High Street

The Works H1 sales rise 30.6% to £116.1m

The company also delivered a 'record' Christmas, with sales in the 11 weeks since the end of the period growing 9% on a two-year basis.

The Works has announced its revenues increased by 30.6% to £116.1m in the 26 weeks ending 31 October 2021 (H1 FY22), up year-on-year from £88.9m and 17.9% from pre-pandemic levels (H1 FY20).

The group has also reported Pre IFRS 16 Adjusted EBITDA of £2.5m for the period, compared to £1.5m during H1 FY21, with forecasts for the full year to reach £15m, assuming no further Covid related impact on trading.

Additionally, the Works reported a loss before tax of £1m which the company said is a “significant improvement” on the prior year which saw a loss of £4.3m.

The Works saw like-for-like sales grow 14.5% on a two-year basis in H1 FY22, “ahead of the board’s expectations”. Overall, its like-for-like store sales on a two-year basis for the period increased by 7.3% and online sales by 80.7%.

In addition, the company delivered a “record” Christmas, with sales in the 11 weeks since the end of the period growing 9% on a two-year basis. During this period, store sales grew by 0.6% and online sales by 71.9% from pre-Covid levels.

The Works also said that overall “good” trading performance is expected to offset its “significantly” increased container freight costs.

Gavin Peck, CEO of The Works, said: “Our performance in the first half shows that our improved customer proposition, clarified purpose and the successful execution of our strategy are delivering tangible results. 

“We delivered a record Christmas, demonstrating the increasing appeal of our customer offer and despite uncertainty over the impact of Omicron and the ongoing supply chain challenges faced throughout our sector.”

He added: “This better-than-expected trading provides confidence that we will deliver an improved performance in FY22. We are now a much stronger business than we were two years ago and believe that delivering on our refocused strategy will have a transformational effect on our business.”

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