REG - TheWorks.co.uk PLC - Interim results for the 26 weeks ended 30 Oct 2022
20/01/2023 07:00
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RNS Number : 3326N TheWorks.co.uk PLC 20 January 2023
20 January 2023
TheWorks.co.uk plc
("The Works", the "Company" or the "Group")
Trading update for the 11 weeks ended 15 January 2023 and Interim results for
the 26 weeks ended 30 October 2022
Resilient performance in H1 FY23 despite cost headwinds, and strong Christmas
trading, in line with plans. FY23 expectations unchanged, given continuing
economic uncertainty.
The Works, the family-friendly value retailer of books, arts and crafts,
stationery, toys and games, announces an update on current trading for the 11
weeks ended 15 January 2023 and its interim results for the 26 weeks ended 30
October 2022 (the "Period" or "H1 FY23").
Trading update for the 11 weeks ended Sunday, 15 January 2023
The total LFL sales performance strengthened since the end of H1 FY23, with
LFL sales growth for the 11 weeks ended 15 January 2023 of 5.7%. Store LFL
sales grew by 9.7%, with online sales declining by 14.0%.
We are encouraged by the store sales performance, which was expected to
strengthen as the comparatives from the previous year weakened, having been
affected by concerns regarding the Omicron COVID-19 variant and supply chain
disruption. Store sales were particularly strong in the week immediately prior
to Christmas, suggesting that consumers shopped much later than in 2021 and
that many were seeking value when shopping for gifts.
Online sales over the first 11 weeks of H2 FY23 have continued to be
disappointing. Online sales softened in the run up to Christmas, which we
believe was due to consumers losing confidence in retailers' delivery promises
in light of the widely reported postal strikes, and the potential for knock-on
effects on other carriers.
Store sales since Christmas have continued to be strong as we entered our
January sale, and we expect to end the financial year with a clean stock
position. As anticipated, we will incur a higher level of markdown than last
year, when stock levels were unusually low. Post-sale, we will continue to
improve our product proposition with strong new seasonal and own brand range
launches, which we expect to drive stronger trading compared with last year.
H1 FY23 Financial highlights
· Total revenue grew by 2.4% compared with H1 FY22, a resilient sales
performance against strong FY22 comparatives and given the challenging
consumer backdrop.
· Store LFL((1)) sales for the Period grew by 3.5% and online sales declined by
16.9% (still 50% above pre-Covid levels), resulting in overall LFL growth of
0.6%.
· As expected, pre-IFRS 16 Adjusted((2)) EBITDA loss was £6.4m compared with a
£2.5m profit during H1 FY22. H1 result was impacted by residual impact of the
cyber security incident in March 2022 and cost headwinds including freight,
inflation((3)) and notably the normalisation of business rates charges which
represented c.£3.9m of additional cost.
· Loss before tax of £10.7m (H1 FY22: loss of £1.0m). Due to the seasonal
nature of the business, The Works typically makes a loss in H1, with the
year's profit generation being strongly focused on the peak Christmas trading
period in H2.
· Net cash balance at the Period end of £7.0m((4)) (H1 FY22 £17.8m) reflecting
a return to the normal pattern for the Group, which typically generates cash
in H2 but not in H1.
· With the heightened level of uncertainty regarding consumer spending over the
remainder of the financial year, the Board's expectations for the overall FY23
result are unchanged, despite the recent increase in LFL sales.
· In line with last year, the Board is not proposing an interim dividend, but
will review the appropriate level of dividend for FY23 alongside the final
results.
H1 FY23 H1 FY22
Revenue £118.9m £116.1m
Revenue growth 2.4% 30.6%
LFL sales growth((1)) 0.6% 14.5%
Pre-IFRS 16 Adjusted((2)) EBITDA (£6.4m) £2.5m
Loss before tax (£10.7m) (£1.0m)
Basic loss per share (13.9p) (1.4p)
Net cash at bank((4)) £7.0m £17.8m
H1 FY23 Operational highlights
Continued to make progress on our strategy of being "better, not just bigger",
including:
· Further improving the customer-focused proposition by, among other things,
expanding our front-list book offer. Front and back-list titles by Colleen
Hoover proved particularly popular, making up half of our top 10 bestsellers
in the Period, whilst the introduction of front-list children's books by
authors such as Julia Donaldson also helped to increase the Group's book
market share, both in terms of value and volume.
· Capitalised on key seasonal events during the year, with refreshed outdoor
play ranges proving popular during the hot summer months and a record 'Back to
School' season driven by improved third party and own-brand stationery ranges.
· Continued to optimise the store estate by opening seven new stores and
relocating two, all of which are trading ahead of expectations, and refitting
21 stores.
· Launched an updated brand to ensure that the visual representation and tone of
voice of The Works aligns with its purpose and reflects the more modern, fun
and engaging business we are today. The business also relaunched its loyalty
scheme, signing up 0.3m new members in the first half, a 100% increase on H1
FY22.
· Improved the operational performance of the Company by enhancing the supply
chain with a new stock allocation system, significantly improved IT systems
following the cyber security incident and implementing a new automated packing
machine and robotics to improve the efficiency of online fulfilment
operations.
Outlook
Overall, the performance delivered in the first half was resilient given the
challenging economic conditions and we are encouraged that trading has
improved since the Period ended. The Board's expectation for the full year
results remains unchanged given the current sales trajectory and our optimism
regarding the new ranges and the inherent strength of the customer
proposition. However, this is balanced by the possibility that consumer
spending may weaken after Christmas 2022((5)) and through the remainder of the
current financial year.
Gavin Peck, Chief Executive Officer of The Works, commented:
"The Works delivered a resilient performance in the first half against the
backdrop of an increasingly challenging consumer environment. This reflects
the durability of the business, the relevance of our value proposition, the
progress we are making in delivering our "better, not just bigger" strategy
and the relentless efforts of our fantastic colleagues. We have not been
immune from the economic headwinds affecting the retail sector, including
higher costs which impacted our profitability in the first half more than last
year. Although trading conditions were more difficult, we were still pleased
to see cost-conscious customers buying into our value offering, which enabled
us to deliver positive sales growth overall.
"Whilst the trading environment remains uncertain, we are encouraged by the
strength of our performance during and after the key Christmas period and
believe there is significant value to be created from delivering on our
strategy in the medium-term. This is what we will be focussing on during the
upcoming period, and we feel well placed to capitalise on the many attractive
opportunities that lie ahead."
Interim results presentation
A presentation for sell-side analysts will be held today at 9.30am via video
conference call. A copy of the presentation will shortly be made available on
the Company's website (http://www.corporate.theworks.co.uk/investors)
(https://corporate.theworks.co.uk/investors/
(https://corporate.theworks.co.uk/investors/) ).
Enquiries:
TheWorks.co.uk plc
Gavin Peck, CEO via Sanctuary Counsel
Steve Alldridge, CFO
Sanctuary Counsel
Ben Ullmann (0)20 7340 0395
Rachel Miller theworks@sanctuarycounsel.com
Footnotes:
(1) The like for like (LFL) sales increase has been calculated conventionally with
reference to the FY22 comparative sales figures. LFL sales are defined by the
Group as the year-on-year growth in gross sales from stores which have been
trading for a full financial year prior to the current year and have been
trading throughout the current financial period being reported on, and from
the Company's online store, calculated on a calendar week basis.
(2) Adjusted profit figures exclude Adjusting items. There were no Adjusting items
in respect of H1 FY23. See Note 5 of the attached condensed unaudited
financial statements for details of Adjusting items relating to the
comparative period.
(3) Other inflationary increases primarily related to the UK National Living Wage
and energy costs.
(4) Net cash at bank, excluding IAS 17 finance leases.
(5) Having noted the predictions made by certain economic commentators.
Notes for editors:
The Works is one of the UK's leading family-friendly value retailers of books,
arts and crafts, stationery, toys and games, offering customers a
differentiated proposition as a value alternative to full price specialist
retailers. The Group trades from over 500 stores in the UK & Ireland and
online.
Cautionary statement
This announcement is based on information from condensed unaudited financial
statements and may contain forward-looking statements with respect to the
financial condition, results of operations, and business of the Group. These
statements and forecasts involve risk, uncertainty and assumptions because
they relate to events and depend upon circumstances that will occur in the
future. There are a number of factors that could cause actual results to
differ materially from those expressed or implied by these forward-looking
statements. These forward looking statements are made only as at the date of
this announcement. Nothing in this announcement should be construed as a
profit forecast. Except as required by law, the Group has no obligation to
update the forward-looking statements or to correct any inaccuracies therein.
Chief Executive's Report
Trading performance
The Works delivered a resilient performance in the first half against the
backdrop of an uncertain macroeconomic and consumer environment. We traded
against strong comparatives in H1 FY22, which benefitted from a more notable
post-COVID sales bounce than was apparent at the time, and dealt with the
residual impact of the cyber security incident that affected sales in May and
June. Despite this, we delivered a robust performance overall thanks to the
ongoing strategic progress we have made and our value proposition, which
continues to prove popular with cost-conscious shoppers. Revenue increased by
2.4% to £118.9m (H1 FY22: £116.1m) and total LFL sales increased by 0.6%,
driven by strong store growth.
