Retailer’s profits soared ahead of going public

The Works delivered a 40% increase in pre-tax profits in its final full year as a private company.

Accounts filed at Companies House show that was achieved on a 15% increase in sales, which rose to £192.1m in the year to April 29.

The Works added 60 stores during the year and continued to rebrand its existing store estate to TheWorks.co.uk, with around 70% now converted.

Online sales grew 37% in the year, driven by its click-and-collect offer, while its loyalty scheme had 1.1m active members.

Victoria Norrish, who moved from chief financial officer to strategic development director ahead of the float, said: “In recent years The Works has been transformed into a successful multichannel business with a diverse, flexible property portfolio of nearly 450 stores and a fast growing online proposition.

“Our value proposition, product categories, store formats and multichannel strategy give us reach to the widest possible range of consumers.

“The period has seen us continue to apply a tried and tested template for growth to The Works – rapid store estate growth, immediate response to consumer trends, and rigorous maintenance of margins.”

Last month the Sutton Coldfield-based business floated on the London Stock Exchange in a listing which valued the retailer at £100m.

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