TheWorks.co.uk plc (GB:WRKS) has released an update.
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TheWorks.co.uk plc, a value retailer in arts, crafts, toys, books, and stationery, reported modest revenue growth in FY24 amidst a tough trading environment, with £282.6m in revenue and pre-IFRS16 adjusted EBITDA of £6.0m, in line with market expectations. Despite a decline in like-for-like sales, especially online, and no final dividend proposed, the company anticipates profit growth in FY25 with a forecasted EBITDA of £8.5m, driven by strategic initiatives and operational improvements. Key strategic changes included enhancing product margins, streamlining costs, and evolving the brand, positioning The Works for a stronger performance in the upcoming holiday season.
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