Paul, the answer to your question is yes, it definitely does work, however, a comment on this thread (Nick Wells) says the five capacitors are on the board to which the power plug connects, they are not. This is the audio board, but whilst on this board there are two capacitors (2200uF 16v) on there which would also benefit from replacement. They are the output capacitors for the power amp, which is a single power rail design. Mine had dried out - well, one had, the other is only in use if you use an external speaker for the second channel - left to its devices, this /these could go short, and damage the amplifier module, or even the speaker, and replacement definitely improves the bass response. DON’T lose the small piece of foam rubber that separates / insulates them from the heat sink, it should be replaced.
Anyway, the five main offending capacitors (one 2200uF 25v and four off 100uF 16v) are on the power stabilisation board, which is on the opposite side of the back plate, fiddly to get at and you will need to unscrew the aerial and remove the balance knob, which was very tight on mine. Make a note of where all printed circuit board plugs fit, although it is difficult to get it wrong. You must also get ALL capacitors the right way round or you will cause damage. This includes those on the power amp board.
On reassembly and testing, the difference is immediately noticeable, and the clock sets itself almost instantly. Mine had got to the state of needing days to set itself. All parts are available at Farnell in UK.
Well worth the effort, job takes under an hour, but I have done this sort of work for many years now. Also have the right tools and equipment, and done many of these now, probably 30 or more. Love ‘em to bits, great little radio with remarkable sound quality.
Peter Smith, October 2019