Bosses at The Works have said they are “encouraged” by recent trading, despite pressure on consumers, as the group swung back to profit for the past year.

Shares in the company surged by more than 40% as a result, on Friday.

The stationery, crafts and books retailer recorded pre-tax profits of £10.2 million for the year to May, after Covid restrictions dragged it to a £2.8 million loss in the previous year. It said increased demand following the pandemic, and careful management of its supply chain, led a strong rebound in sales.

Revenues jumped by 46.5% to £264.6 million for the year, compared with the previous year.

The Works’ shares rocket after ‘encouraging’ sales and return to profit