailer, our vision drives everything we do, in all countries in which we operate.
Customers find technology incredibly exciting, but also confusing and expensive. Our vision goes beyond ensuring customers can choose, afford and enjoy the right tech.
We put our purpose at the heart of what we do, using our expertise, scale and reach, to bring technology to everyone. The assets, colleagues, capabilities and scale that we have means that no one is better placed than Currys to help customers do all this.
Our business model
Choose | Afford | Enjoy |
for life |
We help customers choose the right technology, across a huge range of products, through stores or online. Our capable and committed colleagues provide expert advice to help customers make the right choice.
Read more about our business model on page 10.
We help everyone afford the technology they want. We won't be beaten on price and we can spread the cost of tech through the responsible use of credit.
We help customers make the most of their amazing tech through our unique services. We get the product working, help give tech a longer life and help customers make the most of their products. We are uniquely positioned to help customers throughout their life, and by doing so we will drive relationships that are long-lasting and more valuable to our customers and to us.
Our Values
Our values unite us, helping us achieve our strategic objectives.
We put our | We win |
customers | together |
first |
We own it
Technology's amazing. And we're here to help everyone enjoy it. We don't just sell products to people, we make sure they have the knowledge and confidence to get everything they can out of them. We know that our advice, our enthusiasm, our commitment to do what's right for customers brings them joy. And it's through this energy and determination that we'll keep more customers for life.
While there are thousands of us, in hundreds of roles and positions, we're all united by the same love for technology and helping people enjoy it. We value our differences and the difference we make because that's what makes us unique. When we come together amazing things happen and we win together as one.
We all take charge of our future and we're not afraid of change. It's how we succeed. We find what works well and we make it work better. We share ideas to help make our customers' lives easier and we go above and beyond to help others out. As individuals and as a business, we're committed to learning, growing and taking responsibility for making things happen.
Read more about our values on page 24.
Strategic Report | Governance | Financial Statements | Investor Information | 3 |
Our strategic priorities
Capable and committed | Customers need an easy | We are building customers |
colleagues - our greatest | shopping experience | for life |
advantage |
Happy colleagues make happy customers and happy shareholders, and none of our competitors can match our thousands of expert colleagues.
Read more about Our Colleagues on page 18.
For our customers, we will be easy to shop. We're strongest when we offer the best of both online and stores to customers, an omnichannel shopping experience.
Read more about Omnichannel on page 26.
We want to be more valuable to customers. This means helping them to afford and enjoy their technology, Our Credit and other Services, fuelled by data, help us build those longer-term customer relationships.
Read about Customers for Life on page 30.
Sustainability priorities
Help | Grow our | |||||||||||||
Net zero by | Eradicate | Circular | ||||||||||||
2040 | Digital | Business | ||||||||||||
Poverty | Model | |||||||||||||
Financial benefits by 2023/24 | ||||||||||||||
Steady Growth | ||||||||||||||
EBIT margin* | Capital expenditure | New cash exceptionals* | ||||||||||||
3% | <1.5% of sales | £minimal | ||||||||||||
Annual sustainable free cash flow*
>£150m
Growing shareholder return
- Definitions, purpose and reconciliations to the closest statutory equivalent for our APMs are provided within the Glossary and definitions on pages 231 to 245.
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Currys plc published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 06:15:05 UTC.