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TheWorks.co.uk
TheWorks.co.uk (WRKS) investor relations material
TheWorks.co.uk H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary22 Jan, 2026
Executive summary
Achieved significant strategic and financial progress in H1 FY26, with strong store performance and improved profitability despite a challenging retail environment and online fulfilment issues.
Continued execution of the Elevating The Works strategy, focusing on affordable, screen-free activities for families and operational efficiency.
H2 trading in line with expectations, with robust store like-for-like sales and sustained product margin growth.
Financial highlights
H1 FY26 revenue was £123.8m, down 0.3% year-over-year, with store LFL sales up 4% and online sales down 36% due to fulfilment challenges.
Product gross margin increased by 330bps to 62.6%, driven by better buying, reduced markdowns, and selective price increases.
Pre-IFRS 16 Adjusted EBITDA loss improved to £1.0m (H1 FY25: £2.8m loss); loss before tax reduced to £5.1m (H1 FY25: £6.5m loss).
Net debt reduced to £5.3m (H1 FY25: £8.5m); closing cash and cash equivalents at £3.7m.
Store payroll costs rose by £2.4m due to wage and NI increases; cost reduction programs delivered significant savings.
Outlook and guidance
On track to meet FY26 market expectations of pre-IFRS 16 Adjusted EBITDA of £11.0m, with further profit growth expected in FY27.
Expecting 10 net new stores and significant EBITDA growth in FY27.
Cash expected broadly in line with prior year, with £7m capex planned for FY26.
Initiatives underway to resolve online fulfilment issues and drive further cost savings and product margin growth.
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Frequently asked questions
TheWorks.co.uk plc operates a retail store network in the United Kingdom and Ireland. As of May 1, 2022, the company operated 525 stores in the United Kingdom and Ireland. The company primarily sells gifts, arts and crafts, toys, books, and stationery products. TheWorks.co.uk plc was incorporated in 2018 and is based in Birmingham, England
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