The Works sees losses narrow as it announces new chair
The Works has reported a narrowed loss for its latest financial year, driven by lower exceptional charges and said that chairman Dean Hoyle will step down in September.
The Birmingham-headquartered retail chain booked a pre-tax loss of £2.8 million for the year ended May 2 compared with a £18m loss in fiscal 2020.
However, adjusted earnings before interest, taxes, depreciation and amortization more than halved to £4.3m from £10.8m amid pandemic-related temporary store closures.
In addition, the company warned that it will continue to feel some of the impacts of the pandemic in the year ahead, although trading since stores reopened has been strong. The group plans to consider resuming dividend payments in January 2023 based on its Christmas 2022 trading performance.
Meanwhile, The Works said Carolyn Bradley will succeed Mr Hoyle as chairman with effect from September 30.
Ms Bradley spent 25 years at Tesco before leaving in 2013, and has since held a number of non-executive roles, including at B&M and Marston’s.
She said: “The Works is a true champion of the high street and has grown to become a successful multi-channel retailer.
“With its refocused strategy, highly capable leadership team and a workforce of over 3,500 dedicated and passionate colleagues I have no doubt that The Works will continue to go from strength to strength.”
