viewTheWorks.co.uk PLC

TheWorks.co.uk says summer performance topped expectations

Store sales continue to be under pressure, with online driving growth

TheWorks.co.uk PLC - TheWorks.co.uk says summer performance topped expectations

TheWorks.co.uk PLC (LON:WRKS) said the performance since the reopening of stores in June has been “well ahead” of expectations.

Like-for-like sales rose by 0.7% in the ten weeks to August 23, driven by online demand as store sales have been down around 9%.

READ: TheWorks to reopen all stores in England and Ireland next week

In the 17 weeks to August 23, sales slid 26% due to store closures.

The stationery retailer also extended its £25mln revolving credit facility to September 2022 to have enough liquidity through the crisis.

In the year to April 26, revenue rose 3% to £225mln, but the gifts chain swung to an £18mln loss before tax from last year’s £2mln profit due to £19.5mln non-cash impairment charges resulting from COVID-19, relating to goodwill and store assets.

The board did not propose a final dividend.

Analysts at house broker Peel Hunt upgraded the underlying earnings (EBITDA) forecast to £10mln from £4mln.

Shares dipped 2% to 23.25p on Thursday morning.

Quick facts: TheWorks.co.uk PLC


Price: 48 GBX

Market Cap: £30 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Iofina says 'our business has been strong' reporting record revenue and...

Iofina PLC (AIM:IOF, OTC:IOFNF, FRA:IF7) (AIM:IOF, OTC:IOFNF, FRA:IF7) Tom Becker joins Proactive London to explain what drove their record revenue and profit in the first half.  Debt also fell in the first half of the year despite production outages caused by extreme weather and reduced...

2 days, 9 hours ago

2 min read