Amid anticipation of a Black Friday boost, tech retailing giant Currys, which which has superstores in both Gloucester and Cheltenham, has just published interim results which show that the group experienced a strengthening position in its latest half year.

With profits up £41m year-on-year, Alex Baldock, Group Chief Executive, said the results for the period ended October 26 were very encouraging: "Currys' performance continues to strengthen, with profits and cashflow growing significantly, and the Group's balance sheet is strong."

Marked improvements to both Online and Stores channels were evidenced, he said, with customers continuing "to take more of the solutions and services that are valuable to them and to us, and such growth drivers as B2B and iD Mobile performed well."

Group free cash flow was £50m, a rise of £46m year-on-year, while UK and Ireland revenue growth rose 6%, with star players being Services, B2B and iD Mobile - which saw subscribers rising 32% to 2m.

Nordics adjusted earnings before interest and tax rose 50% year-on-year, driven by growth in market share in what the report called a "continuing difficult market".

But with group revenue at £3,918m and adjusted profit before tax at £9m, a rise of £25m year-on-year, Curry's said that strong sales and its improved gross margin more than offset both investment and inflationary cost increases.

Mr Baldock said: "All this showed in growing sales, market share, gross margins and profits. In the Nordics, we gained market share, increased gross margins, tightly controlled costs and grew profits in a still-tough consumer environment.

Strong customer satisfaction underpinned progress in both markets, he said, with positive feedback increased again for colleague engagement, firmly establishing the retail brand in the top 10% of companies worldwide.

"We were well prepared for our Peak trading period, with healthy stock and market-beating, best-ever deals that show our unmatched importance to suppliers. We're trading in line with expectations. One highlight is rising demand for AI laptops, where we enjoy over 75% market share in the UK. AI is a trend with a lot further to run."

Looking ahead, he said the business was confident of continuing progress, and expects to grow profits and cashflow, as promised, this year, "despite new and unwelcome headwinds from UK government policy".

Measures indicated from the new government, he added, will quickly and materially add cost while depressing investment and hiring, boosting automation and offshoring, and making some price rises inevitable.

But despite incoming rules, mitigation was possible. Mr Baldock pledged: "We'll keep colleague engagement world class, customer satisfaction increasing, cashflow growing for shareholders, and playing an ever-bigger role in society. We have growing momentum.... I'm hugely grateful to the tens of thousands of colleagues whose brilliant work makes all this possible, and who are building this ever-stronger Currys."

In a message to investors, Mr Baldock spoke more about the importance of creating "customers for life through stickier and more valuable customer relationships". 

He added: "At the heart of this is our unique range of services that help customers afford and enjoy amazing technology to the full, that build us valuable recurring revenue streams, and encourage repeat shopping."

● At its latest count, Currys plc has 727 stores in six countries. Its mission statement is to "Help Everyone Enjoy Amazing Technology, however they choose to shop. Our vision has a powerful social purpose at its heart". Speculation was rife early this year that the business could be the target of a takeover by Chinese retail giant JD.Com, but no deal went ahead.