Our stores, which generate over 85% of revenue, performed well with LFL sales
up 3.5%. After a slower start to the period store performance improved over
the summer, with positive LFL sales growth from June onwards. The successful
expansion of front list books continued to drive growth and we capitalised on
the warm weather during the summer holidays with good sales of refreshed
outdoor play ranges, followed by a record "Back to School" season driven by
improved branded and own-brand ranges. Store sales remained positive in
October although softened, reflecting the increasingly challenging consumer
environment towards the end of the Period and a later peak in Christmas sales
than we have experienced in the previous two years.
Online trading was weaker, with LFL sales declining by 16.9%, although still
50% ahead of pre-COVID levels. This was largely due to consumers' stronger
than expected return to shopping in stores post-COVID. Although the online
performance during the Period was disappointing, we continue to believe that
there remains a significant opportunity to drive growth in this channel in the
medium-term through multiple levers, including improving customer experience
on the site, better online ranging and enabling the ordering of online ranges
in store. To ensure that we make the changes necessary to improve the
execution of our strategy in this area, a review of the online operation is
currently underway.
Profitability declined in the first half with an EBITDA loss of £6.4m (H1
FY22: £2.5m profit) and a loss before tax of £10.7m (H1 FY22: £1.0m loss).
EBITDA performance was affected by lower than expected sales growth and
significant year-on-year cost increases, most notably business rates, freight,
payroll and energy cost inflation. It is important to note that due to the
seasonality of the business the first half of the financial year is typically
loss making, with a substantial proportion of our profits generated in H2,
which includes Christmas trading.
We ended the period with net cash of £7.0m (H1 FY22: £17.8m), which
reflected the build of stock prior to the peak trading season. The Group's
total liquidity availability including RCF headroom at the Period end was
£33.0m.
Strategy
We have continued to make good progress against our "better, not just bigger"
strategy in the first half, as outlined below.
Our improved and more customer-focused proposition continued to resonate well
with customers, with sales growth driven by:
· An expansion of our front-list book offer, with front and back-list titles by
Colleen Hoover proving particularly popular and making up half of our top 10
bestsellers in the period. The successful introduction of front-list authors
such as Julia Donaldson to our children's book offer has also helped to
increase our overall UK book market share by c.1% by value and c.1.5% by
volume.
· Our refreshed outdoor play ranges in the summer, with new products such as our
popular bubble machines. We also saw a record 'Back to School' season, where
improved branded stationery ranges including Helix, Pukka and Sharpie
performed well alongside own-brand ranges.
· The relaunch of our loyalty scheme, internally and externally, resulting in us
signing up 0.3m new members, a 100% increase year-on-year. The scheme has over
1.1m active members, typically spending 30% more than non-members, and we
continue to work on improving our analytical capabilities to drive improved
insight from the data this scheme provides.
We continued to optimise our store estate with good progress in the period,
including:
· Opening seven new stores, including in high priority locations such as
Teesside Retail Park, Leeds White Rose Shopping Centre and Team Valley
Shopping Park, as well as relocating a further two stores and closing five.
All new stores are trading well and ahead of expectations.
· Continuing to invest in our existing estate, undertaking 21 refits of our
oldest stores to bring them up to modern standards.
We improved the operational capabilities of the business, a key pillar of our
strategy to become a more modern and efficient retailer, through investments
in:
· Enhancing our supply chain through the introduction of "Slimstock", a new
stock allocation system, in September. This will help improve on-shelf
availability, increase sell-through and stock turn, and reduce markdowns.
· Significant improvements to our IT security following the cyber security
incident in March 2022. This has included refreshed mandatory training for all
colleagues to raise awareness of cyber security issues and the establishment
of a new Security Operations Centre to monitor and respond to any unusual
activities in our systems or networks on a 24/7 basis.
· Partial automation of online fulfilment operations, with the implementation of
an automated packing machine and robotics to support picking orders at our
third-party provider, iForce. This automation is key to ensuring we can
maintain online profitability given the continued headwind from National
Living Wage increases.
We also launched our updated brand to ensure that the visual representation
and tone of voice of The Works aligns with our purpose and reflects the more
modern, fun and engaging business we are today. The launch was accompanied by
the rollout of new in-store Point of Sale (POS) and a refreshed look and feel
to the website, social media channels and customer communications. This
refreshed brand encapsulates the strategic shift of the business in the last
three years from being seen as a 'pile it high' discounter to a more
customer-focused value retailer with a clearer purpose, which will help
attract and retain customers in the years ahead.
We remain increasingly focused on our Environmental, Social and Governance
(ESG) agenda and our dedicated steering group meets quarterly to drive
progress in these areas. Progress in the period includes:
· Launching the 'Can Do Academy', a colleague platform dedicated to enhancing
colleagues' learning and development, and 'MyWorks', an internal
communication, benefits and wellbeing platform. Investment in these platforms
demonstrates our commitment to investing in colleagues and desire to ensure
that all colleagues have rewarding careers at The Works.
· Continuing to build on our strong colleague engagement scores, being placed
12(th) in the Best Big Companies to Work for, up from 13(th) in each of the
past two years, maintaining a 2* accreditation for 'outstanding' engagement in
the workplace.
· Launching an external review of diversity & inclusion that will provide a
framework for developing our approach in this area to ensure that we are an
inclusive organisation.
· Ongoing work to meet the requirements in relation to Task Force on
Climate-Related Financial Disclosures (TCFD), including the development of a
climate risk register and establishing a framework to quantify our
environmental impact, which is the first stage in developing a plan to reduce
it.
· Recruiting a Sustainability Manager (who joined at the beginning of 2023), a
new role, to lead and focus our efforts to reduce the environmental impact of
our business.
Outlook
We are encouraged that our value proposition has continued to resonate with
customers; we have seen sustained demand for our offering and made continued
strategic progress in the first half, all against the backdrop of challenging
trading conditions. However, we believe that consumer spending could weaken
further and therefore that a high degree of uncertainty remains for the rest
of the financial year. Taking this into consideration, the Board's current
expectation for the full year's result remains unchanged.
Dividends
In line with last year, the Board is not proposing an interim dividend, but
will review the appropriate level of dividend alongside the final FY23
results.
Gavin Peck
Chief Executive Officer
20 January 2023
Financial Report
Overview
This report covers the 26 week period ended 30 October 2022 ("H1 FY23", "H1"
or "the Period") and refers to the comparative "H1 FY22" period of the 26
weeks ended 31 October 2021.
The result for the Period was a loss before tax of £10.7m compared with a
loss of £1.0m for H1 FY22. The EBITDA was a loss of £6.4m (H1 FY22: profit
of £2.5m). This result was, as anticipated, lower than last year but is
consistent with the level required in H1 FY23 to meet our overall expectation
for the year. In contrast to the previous two years, which were affected by
COVID related anomalies (including unusual sales and operating cost patterns,
furlough and rates reliefs), the seasonality of the business typically results
in a loss in the first half of the financial year, with substantially all
profit being generated through Christmas trading in H2.
The table below summarises the movements between the H1 FY22 and H1 FY23
EBITDA results. Revenue increased by 2.4%, but there were significant year on
year headwinds which more than offset this, including the cessation of
COVID-19 business rates relief, payroll and energy cost inflation and higher
freight costs.
£m
H1 FY22 EBITDA 2.5
Additional margin from year-on-year sales increase 2.2
Lower product gross margin percentage (4.4)
Full business rates charged in H1 FY23 (3.9)
Electricity (inflation) (0.9)
Payroll (inflation) (1.6)
Other (0.3)
H1 FY23 EBITDA (6.4)
At the balance sheet date the Group held net cash of £7.0m (H1 FY22 £17.8m)
(excluding IAS 17 leases), reflecting a return to the normal pattern for the
business which typically generates cash in H2 but not in H1 and, a larger than
normal increase in stock prior to Christmas, to mitigate the potential risk of
further disruptions to container freight shipping.
The Group tracks a number of alternative performance measures ("APMs")
including EBITDA (on an IAS 17 basis), Adjusted EBITDA and like for like
("LFL") sales, as it believes these provide stakeholders with additional
helpful information. These are described more fully in Note 1(c) and 4 of the
condensed unaudited financial statements.
Due to rounding, numbers presented throughout this document may not add up
precisely to the totals provided and percentages may not precisely reflect the
absolute figures.
Revenue
Total revenue during the Period increased by 2.4% to £118.9 million (H1 FY22:
£116.1 million). LFL sales increased by 0.6%, store LFLs increasing by 3.5%
and online sales decreasing by 16.9%.
The number of stores increased by two, from 525 to 527 at the end of the
Period. Seven new stores were opened, five were closed and two stores were
relocated to new sites.
The table on the following page shows an analysis of sales and a
reconciliation to statutory revenue.
H1 FY23 £m H1 FY22 £m Variance £m Variance %
Store LFL sales 114.7 110.8 3.8 3.5
Online sales 15.1 18.1 (3.0) (16.9)
Total LFL sales for Period 129.8 128.9 0.8 0.6
Non LFL sales 4.5 3.0 1.6 53.2
Total Gross Sales 134.3 131.9 2.4 1.8
VAT (14.5) (15.1) 0.6 (4.3)
Loyalty points redeemed (0.9) (0.7) (0.2) 28.6
Revenue (per statutory accounts) 118.9 116.1 2.8 2.4
The effective VAT rate was lower than in H1 FY22 due to an increase in the
sales mix of books, which carry a zero VAT rate. This favourable VAT effect
from the higher sales of books partially offsets the adverse percentage margin
effect described below.
