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High Street

Games Workshop profits soar in half-year results

Games Workshop has reported a 44% increase in profits before tax to £58.6m for the six months ended 1 December 2019.

This was fueled by a 27% increase in its trade operations, with “growth in all key countries”. During the period the number of trade outlets increased by c.200 accounts, which the retailer said helped “drive forward” sales in this channel.

Revenues also increased to £148.4m, up from the £125.2m recorded during the same period last year, and reported sales grew by 19% to £148.4m.

Additionally, online sales increased by 15% compared with last year, with the retailer saying it will continue to “improve” the online store shopping experience and functionality of the store.

Games Workshop opened 12 stores during the period.

Kevin Rountree, CEO of Games Workshop, said: “Our business and the Warhammer hobby continue to be in great shape.

“We are pleased to once again report record sales and profit levels in the period. The global team have worked their socks off to deliver these great results. My thanks go out to them all.”

He added: “Sales for the month of December are in line with our expectations. We are also announcing that the board has today declared a dividend of 45 pence per share, in line with the company’s policy of distributing truly surplus cash.”

It follows the positive full-year results Games Workshop posted last year, which saw a 16% increase in revenues to £256.5m for the year ending 2 June 2019.

Operating profit also increased by £6.8m to £81.1m, and retail sales grew by 7% in the year (7% at constant currency), which was aided by additional growth from 28 net new stores and its visitor centre, delivering 9% growth.

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