Currys has raised its annual profit forecast after hopes of a takeover were dashed last week when two potential suitors both walked away from talks.
The electronic retailer said trading in the UK and Ireland had been better than expected, lifting underlying pre-tax profits expectations to at least £115m in the year to the end of April, from previous guidance of between £105m and £115m,
Shares in the firm rose by 3.6% on Monday, after a 3.9% fall on Friday when hopes of a bidding war were ruled out.
American investment fund Elliott, which also owns Waterstones, pulled out a deal with Currys last Monday after a number of bids, the highest being £757m, fell well short of Currys evaluation.
Chinese retailer JD.com said it wouldn't make a bid on Friday after a month of speculation.
Alex Baldock, chief executive, said: "We’ve been working to get the Nordics back on track, while keeping up the UK and Ireland’s encouraging momentum.
"Both are progressing well, despite still-challenging markets, and we now feel confident to raise this year’s profit expectations to at least the top of our previous guidance."
FTSE 100
The UK's flagship share index, the FTSE 100, was up four-points, at 7,726, shortly after opening this morning.
Brent crude oil futures was down 0.29% today, trading at $86.64 a barrel.
Companies reporting today
- Close Brothers - Half year results
- Diversified Energy Company - Full year results
- Essentra - Full year results
- SThree - Q1 trading statement
- Trustpilot - Full year results