TheWorks.co.uk plc (GB:WRKS) has released an update.
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TheWorks.co.uk plc reports modest revenue growth and a slight decline in like-for-like sales for FY24, with expectations to achieve an adjusted EBITDA of £6m for FY24 and £8.5m for FY25. The company has made significant strategic changes including store portfolio optimization, ending its loyalty scheme, and relocating its online fulfilment centre to improve profitability. These efforts, along with cost-saving measures, aim to bring the company back to a pre-IFRS 16 EBITDA margin of 5% over the medium term.
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