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Games Workshop defies ‘high street woes’ with strong H1 results

Fantasy miniatures retailer Games Workshop has reported sales of £124m and operating profits of £41m for the first six months of its 2018/19 financial year.

The group said the results were “in line with expectations” for the year ending 2 June 2019, but added that the board is “aware it is still early in the financial year”.

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The announcement comes after the retailer issued a warning of “coming uncertainties” in October for the rest of the financial year, and shares in the group fell by 8% following the news.

Despite the warning, the retailer said trading between 7 September and 7 October had “continued well” according to predictions with sales and profits ahead of figures for the same period last year.

Games Workshop has 489 retail stores across 23 countries, with 144 in the UK. In contrast to the current retail environment only 20% of the group’s sales in the year to 3 June were made online, with the same proportion the previous year.

A statement by the group read: “These results show the Warhammer Hobby is in great shape in our core markets. We have built on the progress we made last year and the results are considerable given the backdrop of major projects; increasing factory capacity and ERP system implementation.”

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