The cost of loyalty points redeemed increased as a result of an increase in
the number of new members recruited to the loyalty scheme, which has been an
area of focus during the Period.
Gross profit
H1 FY23 H1 FY22
£m % of revenue £m % of revenue £m Variance % Variance
Revenue 118.9 116.1 2.8 2.4
Less: Cost of goods sold 52.0 47.0 5.0 10.6
Product gross margin 66.9 56.3 69.1 59.5 (2.2) (3.2)
Overhead costs charged to statutory cost of sales
Store payroll 23.0 19.4 21.2 18.3 1.8 8.5
Store property and establishment costs 25.2 21.2 20.8 17.9 4.5 21.7
Store PoS and transaction fees 0.9 0.8 1.1 0.9 (0.1) (11.9)
Store depreciation (excluding IFRS 16) 2.5 2.1 2.6 2.2 (0.1) (3.3)
Online variable costs 8.2 6.9 8.1 7.0 0.1 1.6
IFRS16 impact (0.9) (0.8) (2.3) (2.0) 1.4 (60.4)
Adjusting items 0.0 0.0 (0.1) 0.0 0.1 (100.0)
Gross profit per financial statements 7.9 6.7 17.8 15.3 (9.9) (55.4)
· The product gross margin decreased to 56.3%, from 59.5% last
year. This was due to:
o Sales mix - driven by a strategic initiative, book sales grew
significantly compared with H1 FY22, particularly "front list" or new best
seller titles. This has been a successful development, but has resulted in a
lower gross margin percentage as front list books achieve a lower percentage
margin than other products (as do branded games and toys, which also sold
strongly).
o Container freight costs, which continued to be high during most of H1
FY23, although the rates began to abate during the summer, and have
subsequently fallen back to pre-COVID levels. The full benefit of this
reduction in freight rates will be seen in FY24, and is expected to
approximately offset a potentially less favourable dollar exchange rate than
in FY23.
o The hedged FX rate on payments made in US dollars during H1 was more
favourable than in the comparative period, which was expected to provide a
margin benefit for H1 FY23. However, this was more than offset by an
accounting entry required to restate the dollar payables on the balance sheet
at the Period end at the prevailing spot rate, which was much lower (US$1.16).
This was necessary due to a shortfall in the hedging contracts. Substantially
all of this entry is expected to unwind during H2.
· Store payroll costs increased due to the 6.6% increase in the
National Living Wage and the increase in the employer's national insurance
rate (which was subsequently reduced again, after the Period end). The
opportunities to mitigate the increase in the NLW directly within store labour
costs remains limited, due to the operational gearing inherent in operating
small stores, for example, many stores already operate on a "minimum
operational hours" basis for much of the year.
· A £4.5m increase in store property and establishment costs was
due to:
o £3.9m of COVID-19 rates relief received in H1 FY22, which lowered the
prior year comparative.
o A £0.9m increase in electricity costs due to inflation.
o Total rent charges were in line with the previous year. There were further
savings in LFL rents, albeit the volume of these savings was lower than in
previous periods as most leases have now been reviewed within the last 24
months. The LFL rent savings were largely offset by rents from new/relocated
stores being higher than for the closed stores, because the new/relocated
stores occupy better units which command a higher rent.
· Online variable (marketing and fulfilment) costs were broadly
level year on year. Due to an adverse sales mix, mostly from sales of 10 for
£10 children's books, online unit selling prices were lower in H1 FY23
resulting in a similar volume of units being processed, despite the lower
sales value. The introduction of automated robots to assist with online
fulfilment picking began to deliver efficiency benefits but these were offset
by reduced efficiencies elsewhere in the system due to high labour turnover
and an increased mix of agency staff, as well as underlying payroll cost
inflation.
· The IFRS 16 impact in the table above (and in the Administration
costs table below) represents the additional IFRS 16 depreciation on the
notional right of use asset created, less rent, which is not recognised under
IFRS 16. The difference in the size of the adjustment compared with H1 FY22 is
due to a combination of factors including routine variations in the notional
interest rate used in the calculation, and changes in the IFRS 16 depreciation
charge. Note 4 of the financial statements provides a reconciliation between
pre and post IFRS 16 profit.
Store distribution costs
H1 FY23 H1 FY22
£m % of revenue £m % of revenue £m variance % variance
Distribution costs 5.0 4.2 4.1 3.5 0.9 22.8
Store distribution costs increased by £0.9m to £5.0m. Note that online
fulfilment costs are included within the cost of sales.
· Labour costs in our retail distribution centre increased by £0.5m. In
addition to the 6.6% increase in the National Living Wage, the mix of agency
staff used increased, which incurs a higher hourly rate, and there were also
redundancy costs due to a restructuring of the DC operational management team.
· Third party delivery charges increased by £0.3m due to an increase in
the volumes shipped and price increases charged by the supplier.
( )
Administration costs
Administration costs decreased compared with the prior year. There were no
material variances of note, the overall year-on-year reduction in costs
resulted from a number of small changes which, combined, aggregated to a
£0.4m saving.
H1 FY23 H1 FY22
£m % of revenue £m % of revenue £m variance % variance
Pre-IFRS 16, Adjusted administration costs 10.9 9.2 11.4 9.8 (0.4) (3.8)
Depreciation 0.5 0.4 0.6 0.5 (0.2) (26.5)
IFRS 16 impact (0.2) (0.2) (0.2) (0.2) 0.0 (5.9)
Administration costs 11.2 9.4 11.8 10.2 (0.6) (5.0)
Net financing expense
Net financing costs in the Period were £2.4m (FY22: £2.8m), mostly relating
to IFRS 16 notional interest on the calculated lease liability.
IFRS 16 interest was lower because recent leases have been renewed at lower
rents and with shorter lease terms, reducing the IFRS 16 borrowings on which
the interest is calculated.
Interest relating to bank facilities was £0.3m (H1 FY22: £0.4m) and
comprised facility availability charges and amortisation of the cost of
setting up the facility.
Loss before tax
The loss before tax was £10.7m (H1 FY22: £1.0m). Due to the seasonality of
the business, the first half of the financial year is typically loss making.
Tax
The Group's tax credit in respect of the Period was £2.0m (H1 FY22: credit of
£0.1m). The effective tax rate was 18.6% (H1 FY22: 14.1%).
The increase in the effective tax rate is due to the prior year rate being
lower than usual due to an increase in the value of the deferred tax asset
recognised in FY22. This was due to the forthcoming increase in the
corporation tax rate from 19% to 25%, which becomes effective from 1 April
2023. Deferred tax assets are calculated based on the tax rate applicable when
they are anticipated to unwind, therefore, the asset was recognised at the
higher rate of 25% at the end of FY22, creating a tax credit to the profit and
loss account.
It is anticipated that due to the lower level of profit compared with FY22 and
the availability of additional capital allowances, there will be no current
corporation tax payable for the FY23 financial year, although deferred tax
calculations may result in a small net P&L tax charge.
Earnings per share
The basic and the diluted losses per share for the Period were 13.9 pence (H1
FY22: 1.4 pence).
Capital expenditure
Capital expenditure in the Period was £2.5 million (H1 FY22: £1.6m).
Due to a timing difference (expected to reverse in H2), the cost of opening
new stores was offset in H1 by leasehold contributions from landlords,
resulting in a nil net cost reported during the Period.
The other notable areas of capital expenditure were on store refits, £0.7m
and, £0.6m on new EPOS till software.
Capital expenditure for the full year is still expected to be approximately
£7.5m.
H1 FY23 H1 FY22 Variance
£'m £'m £m
New stores and relocations 0.0 0.4 (0.4)
Store refits and maintenance 1.2 0.6 0.6
IT hardware and software 1.3 0.4 0.9
Other 0.0 0.2 (0.2)
Total capital expenditure 2.5 1.6 0.9
Stock
Stock was valued at £53.6m at the end of the Period (H1 FY22: £40.0m), an
increase of 34.0%.
The operating cycle of the business causes maximum stock levels to occur prior
to the Christmas sales peak, and therefore stock levels typically increase at
the half year end compared with the levels at the year end. In addition to
this seasonal build, the stock value was higher than normal at the end of H1
FY23 due to the following:
· Additional stock was purchased as a precautionary measure to
mitigate the risk that ocean freight movements were once again disrupted in
the approach to the peak season, as happened in autumn 2021. In the event,
stock flowed freely, resulting in a higher than normal stock unit holding at
the end of October.
· The cost value per unit of stock was approximately 20% higher than
in the prior year, including the mix effect of higher priced front list books,
and the higher freight costs included.
· Stock provision values are lower than the prior year due to a
reduction in the obsolescence provision.
Through a combination of compensatory adjustments to purchasing plans on other
lines and a larger January sale than last year, the additional stock purchased
to mitigate the potential risk of ocean freight disruption is expected to have
sold by the end of the financial year, resulting in the year end stock value
being broadly in line with last year's.
