The Works raises profit guidance as first half sales jump by 10.1%
The Works has upped its full year profit guidance after posting strong first half sales growth.
In a trading update for the 26 weeks to 1 November, the company said total sales from continuing operations increased by 10.1% to £128.8 million. Like-for-like sales were also up, rising by 9.8%, up from 4% growth in the prior year period.
Subscribe to TRBThe Works attributed the growth to the effective execution of its Elevating The Works strategy and rising year-round appeal for its screen-free proposition.
The company now expects full-year pre-IFRS 16 adjusted EBITDA to be ahead of expectations at no less than £17 million. The upgrade follows a previous guidance increase announced on 7 September.
Gavin Peck, chief executive of The Works, said: “We are delighted to report a strong H1 performance with like- for-like sales growth of 9.8%, driven by strong customer demand across all our key categories. We also delivered strong performances during the Back to School and Halloween trading periods.
“Reflecting this, we are further upgrading our FY27 pre-IFRS 16 Adjusted EBITDA expectations, to at least £17 million. This outcome is a testament to the continued progress towards achieving our five-year plan, the growing year-round appeal of our differentiated screen-free proposition, simplified store-focused model, and the hard work and commitment of our colleagues.
“We are well positioned as we enter the key Christmas trading period and focussed on giving our customers more inspiration and choice for enjoying Time Well Spent together this Christmas.”
