Just over a year ago, UK electrical retailer Currys looked like a classic case of high street woes writ large. Now it is a cash flow positive business with an improving top line and a much improved share price. The trouble is that Currys is now an example of something else: the tendency for recovering retailers to find themselves permanently on probation.

Last week, the high street peddler of household appliances reported full-year sales up 3 per cent year-on-year. But its pre-tax profit grew by more than a third, helped by expanded margins as well as a drop in financing costs. Same-store sales at Currys’ UK business rose 4 per cent, while those at its Elkj?p stores across Nordic countries at least stopped shrinking.

Currys’ shares have nearly doubled since it was the subject of takeover interest from hedge fund Elliott Management and Chinese online retailer JD.com in February 2024. Boss Alex Baldock has closed underperforming stores and targeted recurring revenue, such as repair plans to accompany laptop purchases and offering in-store credit. In its UK unit, that kind of repeat business now makes up 28 per cent of Currys’ top line.