H1 FY23 H1 FY22
£m £m
Gross stock 46.6 35.2
Less: provisions (3.2) (4.4)
Stock net of provisions 43.4 30.9
Stock in transit 10.2 9.2
Stock per balance sheet 53.6 40.0
Cashflow
The Group ended the period with net cash of £7.0m. Approximately £5.0m of
October payments were made on 31 October, which fell into H2 FY22, thereby
creating a favourable timing difference. The cash position at the end of the
Period fully reflects the build of stock prior to the peak trading season.
The net cash outflow for the Period was £9.3m (H1 FY22: inflow of £17.0m),
reflecting a return to the normal pattern for the business which typically
generates cash in H2 but not in H1. This was in contrast to H1 FY22, which was
unusual in that a cash inflow occurred. The size of the outflow during H1 FY23
was increased by the larger increase in stock described above.
The table on the following page shows an abbreviated summarised cashflow
analysis.
H1 FY23 H1 FY22 Variance
£m £m £m
Operating cash flows before changes in working capital 5.6 15.4 (9.8)
Deduct from statutory presentation: rent payments (14.3) (16.2) 2.0
Deduct from statutory presentation: CLBILS repayment - 7.5 (7.5)
Deduct from statutory presentation: RCF drawdown (4.0) - (4.0)
Non IFRS cashflow before working capital movements (12.6) 6.7 (19.3)
Net movements in working capital 3.8 19.7 (15.9)
Capex (2.5) (1.6) (0.9)
Tax paid (1.5) - (1.5)
Interest and financing costs (0.6) (0.2) (0.4)
Cashflow before loan movements (13.4) 24.6 (38.0)
Repayment of CLBILS loan - (7.5) 7.5
Drawdown of RCF 4.0 - 4.0
Exchange rate movements 0.3 (0.1) 0.4
Purchase of treasury shares by EBT (0.1) - (0.1)
Net (decrease)/increase in cash and cash equivalents (9.3) 17.0 (26.3)
Opening net cash balance excluding IAS 17 leases 16.3 0.8
Closing net cash balance excluding IAS 17 leases 7.0 17.8
£4.0m was drawn under the Group's RCF facility during October 2022, which was
repaid on 31 October 2022, just after the Period end.
Bank facilities
The Group's bank facilities comprise a £30.0m revolving credit facility
('RCF') with HSBC which expires on 30 November 2025. The facility includes
financial covenants which are structured in a way which is standard for retail
businesses, in relation to leverage and fixed charge cover.
Dividends
A final dividend for FY22 was paid shortly after the Period end. As noted
earlier in this report, in line with last year, the Board is not proposing an
interim dividend, but will review the appropriate level of dividend for FY23
alongside the final results (expected to be published in July 2023).
The Board remains committed to returning capital to shareholders and has
previously done this via the payment of dividends. The Board is also open
minded to other forms of capital distribution if appropriate in addition to,
or instead of dividends. The nature and size of other forms of distribution
(for example, share buy backs) would depend on conditions at the time
including in relation to profit levels, the existence of excess liquidity, and
the prevailing share price.
Stephen Alldridge
Chief Financial Officer
20 January 2023
Unaudited Condensed Consolidated Income Statement
For the 26 weeks ended 30 October 2022
26 weeks to 30 October 2022 26 weeks to 31 October 2021 52 weeks to 1 May 2022
Adjusted Adjusting items Total Adjusted Adjusting items Total Adjusted Adjusting items Total
Notes £000 £000 £000 £000 £000 £000 £000 £000 £000
Revenue 3 118,932 - 118,932 116,073 - 116,073 264,630 - 264,630
Cost of sales 5 (111,004) - (111,004) (98,344) 58 (98,286) (216,082) 29 (216,053)
Gross profit 7,928 - 7,928 17,729 58 17,787 48,548 29 48,577
Other operating income / (expense) 4 - 4 (116) - (116) (111) - (111)
Distribution expenses (5,030) - (5,030) (4,101) - (4,101) (9,128) - (9,128)
Administrative expenses (11,223) - (11,223) (11,810) - (11,810) (24,004) - (24,004)
Operating (loss)/profit (8,321) - (8,321) 1,702 58 1,760 15,305 29 15,334
Finance income 6 23 23 5 - 5 16 - 16
Finance expense 6 (2,364) - (2,364) (2,757) - (2,757) (5,192) - (5,192)
Net financing expense (2,341) - (2,341) (2,752) - (2,752) (5,176) - (5,176)
(Loss) / profit before tax (10,662) - (10,662) (1,050) 58 (992) 10,129 29 10,158
Tax 9 1,986 1,986 140 - 140 (1,436) - (1,436)
Loss for the period 4 (8,676) - (8,676) (910) 58 (852) 8,693 29 8,722
Loss before tax and IFRS 16 4 (9,737) - (9,737) (1,189) 53 (1,136) 9,525 (241) 9,284
Basic (loss)/earnings per share (pence) 10 (13.9) (13.9) (1.5) - (1.4) 13.9 14.0
Diluted (loss)/earnings per share (pence) 10 (13.9) (13.9) (1.5) - (1.4) 13.7 13.7
All results arise from continuing operations. The loss for the period is
attributable to equity holders of the Parent company.
Unaudited Condensed Consolidated Statement of Comprehensive Income
For the period ended 30 October 2022
26 weeks to 26 weeks to 52 weeks to
30 October 2022 31 October 2021 1 May 2022
£000 £000 £000
(Loss) / profit for the period (8,676) (852) 8,722
Items that may or may not be recycled subsequently into profit and loss
Cash flow hedges - changes in fair value (498) 1,807 4,181
Cash flow hedges - reclassified to profit and loss (1,258) 201 (321)
Cost of hedging reserve - changes in fair value 56 (484) (83)
Cost of hedging reserve - reclassified to profit and loss 47 55 94
Tax relating to components of other comprehensive income - - -
Other comprehensive (expense) / income for the period, net of income tax (1,653) 1,579 3,871
Total comprehensive (expense) / income for the period attributable to equity (10,329) 727 12,593
shareholders of the Parent
Unaudited Condensed Consolidated Statement of Financial Position
As at 30 October 2022
30 October 2022 31 October 21 1 May 2022
(Restated - Note 1b)
Note £000 £000 £000
Non-current assets
Intangible assets 12 2,901 2,320 2,672
Property, plant and equipment 13 13,351 16,211 13,970
Right of use assets 13 89,133 102,844 94,351
Deferred tax assets 5,463 2,992 3,477
110,848 124,367 114,470
Current assets
Inventories 14 53,571 40,043 29,387
Trade and other receivables 10,469 14,871 8,427
Derivative financial asset 18 1,775 425 2,393
Current tax asset 372 694 -
Cash and cash equivalents 10,971 17,783 16,280
77,158 73,816 56,487
Total assets 188,006 198,183 170,957
Current liabilities
Interest bearing loans and borrowings 15 4,000 (262) -
Lease liabilities 15 23,830 27,915 25,434
Trade and other payables 66,948 64,264 35,958
Provisions 16 204 836 204
Derivative financial liability 18 - 702 -
Current tax liability - - 1,115
94,982 93,455 62,711
Non-current liabilities
Lease liabilities 15 81,128 94,508 85,702
Provisions 16 767 - 913
81,895 94,508 86,615
Total liabilities 176,877 187,963 149,326
Net assets 11,129 10,220 21,631
Equity attributable to equity holders of the Parent
Share capital 17 625 625 625
Share premium 17 28,322 28,322 28,322
Merger reserve (54) (54) (54)
Share based payment reserve 2,512 1,807 2,252
Hedging reserve 290 835 2,227
Retained earnings (20,566) (21,315) (11,741)
Total equity 11,129 10,220 21,631
Unaudited Condensed Consolidated Statement of Changes in Equity
Attributable to equity holders
Share based
Share Share Merger Hedging payment Retained Total
capital premium reserve reserve(1) reserve earnings equity
For the 26 Weeks Ended 30 October 2022 £000 £000 £000 £000 £000 £000 £000
As at 1 May 2022 625 28,322 (54) 2,227 2,252 (11,741) 21,631
Total comprehensive income for the period
Loss for the period - - - - - (8,676) (8,676)
Other comprehensive income - - - (1,653) - - (1,653)
Total comprehensive income / (expense) for the period - - - (1,653) - (8,676) (10,329)
Hedging gains and losses and costs of hedging transferred to the cost of - - - (284) - - (284)
inventory
Transactions with owners of the Company
Share-based payment charges - - - - 260 - 260
Acquisition of treasury shares - - - - - (149) (149)
Total transactions with owners - - - - 206 (149) 111
Balance at 30 October 2022 625 28,322 (54) 290 2,512 (20,566) 11,129
For the 26 Weeks Ended 31 October 2021 £000 £000 £000 £000 £000 £000 £000
As at 2 May 2021 625 28,322 (54) (1,203) 1,601 (20,463) 8,828
( )
Total comprehensive income for the period
Loss for the period - - - - - (852) (852)
Other comprehensive income - - - 1,579 - - 1,579
Total comprehensive income / (expense) for the period - - - 1,579 - (852) 727
Hedging gains and losses and costs of hedging transferred to the cost of - - - 459 - - 459
inventory
Transactions with owners of the Company
Share-based payment charges - - - - 206 - 206
Total transactions with owners - - - - 206 - 206
Balance at 31 October 2021 625 28,322 (54) 835 1,807 (21,315) 10,220
For the 52 Weeks Ended 2 May 2022 £000 £000 £000 £000 £000 £000 £000
Balance at 2 May 2021 625 28,322 (54) (1,203) 1,601 (20,463) 8,828
Total comprehensive income for the period
Profit for the period - - - - - 8,722 8,772
Other comprehensive expense - - - 3,871 - - 3,871
Total comprehensive income / (expense) for the period - - - 3,871 - 8,722 12,593
Hedging gains and losses and costs of hedging transferred to the cost of - - - (441) - - (441)
inventory
Transactions with owners of the Company
Share-based payment charges - - - - 651 - 651
Total transactions with owners - - - - 651 - 651
Balance at 1 May 2022 625 28,322 (54) 2,227 2,252 (20,463) 21,631
(1 ) In the comparative period the hedging reserve included £108k for the
26 weeks ended 30 October 2021 (£176k for the 52 weeks ended 1 May 2022) in
relation to changes in forward points which are recognised in other
comprehensive income and accumulated as a cost of hedging within the hedging
reserve (£NIL in respect of H1 FY23).
