Kotsovolos’ turnover moved almost at the same levels as last year in the first half of 2023/2024, according to the financial results published by the parent Currys. According to the English company, the conclusion of the acquisition of Kotsovolos by PPC is expected in the first quarter of 2024.
In detail, Kotsovolos’ turnover amounted to 291 million British pounds (337.9 million euros) compared to 295 million pounds in the corresponding period last year.
Αdjusted EBIT rose by 300% to 4.0 million euro British pounds (4.64 million euros). Operating cash flow stood at 7.0 million British pounds (8.13 million euros), up 3 million British pounds compared to the same period last year due to higher operating profit. Investments (capital expenditure) also amounted to around 7.0 million British pounds (8.1 million euros) and were directed towards the store network and IT infrastructure and distribution.
In its financial report, Currys stated that upon the completion of the disposal of Kotsovolos, the Currys Group expects to collect Net Cash Income of approximately 156 million British pounds. The Board of Directors intends to use the net cash proceeds to reduce the total debt of the Currys Group and to fund its pension plan. As highlighted, the reduction in overall debt will provide greater flexibility for the Currys Group to invest in order to increase earnings and cash flow. The Group will also explore the possibility of returning any excess capital to shareholders.
