The retailer suffered a reported pre-tax loss of £18m during the year to April 26, compared with a £2.3m profit the previous year, after booking £19.5m in non-cash charges including downgrades in the value of its stores. 

Adjusted pre-tax profit plunged 65.2% to £2.4m, while adjusted EBITDA was down 22.3% to £10.8m. 

Despite the “adverse trading impact” of Covid-19 and the resulting lockdown during the back end of its financial year, The Works grew revenues 3.5% to £225m across the 52-week period.