Unaudited Condensed Consolidated Cash Flow Statement
For the 26 weeks ended 30 October 2022
30 October 2022 31 October 2021 1 May 2022
£000 £000 £000
Cash Flows From Operating Activities
(Loss) / profit for the period (8,676) (852) 8,722
Adjustments for:
Depreciation of property, plant and equipment 2,410 2,554 5,005
Impairment of property, plant and equipment - - 416
Reversal of impairment of property, plant and equipment - (53) (175)
Depreciation of right-of-use assets 11,172 10,172 20,029
Impairment of right-of-use assets - - 710
Reversal of impairment of right-of-use assets - (5) (980)
Amortisation of intangible assets 526 376 806
Derivative exchange (gain) / loss (390) 281 289
Financial expense 330 412 692
Financial income (23) (5) (16)
Interest on lease liabilities 2,034 2,345 4,500
Loss on sale of property, plant and equipment (18) 185 244
Loss on disposal of right-of-use asset 519 269 2,066
Profit on disposal of lease liability (558) (337) (2,340)
Share based payment charges 260 206 651
Taxation (1,986) (140) 1,436
Operating cash flows before changes in working capital 5,600 15,408 42,055
(Increase) / decrease in trade and other receivables (1,706) (7,958) (1,514)
Increase in inventories (24,030) (10,720) (892)
Increase in trade and other payables 29,706 38,256 9,336
(Decrease) / increase in provisions (146) 118 399
Cash inflows from operating activities 9,424 35,104 49,384
Corporation tax paid (1,487) - (222)
Net cash from operating activities 7,937 35,104 49,162
Cash flows from investing activities
Acquisition of property, plant and equipment (1,773) (1,373) (1,936)
Acquisition of intangible assets (755) (233) (1,015)
Interest received 23 5 16
Net cash outflow from investing activities (2,505) (1,601) (2,935)
Cash flows from financing activities
Interest paid (304) (188) (157)
Payment of lease liabilities (capital) (12,223) (13,901) (25,969)
Payment of lease liabilities (interest) (2,028) (2,345) (4,500)
RCF drawdown 4,000 - -
Repayment of bank borrowings - (7,500) (7,500)
Purchase of treasury shares (149) - -
Payment of RCF costs (336) - -
Net cash outflow from financing activities (11,040) (23,934) (38,126)
Net (decrease) / increase in cash and cash equivalents (5,608) 9,569 8,101
Exchange rate movements 299 (101) (136)
Cash and cash equivalents at beginning of Period 16,280 8,315 8,315
Cash and cash equivalents at end of Period 10,971 17,783 16,280
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
For the 26 weeks ended 30 October 2022
1 Accounting Policies
(a) General Information
TheWorks.co.uk plc ('the Company') is a public limited company domiciled in
the United Kingdom and its registered office is Boldmere House, Faraday
Avenue, Hams Hall Distribution Park, Coleshill, Birmingham, B46 1AL. These
unaudited condensed consolidated interim financial statements ('interim
financial statements') as at and for the 26 weeks ended 30 October 2022
comprise the results of the Company and its subsidiaries (together referred to
as 'the Group').
(b) Basis of preparation
The interim financial statements have been prepared in accordance with IAS 34
Interim Financial Reporting, and should be read in conjunction with
TheWorks.co.uk plc financial statements for the 52 weeks ended 1 May 2022. The
interim financial statements do not include all of the information required
for a complete set of IFRS financial statements. However, selected explanatory
notes are included to explain events and transactions that are significant to
an understanding of the changes in the Group's financial position and
performance since the last annual financial statements.
The consolidated financial statements are presented in pounds sterling and all
values are rounded to the nearest thousand (£000), except when otherwise
indicated.
(i) Going concern
The unaudited condensed financial statements have been prepared on a going
concern basis, which the Directors consider appropriate for the reasons set
out below.
The Directors have assessed the prospects of the Group, taking into account
its current position and the potential impact of the principal risks which
have been identified through the Group's risk evaluation process.
In preparing its FY22 Annual Report and financial statements (which were
approved on 23 September 2022), the Group prepared a cash flow forecast, which
covers a period of at least twelve months from the date of approval of these
unaudited condensed financial statements, and is henceforth referred to as the
'Base Case' scenario. In addition, a 'severe but plausible' 'Downside Case'
sensitivity was prepared to support the Board's conclusion regarding going
concern, by stress testing the Base Case to indicate the financial headroom
resulting from applying more pessimistic assumptions. These models have
subsequently been updated for the purposes of preparing these interim
financial statements.
In assessing the basis of preparation the Directors considered:
• The external environment.
• The Group's financial position including the quantum and expectations
regarding availability of bank facilities.
• The potential impact on financial performance of the principal
risks.
• The output of the Base Case scenario, which represents the Group's
estimate of the most likely financial performance over the forecast period.
• Measures to maintain or increase liquidity in the event of a
significant downturn in trading.
• The resilience of the Group to these risks having a more severe
impact, evaluated via the Downside Case which shows the impact on the Group's
cash flows, bank facility headroom and covenants.
• The response to situations in which consumer market conditions are
more severe than the Downside Case.
These factors are described below.
External environment
The risks which were most prominent in the Board's consideration of going
concern are those relating to the economy and the market, particularly the
risk of consumer demand weakening due to the factors that have been widely
reported externally, including a much higher level of inflation and interest
rates and concerns about the effect these may have on household budgets and
consumer spending on discretionary items.
Whilst potentially severe, the adverse impact on trading in the event of a
further weakening of consumer demand due to general economic or market
weakness is expected to have a less severe impact than the full closure of
stores for extended periods, as occurred during periods of the COVID-19
pandemic.
Financial position and bank facilities
At the Period end the Group held net cash (excluding IAS 17 lease liabilities)
of £7.0m (HY22: £17.8m) (Note 15).
The Group's bank facilities comprise a £30.0m revolving credit facility (RCF)
which terminates at the end of November 2025. The facility includes two
financial covenants which are structured in a way that is typical for a retail
business of this size and are tested quarterly:
1. The level of net debt to LTM (last twelve months') EBITDA (maximum
ratio 2.5x).
2. The "Fixed Charge Cover" or ratio of LTM EBITDA prior to deducting
rent and interest, to LTM rent and interest (minimum ratio 1.20x until 31
October 2023, 1.25x until 31 October 2024 and 1.30x thereafter).
The bank facility is larger than the Group expects to use, and has been sized
in this way to provide the Board and stakeholders with additional assurance as
to the availability of liquidity, given the continuing heightened levels of
uncertainty as regards the economy and external environment, and to provide
such assurance beyond the going concern period.
Potential impact of risks on Base Case and Downside Case scenarios
The 'Principal risks and uncertainties' section of the Strategic report on
pages 39 to 44 of the Group's FY22 Annual Report, sets out the main risks that
the Board considers relevant.
It is considered unlikely that all the risks would manifest themselves to
adversely affect the business at the same time. The Directors have estimated
what the most likely combination of risks might be that could materialise
within the going concern assessment period and how the business might be
affected; this combination of risks is reflected in the Base Case assumptions.
As noted above, the most prominent risk in the near term is considered to be
the risk of lower consumer spending due to a weakened economy, which could
affect sales, costs and liquidity.
During late FY22 the Group experienced a cyber security incident. This had a
limited immediate/direct impact on trading towards the end of FY22 although
there was a residual effect on trading during early FY23 as the Group took the
decision to implement a very cautious and low risk approach to reinstating its
systems, whilst simultaneously introducing significantly strengthened cyber
security measures. As a result of these measures the risk of a material impact
from any future cyber security attack should be substantially lessened.
The Downside Case scenario takes into consideration the same risks as the Base
Case but assumes that their effects are more severe, especially if consumer
spending weakens further.
Base Case scenario
The Base Case scenario assumptions are aligned with the Group's internal
forecast:
• During FY22 sales were adversely impacted during the peak trading
season by significant disruptions to the flow of stock into the business due
to problems in the ocean freight system and store sales were also affected by
the Omicron COVID-19 variant. The Base Case assumes that sales are not
affected by these factors during the going concern period.
