Dividend Tracking: No dividends yet for Curry stock…

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Despite British electronics supplier Currys returning to profit, the business will not restore its dividend.

At the end of June, Currys announced a 10% rise in its full-year profits.

Profits were driven by a stronger-than-expected recovery for its Nordic business.

The firm reported adjusted pre-tax profit of around £118m in the year to April 27, up from Currys saw £107m the previous year.

Currys canceled its final dividend last July after reporting an annual pre-tax loss of £450m.

The business was hit hard by rising inflation, which affected consumer confidence, leading to a decline in sales.

Currys has agreed to sell its Greece business, worth 7% of all revenue, for £175m in cost-cutting measures which the company said would allow it to focus on larger markets: UK, Ireland and the Nordics.

Currys has received several takeover offers this year from the management of US investment group Elliot.

However, Elliot Management later abandoned the attempt after multiple efforts to engage with Currys’ board failed.

However, after Elliot Management pulled out, Chinese e-commerce group JD.com announced it was also considering a bid for Currys.

Currys is currently trading at around 80p. Year-to-date, the company’s share price is up more than 61%, although over a five-year period, its shares have lost more than 30% of their value.