olivLaw · European equity research
TheWorks.co.uk PLC WRKS.L
United Kingdom · London Stock Exchange · ISIN GB00BF5HBF20 · Vertical: Listed companies from United Kingdom
TheWorks.co.uk PLC is a UK value retailer specialising in books, toys, arts and crafts and stationery, with a store network and an online channel. In fiscal 2023 sales grew, but profitability fell under cost pressure, and the company says fiscal 2023 could be the low point of post-COVID profitability if costs ease.
At the close of 05 Nov 2026, TheWorks.co.uk PLC (WRKS.L) stock was 1.06 GBP (+1.44% on the day), with market capitalisation 66.2 m GBP, P/E 12.6 on diluted EPS of 0.08 GBP over the last 12 months, dividend yield 2.26%, beta -0.06, 52-week range 0.30–1.06 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 74.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 0.86 – 1.05
- above the upper band · %B 1.05 · band width 19.4%
- SMA 50 / 200
- 0.91 / 0.64
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +23.0% | −0.6% | +23.6 pp | — |
| 3 months | +30.6% | −4.2% | +34.7 pp | — |
| 6 months | +132.9% | +4.3% | +128.6 pp | — |
| Year to date | +208.5% | +7.5% | +201.0 pp | — |
| 1 year | +145.9% | +9.9% | +136.0 pp | +5.8% |
| 3 years | +157.3% | +49.8% | +107.5 pp | +26.3% |
| 5 years | +83.2% | +42.8% | +40.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 2.6, median 3.7, max 16.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 180.7 m | 264.6 m | 280.1 m |
| Revenue YoY | unavailable | +46.5% | +5.8% |
| Net income | -2.3 m | 14.0 m | 5.3 m |
| Net income YoY | unavailable | unavailable | −62.3% |
| Diluted EPS | 0.04 | 0.22 | 0.08 |
| Diluted EPS YoY | unavailable | +494.6% | −61.8% |
| net % | -1.3% | 5.3% | 1.9% |
| Free cash flow | 28.3 m | 46.3 m | 21.9 m |
Balance sheet & financial health
Fiscal year 2023 · 30 Apr 2023
- Cash
- 10.2 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.7 m GBP
- Total assets
- 137.3 m GBP
- Debt / equity
- unavailable
- Current ratio
- 0.88x
- ROE
- 518.8%
- ROA
- 3.7%
- FCF margin
- 7.8%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 180.7 m | 264.6 m | 280.1 m | esef· 31 Aug 2023verified |
| Cost of revenue | 169.4 m | 211.9 m | 236.2 m | esef· 31 Aug 2023verified |
| Gross profit | 11.3 m | 52.8 m | 43.9 m | esef· 31 Aug 2023verified |
| Operating income | 2.7 m | 19.4 m | 9.4 m | esef· 31 Aug 2023verified |
| Interest expense | 5.5 m | 5.2 m | 4.6 m | esef· 31 Aug 2023verified |
| Pre-tax income | -2.8 m | 14.2 m | 5.0 m | esef· 31 Aug 2023verified |
| Income tax | -502.0 k | 276.0 k | -265.0 k | esef· 31 Aug 2023verified |
| Net income | -2.3 m | 14.0 m | 5.3 m | esef· 31 Aug 2023verified |
| Diluted EPS | 0.04 | 0.22 | 0.08 | esef· 31 Aug 2023verified |
| Dividend per share | — | 0.00 | 0.02 | esef· 31 Aug 2023derived |
Balance sheet · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.3 m | 16.3 m | 10.2 m | esef· 31 Aug 2023verified |
| Receivables | 6.9 m | 8.4 m | 7.5 m | esef· 31 Aug 2023verified |
| Inventories | 29.1 m | 29.4 m | 33.4 m | esef· 31 Aug 2023verified |
| Current assets | 45.1 m | 56.5 m | 52.3 m | esef· 31 Aug 2023verified |
| Property, plant & equipment, net | 17.5 m | 9.9 m | 11.7 m | esef· 31 Aug 2023verified |
| Total assets | 180.4 m | 149.3 m | 137.3 m | esef· 31 Aug 2023verified |
| Short-term debt | 7.1 m | 0 | — | esef· 05 Oct 2022verified |
| Current liabilities | 67.2 m | 62.3 m | 59.5 m | esef· 31 Aug 2023verified |
| Total liabilities | 171.6 m | 149.0 m | 135.6 m | esef· 31 Aug 2023verified |
| Equity | -17.7 m | 378.0 k | 1.7 m | esef· 31 Aug 2023verified |
| Shares outstanding at year end | 62.1 m | 62.6 m | 62.8 m | esef· 31 Aug 2023derived |
Cash flow · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 30.1 m | 49.2 m | 29.2 m | esef· 31 Aug 2023verified |
| Capex | 1.9 m | 2.8 m | 7.3 m | esef· 31 Aug 2023verified |
| Free cash flow | 28.3 m ≈ | 46.3 m ≈ | 21.9 m ≈ | esef· 31 Aug 2023derived |
