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TheWorks.co.uk PLC - Birmingham-based retailer of arts, crafts, toys, books and stationery - Pretax loss narrows to GBP2.8 million in financial year that ended May 2 from GBP18.0 million in financial 2020, on a big drop in non-cash impairment charges and despite a 20% drop in revenue to GBP180.7 million from GBP225.0 million. Adjusted earnings before interest, tax, depreciation and amortisation - excluding the impact of lease accounting rule IFRS 16 - declines by 60% to GBP4.3 million from GBP10.8 million. Revenue drop is due to pandemic store closures, but TheWorks notes that store like-for-like sales were up 6.0% on a year before, when allowed to trade, and online sales more than doubled. Swings to net cash of GBP800,000 from net debt of GBP7.1 million a year before on strong cash generation.
TheWorks says it will continue to de-emphasise store openings in favour of investment in its online offering and in improving existing stores.
Separately says, Dean Hoyle will step down as chair in September, replaced by Carolyn Bradley, who will join the board at that time. Bradley is a former executive at supermarket chain Tesco PLC. She currently is senior independent director of travel food firm SSP Group PLC, among other board roles.
Current stock price: 59.40 pence
Year-to-date change: up 70%
By Tom Waite; thomaslwaite@alliancenews.com
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