• Online sales levels during FY23 have been lower than expected. The Base
Case assumes that online sales improve from their recent levels but not to the
level initially expected, despite the fact that the Group plans to implement
measures to improve online sales.
• The gross margin assumptions include provision for the continuation for
a longer period than initially expected of higher than normal ocean container
freight costs, until the end of FY23. Actual container freight rates have
since reduced significantly compared with the rates included in the Base Case,
which more than offsets additional discounting which is expected to be
incurred in the January 2023 sale.
• The Base Case provides for known or expected inflationary increases
including those associated with significantly higher electricity prices which
are assumed to double and not to reduce during the going concern period, and
wage rates including further increases in the National Living Wage.
• Capital expenditure levels are in line with the Group's strategic
plan, which would enable a reduction in capital expenditure in the event of a
Downside scenario occurring.
The output of the Base Case model scenario indicates that the Group would have
sufficient financial resources to continue to meet its liabilities as they
fall due over the going concern period.
Measures to maintain or increase liquidity in the event of a significant
downturn in trading
If deemed necessary, mitigating actions would be taken in response to a
significant downturn in trading, which would increase liquidity. These may
include, for example, delaying and reducing stock purchases, stock
liquidation, reductions in capital expenditure, the review of payment terms
and the review of dividend levels. Some of these potential mitigations have
been built into the Downside Case model, and some have been noted as
additional measures that may be taken in practice in the event of that
scenario, or worse, actually occurring.
Severe but plausible Downside Case scenario
The Downside Case makes the following assumptions to reflect more adverse
conditions compared to the Base Case:
• Store LFL sales are assumed to be lower than the Base Case to allow for
the possibility that consumer spending is adversely affected as outlined
above.
• Online sales are assumed to be lower than in the Base Case,
reflecting the possibility that external factors such as a shift in consumer
shopping patterns away from online sales may be more severe than anticipated,
and/or the failure by the Group to successfully implement its plans to improve
the online sales performance.
• The gross margin assumptions are consistent with the Base Case, which
the Board believes already takes a sufficiently cautious view.
• Volume related costs in the Downside Case are lowered where they move
directly with sales levels; for example, online fulfilment and marketing costs
are assumed to reduce to correspond with the lower online sales. The model
also reflects certain steps which could be taken to mitigate the effect of
lower sales levels, depending on management's assessment of the situation at
the time. These include adjustments to stock purchases, reducing capital
expenditure, reductions in headcount or labour usage, a reduction in discounts
allowed as part of the Group's loyalty scheme and suspending the payment of
dividends.
Having considered the output of the Downside Case and the additional
mitigating steps available, the Board's conclusion is that the business would
continue to have adequate resources to continue in operation under this severe
but plausible set of assumptions.
Consideration of more severe scenarios
The Board recognises that more severe downside scenarios than those modelled
might arise. Accordingly, it has considered a range of more severe
possibilities than are reflected in the Downside Case, including a 10%
reduction in sales between January 2023 and April 2024.
In these circumstances, in addition to the measures included in the Downside
Case, further mitigating measures would be required and are available which
when implemented, would generate additional profit and/or cash and provide
further liquidity headroom and/or further headroom in relation to the
financial covenants. Such measures could include further reductions in capital
expenditure and further reductions in discretionary expenditure in areas such
as travel, training and professional fees.
Conclusion regarding basis of preparation
The current economic environment, characterised by higher inflation than has
been experienced for a number of years, and a high level of uncertainty about
how long the situation will persist and whether it will become worse before it
improves, creates a higher than normal level of uncertainty with regard to the
strength of consumer spending. However, the Board's assessment is that,
despite this, the overall level of risk is not as high as was represented by
COVID-19, which resulted in a complete inability to operate the majority of
the Group's business for significant periods of time. The resilience
demonstrated by the business during those periods, in very challenging
conditions, provides additional assurance about the Group's ability to
continue as a going concern in the event of an extended economic downturn due
to high inflation etc.
Consequently, the Directors are confident that the Group will have sufficient
funds to continue to meet its liabilities as they fall due for at least 12
months from the date of approval of the unaudited condensed financial
statements and have therefore prepared them on a going concern basis.
(ii) Accounting policies
The interim financial statements have been prepared on a basis consistent with
the accounting policies published in the Group's financial statements for
FY22.
(iii) Restatement of figures previously reported in the interim financial
statements for H1 FY22
Change to practice of grossing up business rates prepayments
In the FY22 interim accounts, as had previously been well established and
accepted common practice, unpaid business rates invoices on the accounts
payable ledger were recorded as a prepayment in the consolidated balance
sheet. It has subsequently transpired that this was technically incorrect, and
the prior year figures have therefore been restated to match the new practice
which is not to prepay the whole year's rates value. This reduces the prior
year business rates prepayment and accounts payable balances by £3,137k. This
change has no profit or cash effect.
(c) Alternative performance measures and Adjusting items
The Group tracks a number of alternative performance measures (APMs) in
managing its business, which are not defined or specified under the
requirements of IFRS because they exclude amounts that are included in, or
include amounts that are excluded from, the most directly comparable measure
calculated and presented in accordance with IFRS, or are calculated using
financial measures that are not calculated in accordance with IFRS.
The Group believes that these APMs, which are not considered to be a
substitute for or superior to IFRS measures, provide stakeholders with
additional helpful information on the performance of the business. They are
consistent with how the business performance is planned and reported
internally, and are also consistent with how these measures have been reported
historically. Some of the APMs are also used for the purpose of setting
remuneration targets.
The APMs should be viewed as supplemental to, but not as a substitute for,
measures presented in the consolidated financial statements prepared in
accordance with IFRS. The Group believes that the APMs are useful indicators
of its performance but they may not be comparable with similarly titled
measures reported by other companies due to the possibility of differences in
the way they are calculated.
The key APMs that the Group uses include: like-for-like sales growth (LFL);
Earnings before interest, tax, depreciation and amortisation (EBITDA), Profit
before tax and IFRS 16, Adjusted EBITDA, Adjusted Profit; and Adjusted
earnings per share. The APMs used by the Group and explanations of how they
are calculated and how they can be reconciled to a statutory measure where
relevant, are set out in Note 4.
"Adjusted" measures are calculated by adding back or deducting Adjusting
Items. Adjusting items are material in size and unusual in nature or incidence
and, in the judgement of the Directors, should therefore be disclosed
separately on the face of the financial statements to ensure that the reader
has a proper understanding of the Group's financial performance and that there
is comparability of financial performance between periods.
Refer to Note 5 for information regarding items that were treated as Adjusting
in the comparative periods.
(d) Key sources of estimation uncertainty
The preparation of consolidated financial statements requires the Group to make estimates and judgements that affect the application of policies and reported amounts.
Critical judgements represent key decisions made by management in the application of the Group's accounting policies. Where a significant risk of materially different outcomes exists due to assumptions or other judgements, this will represent a key source of estimation uncertainty.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next 12 months are discussed below.
Key sources of estimation uncertainty which are material to the financial
statements are described in the context of the matters to which they relate,
in the following notes:
Description Note
Going concern 1
Inventory - shrinkage provision 14
2 Segmental reporting
IFRS 8 requires segment information to be presented on the same basis as used
by the Chief Operating Decision Maker for assessing performance and allocating
resources.
The Group has one operating segment with two revenue streams, stores and
online. This reflects the Group's management and reporting structure.
Aggregation is deemed appropriate due to both operating segments having
similar economic characteristics, similar products on offer, and numerous
operational and commercial interdependencies.
3 Revenue
The Group's revenue is derived from the sale of finished goods to customers.
The following table shows the primary geographical markets from which revenue
is derived.
26 weeks ended 26 weeks ended 52 weeks ended
30 October 2022 31 October 2021 1 May 2022
£000 £000 £000
Sale of goods
- UK 116,933 114,060 260,087
- EU (Republic of Ireland) 1,999 2,013 4,543
Total revenues 118,932 116,073 264,630
Seasonality of operations
The Group's revenue is subject to seasonal fluctuations as a result of the
Christmas period. The peak period is from October through to December;
consequently, the first half of the year from April to October is expected to
generate less revenue than the second half.
4 Alternative performance measures ("APMs")
Like-for-like ("LFL") sales
LFL sales are defined by the Group as the year-on-year growth in gross sales
from
· stores which have been trading for a full financial year prior to
the current year and have been trading throughout the current financial period
being reported on, and
· from the Company's online store, calculated on a calendar week
basis.
The measure is used widely in the retail industry as an indicator of
underlying sales performance, eliminating the effects of changes between
comparative periods in the number of stores trading.
EBITDA, Adjusted EBIDTA and Adjusted profit after tax
EBITDA is defined by the Group as earnings before interest, tax, depreciation,
amortisation and profit/loss on the disposal of fixed assets. Adjusted EBITDA
is calculated by adding back or deducting Adjusting items to EBITDA. See Note
1 (c) for a definition of Adjusting items.