| Investing cash flow | -2.4 m | -2.9 m | -6.5 m | esef· 31 Aug 2023verified |
| Financing cash flow | -22.6 m | -38.1 m | -29.4 m | esef· 31 Aug 2023verified |
| Dividends paid | — | 0 | 1.5 m | esef· 31 Aug 2023verified |
| Share repurchases | — | 0 | 473.0 k | esef· 31 Aug 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 66.2 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.9% | 26 (vs peers) | 12% |
| FCF conversion · Quality | 415.9% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 12.6x | 72 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 33.1% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 3.0% | 42 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 6.8% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
THEWORKS.CO.UK PLC (WRKS.L). Latest full fiscal year: 2023; data up to 2023-04-30.
Figures computed from the financial statements: revenue 280.1 m GBP in 2023; YoY growth 5.8%; net margin 1.9%; ROE 518.8%.
The estimated value range is 0.59–0.88 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.73 GBP, the price of 1.05 GBP leaves a potential of -30.3% (value / price − 1) and a margin of safety of -43.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 415.9%
- P/E (TTM): 12.6x
- FCF yield: 33.1%
- Payout ratio (FCF): 6.8%
What contradicts it
- Net margin: 1.9%
- Interest coverage: 2.0x
- Current ratio: 0.9x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| WRKS.LTheworks.co.uk PLC | 66.2 m | 12.6 | 518.8% | 1.9% | +5.8% | +186% / +282% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for WRKS.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.63 Total return -38% · Per year -38% | 1.12 Total return 8% · Per year 8% | 1.68 Total return 62% · Per year 62% |
| 3 years | 0.63 Total return -35% · Per year -13% | 1.25 Total return 26% · Per year 8% | 2.07 Total return 105% · Per year 27% |
| 5 years | 0.63 Total return -31% · Per year -7% | 1.40 Total return 46% · Per year 8% | 2.54 Total return 158% · Per year 21% |
- Exit P/E± 0.31
- Net margin± 0.22
- Annual revenue growth± 0.18
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TheWorks.co.uk PLC is a UK value retailer specialising in books, toys, arts and crafts and stationery, with a store network and an online channel. In fiscal 2023 sales grew, but profitability fell under cost pressure, and the company says fiscal 2023 could be the low point of post-COVID profitability if costs ease.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Online sales declinehigh
Online sales fell in fiscal 2023, and recovery depends on whether improvements to the offer and shopping experience succeed 1.
- Margin pressurehigh
Product gross margin fell, and staff, energy and rent costs could keep rising 1.
- Weaker consumer demandmedium
Consumers are spending less, and the uncertain macroeconomic outlook could reduce demand for the company's products 1.
- Supply chain risksmedium
Freight disruption and transport costs could affect stock and margins, as happened in fiscal 2023 1.
- Cyber security riskslow
The March 2022 cyber security incident affected sales, and a further incident could have similar effects 1.
Investment thesis
What would need to be true (bull case)
- If costs stabilise, fiscal 2023 could prove the low point of post-COVID profitability, and strategic progress could drive growth in later years 1.
- The value offer, store network and loyalty scheme could support sales in an environment where consumers seek better prices 1.
- Optimising the store estate and investing in stores could improve returns on space and customer experience 1.
What would break the thesis
- Online sales have declined, and their recovery is not assured and could take longer than the company expects 1.
- Margins have been squeezed by rising costs, and if these do not ease, profitability could stay below earlier levels 1.
- The macroeconomic outlook remains uncertain, and the company itself said it entered the new year with caution 1.
