Citi lifts Currys price target to 184p on robust results and rising payout

Citi has lifted its price target for Currys (LON:CUR) to 184p following the release of its full-year results and a forecast for a rising dividend.

The FTSE 250-listed electricals retailer’s shares rose 1.5% in early trading on Friday after it announced a return to profit and predicted a 10% increase in its final dividend.

The company reported a pre-tax profit of £119 million for the year to 30 March, compared to a loss of £140 million in the previous year.

This was driven by a 7% increase in like-for-like sales, reaching £10.7 billion.

The company also announced plans to return £500 million to shareholders over the next two years through share buybacks and dividends.