The Group also reports another measure of Adjusted EBITDA, which removes the
impact of IFRS 16, to provide a measure that is consistent with internal
reporting and is as used by the Group in its investment appraisals. The table
provides a reconciliation of Adjusted EBITDA to profit/(loss) after tax and
the impact of IFRS 16:
26 weeks ended 30 October 2022 26 weeks ended 52 weeks ended
31 October 21 1 May 2022
£000 £000 £000
Non IFRS 16 Adjusted EBITDA (6,389) 2,500 16,562
IAS17 income statement charges not recognised under IFRS 16 12,242 12,410 24,433
Foreign exchange differences on euro leases (123) 11 120
Post IFRS 16 Adjusted EBITDA 5,730 14,921 41,115
Loss on disposal of right-of-use assets (519) (269) (2,066)
Profit on disposal of lease liability 558 337 2,340
Loss on disposal of property, plant and equipment 18 (185) (244)
Depreciation of PPE (2,410) (2,554) (5,005)
Depreciation of RoUA (11,172) (10,172) (20,029)
Amortisation (526) (376) (806)
Finance expenses (2,364) (2,757) (5,192)
Finance income 23 5 16
Adjusted (loss) / profit before tax (10,662) (1,050) 10,129
Adjusted tax credit / (charge) 1,986 140 (1,436)
Adjusted (loss) / profit after tax (8,676) (910) 8,693
Adjusting items (Note 5) - 58 29
Tax (charge) / credit in relation to Adjusting items - - -
Loss after tax (8,676) (852) 8,722
Profit before tax and IFRS 16
The following tables provides a reconciliation of profit/(loss) before tax and
IFRS 16 adjustments to profit/(loss) before tax.
26 weeks ended 26 weeks ended 52 weeks ended
30 October 2022 31 October 21 1 May 2022
Adjusted Adjusting items Total Adjusted Adjusting items Total Adjusted Adjusting items Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
(Loss) / profit before tax before IFRS 16 adjustments (9,737) - (9,737) (1,189) 53 (1,136) 9,525 (241) 9,284
Remove IAS 17 rental charge 12,242 - 12,242 12,410 - 12,410 24,433 - 24,433
Remove depreciation charged on the existing assets 104 - 104 153 - 153 275 - 275
Remove interest charged on the existing liability 19 - 19 14 - 14 31 - 31
Depreciation charge on right of use asset (11,172) - (11,172) (10,172) - (10,172) (20,029) - (20,029)
Interest cost on lease liability (2,034) - (2,034) (2,345) - (2,345) (4,500) - (4,500)
Loss on disposal of right of use asset (519) - (519) (269) - (269) (2,066) - (2,066)
Profit on disposal of lease liability 558 - 558 337 - 337 2,340 - 2,340
Foreign exchange difference on euro leases (123) - (123) 11 - 11 120 - 120
Additional impairment charge under IAS 36 - - - - 5 5 - 270 270
Net Impact of IFRS 16 on (loss) / profit before tax (925) - (925) 139 5 144 604 270 874
(Loss) / profit before tax (10,662) - (10,662) (1,050) 58 (992) 10,129 29 10,158
Other adjusted profit metrics
Other key profit measures including operating profit, profit before tax,
profit for the period, and earnings per share are also calculated on an
Adjusted basis by adding back or deducting Adjusting items. These adjusted
metrics are included within the consolidated income statement and statement of
other comprehensive income, with details of Adjusting items which affected the
comparative period included below in Note 5.
5 Adjusting items
During the comparative period, the items analysed below have been classified
as Adjusting:
26 weeks ended 30 October 2022 26 weeks ended 31 October 2021 52 weeks ended 1 May 2022
£000 £000 £000
Within cost of sales
Impairment charges(1) - - 1,126
Impairment reversals(1) - (58) (1,155)
Total within cost of sales - (58) (29)
Total Adjusting items - (58) (29)
(1) These relate to prior period fixed asset impairment charges and reversals
of impairment charges.
6 Finance income and expense
26 weeks ended 30 October 2022 26 weeks ended 31 October 2021 52 weeks ended 1 May 2022
£000 £000 £000
Finance income
Bank interest receivable 23 5 16
Total finance income 23 5 16
Finance expense
Bank interest payable 147 269 401
Amortisation of capitalised loan costs 183 143 291
Interest payable on lease liabilities 2,034 2,345 4,500
Total finance expense 2,364 2,757 5,192
7 Share based payments
During the Period, no shares were awarded under "TheWorks.co.uk 2018 Long Term
Incentive Plan" and no share options were awarded under the Save As You Earn
Scheme. (26 weeks ended 31 October 2021: 1,085,105 and 1,209,189, 52 weeks
ended 1 May 2022: 1,085,105 and 1,209,189 respectively).
During the Period, no restricted stock awards were granted to key management
and senior employees (26 weeks ended 31 October 2021: 601,693, 52 weeks ended
1 May 2022: 601,693).
Expense recognised in the income statement
The IFRS 2 charge recognised during the Period was as follows:
26 weeks ended 30 October 2022 26 weeks ended 31 October 2021 52 weeks ended 1 May 2022
£000 £000 £000
LTIP - Share based payment expense 213 146 584
SAYE - Share based payment expense 47 60 67
Total IFRS 2 charges 260 206 651
8 Employee benefits
The Group operates a defined contribution pension scheme. The pension charge
for the period represents contributions payable by the group to the scheme and
amounted to £431k (26 weeks ended 31 October 2021: £384k; 52 weeks ended 1
May 2022: £777k).
9 Tax
The income tax expense or credit is determined by multiplying the loss before
tax for the interim reporting period by management's best estimate of the
weighted average annual income tax rate expected for the full financial year,
adjusted for the tax effect of certain items recognised in full in the interim
period. As such, the effective tax rate in the interim financial statements
may differ from management's estimate of the effective tax rate for the annual
financial statements.
The Group's total income tax credit in respect of the Period was £1.99 million (H1 FY22: £0.14 million). The effective tax rate on the total loss before tax was 18.6% (H1 FY22: 14.1%), the Adjusted tax rate was 18.6% (H1 FY22: 13.3%).
The difference between the total effective tax rate and the Adjusted tax rate in the prior period relates to certain costs and depreciation charges being non-deductible for tax purposes.
The year on year increase in the effective tax rate is due to the prior year
rate being lower than usual, due to an increase in the value of the deferred
tax asset, which was recognised during FY22. This was a result of the
forthcoming increase in the U.K. corporation tax rate from 19% to 25%
(effective from 1 April 2023). Deferred tax assets are calculated based on the
corporation tax rate applicable when they are anticipated to unwind,
therefore, the asset was recognised at the higher rate of 25% at the end of
FY22.
10 Earnings per share
Basic earnings per share is calculated by dividing the profit or loss for the
period attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue during the period.
Diluted earnings per share uses the weighted average number of shares in issue
for the period, adjusted for the dilutive effect of potential ordinary shares.
Potential ordinary shares represent employee share incentive awards. In the
event that there are losses per share, diluted EPS is deemed to be the same as
Basic EPS.
The Group has chosen to present an Adjusted earnings per share measure, with
profit adjusted for Adjusting items (see Note 5 for further details) to
reflect the Group's underlying profit for the Period.
30 October 2022 31 October 2021 1 May 2022
Number Number Number
Number of shares in issue 62,500,000 62,500,000 62,500,000
Number of dilutive share options (nil in the event of a loss) - - 940,673
Number of shares for diluted earnings per share 62,500,000 62,500,000 63,440,673
£000 £000 £000
(Loss) / profit for the financial period (8,676) (852) 8,722
Adjusting items - (58) (29)
Total Adjusted (loss) / profit for Adjusted earnings per share (8,676) (910) 8,693
Pence Pence Pence
Basic (loss) / earnings per share (13.9) (1.4) 14.0
Diluted (loss) / earnings per share (13.9) (1.4) 13.7
Adjusted basic (loss) / earnings per share (13.9) (1.5) 13.9
Adjusted diluted (loss) / earnings per share (13.9) (1.5) 13.7
11 Dividends
Following the period end a final dividend was paid in respect of FY22 of
£1.5m, representing 2.4 pence per share.
12 Intangible assets
Goodwill Software Total
£000 £000 £000
Cost
Balance at 1 May 22 16,180 9,058 25,238
Additions - 755 755
Disposals - - -
Balance at 30 October 2022 16,180 9,813 25,993
Amortisation / Impairment
Balance at 1 May 2022 16,180 6,386 22,566
Amortisation charge for the Period - 526 526
Disposals - - -
Balance at 30 October 2022 16,180 6,912 23,092
Net book value
At 1 May 2022 - 2,672 2,672
At 30 October 2022 - 2,901 2,901
13 Property, plant and equipment
RoUA - RoUA - Plant & Land and Plant & Fixtures &
Property Equipment buildings equipment fittings Total
£000 £000 £000 £000 £000 £000
Cost
Balance at 1 May 2022 151,405 2,421 10,415 3,818 27,258 195,317
Additions 6,473 - (325) 657 1,441 8,246
Disposals (3,525) - (97) (10) (153) (3,785)
Balance at 30 October 2022 154,353 2,421 9,993 4,465 28,546 199,778
Depreciation and impairment
Balance at 1 May 2022 58,067 1,408 6,317 3,388 17,816 86,996
Depreciation charge for the period 10,977 195 360 275 1,775 13,582
Impairment reversals - - - - - -
Disposals (3,006) - (90) (12) (176) (3,284)
Balance at 30 October 2022 66,038 1,603 6,587 3,651 19,415 97,294
Net book value
At 1 May 2022 93,338 1,013 4,098 430 9,442 108,321
At 30 October 2022 88,315 818 3,406 814 9,131 102,484
Impairment losses
Property, plant and equipment is reviewed for impairment if events or changes
in circumstances indicate that the full carrying value may not be recoverable.
