The Works has swung to a pre-tax loss following the “significant impact” of the coronavirus crisis.
The retailer suffered a reported pre-tax loss of £18m during the year to April 26, compared with a £2.3m profit the previous year, after booking £19.5m in non-cash charges including downgrades in the value of its stores.
Adjusted pre-tax profit plunged 65.2% to £2.4m, while adjusted EBITDA was down 22.3% to £10.8m.
Despite the “adverse trading impact” of Covid-19 and the resulting lockdown during the back end of its financial year, The Works grew revenues 3.5% to £225m across the 52-week period.
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