The Works delivers strong first half in maiden results since £100m IPO

Books, toys and stationery retailer The Works has hailed a strong half year performance in its first results following its £100m float on the London Stock Exchange earlier this year.

In a trading update covering the 26-week period to 28 October 2018, the Sutton Coldfield-based business said revenue increased by 15% year-on-year, with LFL sales growth of 3.8%, a performance driven by growth in both stores and e-Commerce.

The company said it continued its successful store-roll out strategy, opening 32 new stores, taking the total number of stores trading to 479.

The Works said it is on track to meet its target of 50 net new store openings for the full-year.

CEO Kevin Keaney said: “We’re pleased with our performance in the first half of the year, with good sales growth in our existing stores and in e-Commerce, the continued execution of our store opening strategy and a successful IPO.  As we enter the busy Christmas period, we remain focused on delivering for our customers through our unique multi-channel offering, which continues to buck the trend in retail.”