18th May 2023 18:03
TheWorks.co.uk PLC - Birmingham-based retailer of arts, crafts, toys, books and stationery - Delivers "resilient" performance in the year ended April 30 despite a "challenging backdrop". Total sales increased 6.1% year-on-year to GBP316.6 million from GBP298.4 million. Stores sales, which represent just under 89% of total sales, deliver a like-for-like increase of 7.5%. Online sales, meanwhile, decline 15% year-on-year. Expects to report an adjusted earnings before interest, tax, depreciation and amortisation result for financial 2023 in line with company-complied market forecast estimate of GBP9.0 million. Adjusted Ebitda for financial 2024 seen at GBP10.0 million, which the company says is "comfortable". Final results will be announced on July 21.
Current stock price: 36.20 pence, up 22% in London on Thursday
12-month change: down 28%
By Heather Rydings, Alliance News senior economics reporter
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