When a review for impairment is conducted the recoverable amount is estimated
based on either value-in-use calculations or fair value less costs of
disposal. Value-in-use calculations are based on management's estimates of
future cash flows expected to be generated by the assets and an appropriate
discount rate. Consideration is also given to whether the impairment
assessments made in prior years remain appropriate based on the latest
expectations in respect of recoverable amounts.
An impairment review was conducted at 1 May 2022. The Group determined that
each store is a separate CGU. Only stores with an indicator of impairment were
included within the impairment assessment, including 38 stores with a budgeted
loss at EBITDA level and an additional 30 stores which were historically loss
making and may be considered for closure at the next lease break date.
At 30 October 2022 no further impairment charges or reversals have been
recognised during the Period (52 weeks to 1 May 2022: £29k reversal; 26 weeks
to 31 October 2021: £58k reversal).
14 Inventory
30 October 2022 31 October 2021 1 May 2022
£000 £000 £000
Goods for resale 46,626 35,210 29,817
Less: stock provisions for shrinkage and obsolescence (3,214) (4,354) (3,252)
Goods for resale net of provisions 43,412 30,856 26,565
Stock in transit 10,159 9,187 2,822
Inventory 53,571 40,043 29,387
A provision of £3.2m for stock obsolescence and shrinkage is included in the
balance sheet at the Period end (31 October 2021: £4.4m, 1 May 2022: £3.3m).
The provision is an estimate, which is based on stock ageing and historical
trends and is reviewed by management during the year.
15 Borrowings and cash
26 weeks ended 26 weeks ended 52 weeks ended
30 October 2022 31 October 2021 1 May 2022
£000 £000 £000
Non-current liabilities
Lease liabilities 81,128 94,508 85,702
Non-current liabilities 81,128 94,508 85,702
Current liabilities
Revolving credit facility (RCF) 4,000 - -
Unamortised debt issue costs - (262) -
Lease liabilities 23,830 27,915 25,434
Current liabilities 27,830 27,653 25,434
The Group's bank facilities comprise an RCF of £30m expiring 30 November
2025. The facility includes financial covenants in relation to the level of
net debt to LTM EBITDA and "Fixed Charge Cover" or ratio of LTM EBITDA prior
to deducting rent and interest, to LTM rent and interest.
Net debt reconciliation
30 October 2022 31 October 2021 1 May 2022
£000 £000 £000
Net debt (excluding unamortised debt costs)
RCF 4,000 - -
Cash and cash equivalents (10,971) (17,783) (16,280)
Net cash at bank (6,971) (17,783) (16,280)
Non IFRS 16 lease liabilities 362 622 485
Non IFRS 16 net cash (6,609) (17,161) (15,795)
IFRS 16 lease liabilities 104,596 121,801 110,651
Net debt including IFRS 16 lease liabilities 97,987 104,640 94,856
16 Provisions
Dilapidations Total
£000 £000
Balance at 1 May 2022 1,117 1,117
Provisions made during the period - -
Provisions used during the period (146) (146)
Provisions released during the period - -
Balance as at 30 October 2022 971 971
Dilapidation provision
In accordance with IAS 37 Provisions, the Group recognises provisions for the
cost of reinstating certain Group properties at the end of their lease term,
based on the conditions set out in the terms of the individual leases. The
timing of the outflows will match the ends of the relevant leases, which range
from 1 to 14 years.
17 Share Capital
As at 30 October 2022 the company had the following share capital:
£000
Share capital 625
Share premium 28,322
18 Financial Instruments
The following table details the Group's expected maturities for its financial
liabilities based on the undiscounted contractual maturities of the financial
liabilities, including interest that will be payable.
Within 1 year 2-5 years 5+ years Total
Contractual maturity of financial liabilities £000 £000 £000 £000
30 October 2022
Non Derivative
Interest bearing 4,000 - - 4,000
Non-interest bearing 62,219 - - 62,219
Undiscounted lease liabilities 24,902 60,820 19,236 104,958
Derivative
Forward currency contracts - - - -
91,121 60,820 19,236 171,177
31 October 2021
Non Derivative
Interest bearing - - - -
Non-interest bearing 59,870 - - 59,870
Undiscounted lease liabilities 31,702 72,545 25,673 129,920
Derivative
Forward currency contracts 702 - - 702
92,274 72,545 25,673 190,492
1 May 2022
Non Derivative
Interest bearing - - - -
Non-interest bearing 32,917 913 - 33,830
Undiscounted lease liabilities 31,592 83,017 21,862 136,471
Derivative
Forward currency contracts - - - -
64,509 83,930 21,862 170,301
Fair value measurements
Financial instruments carried at fair value are measured by reference to the
following fair value hierarchy, based on the extent to which the fair value is
observable;
· Level 1 fair value measurements are derived from quoted prices
(unadjusted) in active markets for identical assets or liabilities;
· Level 2 fair value measurements are derived from inputs other than
quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices); and
· Level 3 fair value measurements are those derived from valuation
techniques that include inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
Derivative financial instruments are carried at fair value under a Level 2
valuation method. All other financial instruments carried at fair value are
measured using the Level 1 valuation method.
There were no transfers between the levels during the current or prior period.
Derivative Financial Instruments
The fair value of derivative financial instruments at the Balance Sheet date
is as follows:
As at As at As at
30 October 2022 31 October 2021 1 May 2022
Net Derivative Financial Instruments
Foreign exchange contracts 1,775 (277) 2,393
Classification of financial instruments
The tables below show the classification of financial assets and liabilities
as at 30 October 2022. The fair values of financial instruments have been
assessed to be approximately equivalent to their carrying values.
Financial
Cash flow assets at Other
hedging amortised financial
instruments cost liabilities
£000 £000 £000
Financial assets measured at fair value
Derivative financial instruments 1,775 - -
Financial assets not measured at fair value
Trade and other receivables - 10,469 -
Cash and cash equivalents - 10,971 -
Financial liabilities measured at fair value
Derivative financial instruments - - -
Financial liabilities not measured at fair value
RCF - - (4,000)
Lease liabilities - - (104,958)
Trade and other payables - - (66,948)
As at 30 October 2022 1,775 21,440 (175,906)
Financial
Cash flow assets at Other
hedging amortised financial
instruments cost liabilities
£000 £000 £000
Financial assets measured at fair value
Derivative financial instruments 425 - -
Financial assets not measured at fair value
Trade and other receivables (Restated - Note 1b) - 11,734 -
Cash and cash equivalents - 17,783 -
Financial liabilities measured at fair value
Derivative financial instruments (702) - -
Financial liabilities not measured at fair value
Lease liabilities - - (122,423)
Trade and other payables - - (64,264)
As at 31 October 2021 (277) 29,517 (186,687)
Cash flow Financial Other
hedging assets at financial
instruments amortised cost liabilities
£000 £000 £000
Financial assets measured at fair value - - -
Derivative financial instruments 2,393 - -
Financial assets not measured at fair value
Trade and other receivables - 8,427 -
Cash and cash equivalents - 16,280 -
Financial liabilities measured at fair value
Derivative financial instruments - - -
Financial liabilities not measured at fair value
Unsecured bank overdraft - - -
Lease liabilities - - (111,136)
Trade and other payables - - (35,958)
As at 1 May 2022 2,393 24,707 (147,094)
19 Related parties
Identity of related parties with which the Group has transacted
Balances and transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not disclosed
in this note. There were no transactions with related parties who are not
members of the Group during the financial period.
20 Contingent liabilities
There were no contingent liabilities noted at the end of the Period.
Responsibility statement of the Directors in respect of the interim financial
statements
We confirm that to the best of our knowledge:
· the condensed unaudited set of financial statements has been
prepared in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU;
· the interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first half of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
half of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first half of the
current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
By Order of the Board
Stephen
Alldridge
Chief Financial Officer
20 January 2023
Principal risks and uncertainties
There are a number of risks and uncertainties which could have a material
negative impact on the Group's performance over the remainder of the current
financial year. These could cause actual results to differ materially from
historical or expected results. The Board does not believe that these risks
and uncertainties are materially different to those published in the Group's
Annual Report for the period ended 1 May 2022.
These risks are associated with
1. The economy/market
2. Design and execution of strategy (previously referred to as
"Market")
3. IT systems and cyber security
4. Supply chain
5. Brand and reputation
6. Regulation and compliance
7. Seasonality of sales
8. People
9. Business continuity
10. Environmental (including climate change)
11. Liquidity
Detailed explanations of these risks are set out on pages 39 to 44 of the FY22
Annual Report which is available at
https://corporate.theworks.co.uk/application/files/9616/6478/3372/TheWorks.co.uk_plc_Annual_Report_and_Accounts_2022.pdf
(https://corporate.theworks.co.uk/application/files/9616/6478/3372/TheWorks.co.uk_plc_Annual_Report_and_Accounts_2022.pdf)
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