Business
AI tech and gaming helps lift sales for Currys amid ‘unhelpful’ cost pressures
AI technology and gaming launches have helped drive higher sales for electronics retailer Currys, which also hailed a recovery of its Nordics arm.
The company said its financial performance was improving despite a “muted” consumer environment and “unhelpful” cost pressures.
It reported revenues totalling £4.2 billion for the six months to November, up 4% when compared like-for-like with the same period last year.
Adjusted pre-tax profits more than doubled to £22 million year-on-year.
In the UK and Ireland, where Currys has almost 300 shops, computing was the strongest category for sales with AI technology and new games leading the charge.
It also highlighted surging demand for smaller categories like gaming accessories, emerging technology like health and beauty innovations, and a 12% jump in the sale of Windows laptops.
Mobile products sold well over the half-year, with its mobile network brand iD increasing its share of the wider market, the firm said.
But it reported a dip in the sale of consumer electronics, including TVs and speakers, which the retailer attributed to there being a spike in demand last year during the men’s Euro 2024 football tournament.
Chief executive Alex Baldock said it was “pleasing that strong top-line growth is translating into improved profitability”.
But he added: “In the UK and Ireland, the consumer environment is more muted, and cost headwinds are unhelpful.”
Currys said profits in the UK were being weighed down by increases to the national minimum wage and employer national insurance contributions, from last year’s autumn budget.
These cost increases were not being fully offset by savings it has been striving to make across the business.
Nevertheless, Currys hailed an improved performance for its Nordics arm after launching a turnaround for the struggling business.
Revenues increased by 4% on a like-for-like basis for the region, which has more than 400 stores both owned and franchised, and earnings grew.
Shares in Currys jumped by about a 10th in early trading on Thursday.
Business
Budget eases PF, ESI deduction rules for employers, allows relief for delayed deposits – The Times of India
In a move expected to bring relief to employers and reduce routine tax disallowances, the finance bill has proposed a key change to the treatment of employees’ provident fund (PF), ESI and similar contributions, allowing deductions even where there is a delay in deposit, provided the amount is deposited by the employer entity with the relevant welfare fund authorities before the due date of its Income-tax return.At present, employers can claim deduction for employees’ PF and ESI contributions only if the amounts are deposited within the strict timelines prescribed under the respective welfare laws. Even a minor delay permanently disqualifies the expense for tax purposes, a position that had been settled by the Supreme Court (SC) after years of litigationUnder the proposed amendment to Section 29 of the Income-tax Act, 2025, the definition of “due date” for claiming deduction of employees’ contributions is set to be aligned with the due date for filing the income-tax return by the employer entity.Explaining the shift, Deepak Joshi, a SC advocate said employers are currently held to a rigid standard. “The law, as interpreted by the SC, meant that if employee contributions were not deposited within the due date under the relevant welfare fund laws, no deduction was allowed — even if the payment was made before filing the income-tax return,” he said.“The proposed amendment substitutes the definition of ‘due date’ to mean the due date of filing the income-tax return. The positive impact is that even if there is a slight delay in depositing employees’ contributions, so long as the amount is deposited before the return-filing deadline, the employer will be allowed the deduction,” Joshi added. Experts view the move as part of the government’s broader effort to soften compliance rigidities and reduce avoidable litigation.
Baby boxes are being delivered to expectant families in some of Wales’ most deprived areas.
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After the drop in gold price, Bitcoin price also fell.
Bitcoin fell below $77,000 in the global market, Bitcoin price fell by more than 13% in a week.
Bitcoin’s highest price in 6 months fell below $126,000, Bitcoin price has dropped by more than $49,000.
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