The Works revenues rise by 46.5% in FY22
The group’s profit before tax also hit £10.2m in FY22 as opposed to its loss of £2.8m in FY21
The Works has welcomed “strong” financial results in FY22 and made strategic progress as the group’s total revenue reached £264.6m for the 52 weeks ended 1 May 2022, spelling an increase of 46.5% in revenues against the prior year.
It is reported that the group’s profit before tax also hit £10.2m in FY22 as opposed to its loss of £2.8m in FY21. The group’s adjusted EBITDA also increased to a sum of £16.6m compared to just £4.3m in FY21.
The results come as the retailer of arts and crafts experienced “strong” sales driven against the group’s strategic objective, as well as “careful” management of its supply chain and an increase in consumer demand post Covid-19.
As a result, the group’s two-year like-for-like sales also increased by 10.5% across online platforms and brick-and-mortar locations, with the two-year total gross sales also seeing an increase of 12.7%.
According to the group, it is “confident” in its prospects despite the challenging trading conditions forecasted in the near term.
Gavin Peck, CEO of The Works, said: “We delivered a strong performance in FY22, with good growth in sales and profits ahead of pre-Covid levels. We closed the year in a much stronger financial position and will be pleased to recommend to shareholders the payment of a dividend.
“The Works is a resilient business with a proven track record of delivering robust results during times of economic hardship, however, given current conditions, we maintain our cautious view of the year ahead.”
He added: “We remain confident in our ability to continue making good strategic progress and to deliver growth in the medium-term.”
