The Works upgrades FY27 earnings expectations after 10.4% like-for-like growth

The Works raised its FY27 outlook in an AGM trading update on 7 September 2026.

Trading performance

Like-for-like sales increased 10.4% during the first 18 weeks to 6 September, following 5.9% growth in the comparable prior-year period.

All four main product categories contributed. The period includes the back-to-school season, providing a meaningful early-year trading checkpoint.

The guidance change

The board now expects pre-IFRS 16 adjusted EBITDA of at least £16m, compared with previous guidance and cited market expectations of £15m.

That is an increase of at least £1m, or approximately 6.7%, calculated from the two disclosed figures. This measure excludes the IFRS 16 lease-accounting effect and should not be confused with statutory profit or cash flow.

What remains ahead

Management cites execution of its growth strategy and demand for affordable screen-free activities. It also acknowledges macroeconomic uncertainty and the importance of the coming Christmas period.

The next test is whether sales momentum and margins sustain through peak trading and convert into cash generation.

Source: Company announcement, 7 September 2026.