Investment case

Highly relevant purpose and meaningful ambition

Clear purpose – to inspire reading, learning, creativity and play – and ambition to become the favourite destination for affordable, screen-free activities for the whole family. This has significant relevance, particularly in a digital age when customers are looking for ways to connect and spend their time.

5,030

new product lines introduced in FY26

Clear position in value retail sector, with all-year-round appeal

Clear and distinct position in the value retail sector, providing affordable screen-free products across four specialist categories: Books, Toys & Games, Art & Craft, Stationery. Action taken to successfully grow the all-year-round attraction of the brand.

Much-loved brand, with significant opportunity to grow awareness

The Works is a favourite amongst our loyal customers, with a value proposition that appeals to a broad customer demographic. There is significant opportunity, and work is underway, to increase our brand awareness and attract even more people to discover and love what we do.

Focused high street retail model with significant opportunities for further expansion

High quality portfolio of 508 stores, with over 98% profitable and like-for-like sales growth that is outperforming the wider market. Opportunity for a further 100 new stores over the medium-term, with a net 10 new stores planned in the FY27 on top of net 5 in FY26. A net 60 new stores will be opened by FY30.

508

stores

Significant market share growth potential across all key categories

Ongoing evolution of product proposition, with hundreds of new products landing monthly, capturing customers’ imaginations and driving footfall. Significant opportunity remains for further market share gains across Books, Toys & Games, Art & Craft, Stationery.

New five-year strategy to transform the business is delivering results

The business has a new strategy, ‘Elevating The Works’, focused on growing brand fame, improving customer convenience and being a lean and efficient operator. Delivery of these plans will have a transformative impact on the business, enabling us to deliver EBITDA of at least £22.5m in FY30. Excellent progress has been made, which is translating into an improved financial performance.

+3.3%

FY26 total LFL sales growth 

Strong financial position

The business maintains a strong financial position, with a reduced cost-base, continued product margin growth, positive sales momentum and a strong balance sheet.