What to watch
- Trend in online sales and effectiveness of the new e-commerce strategy2024
- Trend in product gross margin and in staff and property costs2024
- Delivery of the consensus EBITDA estimate for fiscal 2024next 10-K
- Results of loyalty campaigns and the number of active members2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company sells products in books, toys, arts and crafts, stationery and seasonal categories, under its own brands and third-party brands. Sales run through over 500 stores in the UK and Ireland, its own website and marketplaces such as Amazon and eBay, and sourcing comes from over 400 suppliers, with the central warehouse in Coleshill near Birmingham 1. The 'Together' loyalty scheme has about 1.7 million active members 1. In fiscal 2023 revenue was £280.1 million, up 5.8% 1.
The business model rests on prices below specialists and more choice and better service than discounters, a positioning the company describes as value at product and shopping-experience level 1. The company is optimising its store estate: in fiscal 2023 it opened 14 stores, closed 13 and relocated 3 1.
Profitability is more sensitive than sales: staff, rent, business rates and energy costs rose, and product gross margin fell. The company reported lower adjusted earnings per share than the prior year 1.
Segments
Physical stores
Stores are the main sales channel and had positive like-for-like sales growth in fiscal 2023, while online sales declined 1. The company refitted 34 stores and rolled out new formats in shopping centres and on high streets 1.
Online and marketplaces
Online sales declined in fiscal 2023, which the company partly attributes to the March 2022 cyber security incident and weaker confidence in delivery 1. The company says it is improving its online offer and could better integrate channels, for example through orders placed online for in-store collection 1.
Supply chain and distribution
The Coleshill warehouse handles distribution to stores, and transport and storage costs rose in fiscal 2023 1.
Market context
The company operates in the games, toys, arts and crafts, book and stationery markets, which it describes as having grown consistently over two decades 1. Consumers are spending less and seeking good-value quality products, which favours value retailers, but the macroeconomic outlook remains uncertain 1.
The company says a May 2023 Retail Week survey ranked it the UK's fastest-growing value retailer 1. The online market is more competitive, and shoppers have partly returned to physical stores 1.
Trends
- Price-conscious consumersmixed
Shoppers are spending less and seeking value, which may support the company's price offer but could also reduce volumes in premium categories 1.
- Demand for convenient storestailwind
Demand for convenient and enjoyable shopping experiences continues to grow, and high-street and shopping-centre stores could benefit from the shift to local shopping 1.
- Rising staff and property costsheadwind
Increases in the national living wage, business rates and energy prices have raised store costs, which could continue to pressure the company's margins 1.
- Sustainability concernsmixed
Consumers are more aware of environmental impact, and the company is pursuing net-zero targets for Scope 1, 2 and 3 emissions 1.
Competitive position
The company positions itself between category specialists and general discounters, offering lower prices than specialists and more choice than discounters 1. Competition comes from both physical stores and online marketplaces.
The analysed source does not name its competitors, so none are listed here; these could include book and stationery retailers, toy chains and online platforms if later sources mention them.
- Specialist book and stationery retailers
Category specialists the company compares its price offer with, described in the source as pricier than TheWorks.
- General discounters
Discount retailers the company compares its choice and service offer with.
- Online marketplaces
Platforms such as Amazon and eBay through which the company sells and with which it competes for online shoppers.
- Toy and games retailers
Competitors in the toys and games categories, where the company offers its own brands.
News & filings
In the press
- Costco Expands Into Medicare Coverage? 3-State Rollout in the WorksYahoo Finance — News · 22 Sept 2026 · EN
- Fertilizer Deal With Belarus Is In the Works, Says Trump. CF Industries and Nutrien Stocks Fall.Yahoo Finance — News · 21 Sept 2026 · EN
- Samsung has new Galaxy headphones in the worksThe Verge · 14 Aug 2026 · EN
- Burnham's spanner in the works leaves UK government tech scattered across WhitehallThe Register · 29 Jul 2026 · RO
- UK ratchets up nuclear spending, with new warhead and delivery planes in the worksDefense News (US, EN) · 02 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202331 Aug 2023
- Annual report 202331 Aug 2023
- Annual report 202205 Oct 2022
Sources
- [1] Annual report, fiscal year ended 2023-04-30 (ESEF) · SEC / TheWorks.co.uk PLC · 30 Apr 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.