Currys has a claim to being the UK’s most infuriating retailer – not for the customers, but for its shareholders. This is a company that generates £10bn of annual revenues and enjoys No 1 positions in all its territories – the UK and Ireland, Greece and the Nordics, which means everywhere from Finland to the niche market of Greenland.
It is generally regarded as being well-managed, at least since chief executive Alex Baldock arrived in 2018, and there is no problem with the balance sheet. Yet the stock market capitalisation is just £700m. Even in a low-margin game like consumer electricals, being valued at less than one-tenth of revenues is a shocker.
