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Games Workshop reports half-year sales growth but a fall in pre-tax profits

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Games Workshop reported half-year sales growth as customers returned in store in the wake of Covid 19, and business slowed online – but a 5% fall in pre-tax profits.

Russia’s invasion of Ukraine cost the retailer about £2m in lost Russian trade sales in the first half, while there were delays installing new IT in warehouses. Games Workshop has also opened a new European sales support team in Barcelona post-Brexit in order to fill vacancies.

The update came as Games Workshop today reported revenues of £226.6m in the six months to November 27 2022. That’s 7% up from £211.6m a year earlier. Core revenue of £212.3m was 10% up from £191.5m a year earlier, but licensing revenue declined by 28.8% to £14.3m last time. 

In-store, retail sales came in at £48.7m, after growing by 9.8% on a constant currency basis, while trade sales of £120.9m were 3.4% ahead on the same basis, and online sales of £42.7m were 0.5% down in constant currency terms, but grew by 2.9% in actual currency.

Pre-tax profits of £83.6m were 5.2% down from £88.2m a year earlier. 

Kevin Rountree, CEO of Games Workshop, says: “Games Workshop and the Warhammer hobby are in great shape. Another rewarding and successful period for the global team with core sales for the six months of over £200 million for the first time. We will continue to focus on making the best miniatures in the world, sign new licensing contracts with partners to exploit our IP outside of our core business and support our staff.”

The retailer says that its sales fell short of its target, especially in the US market where dollar sales were flat against last year’s record year. It also says warehousing projects in the US were delayed as it integrates new IT with its legacy systems. 

It also said it had lost £2m in the half-year in net revenue from trade sales in Russia, following that country’s invasion of Ukraine, while sales in China fell short of expectations after Covid shutdowns. 

The games company has now opened a new sales office in Barcelona, where it plans to employ up to 45 members of staff. The move comes in the wake of Brexit, and is in order to staff vacancies in the local language team supporting European trade accounts.

Social media 

The retailer’s online presence is based around the Warhammer Community website, where visits during the half-year were consistently above 100,000. It also has a following of 1.9m across social channels.

Games Workshop is ranked Top250 in RXUK Top500 research

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