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12 January 2021 10:41

Games Workshop Share LON:GAW

Games Workshop hails record first half performance as Warhammer sales surge

Games Workshop, the fantasy figurines manufacturer and retailer behind Warhammer, has reaped the benefits of Covid restrictions to report record first-half profits and sales. Pre-tax profits rose by 56.3 per cent rise to £91.6 million in the six months to November 29 compared with the same period last year on sales up 27 per cent to £186.8 million. The performance exceeded Games Workshop's expectations of profits and sales rises of 53 per cent and 25 per cent respectively. Sponsored Shares in the company, which have risen more than 70 per cent over the past year, fell by 6.7 per cent, or 790p, to £108.20. The toy figurines manufacturer is now valued at £3.8 billion on the stock market, making the FTSE 250 company worth £1 billion Games Workshop posts 'cracking' results as records smashed again Games Workshop, the Nottingham-based manufacturer and retailer of fantasy games merchandise, has again recorded record results after what its chief executive called a "cracking" six months.

For the six months to November 29, the firm saw revenues soar by almost £40m on 2019's figures to 186.8m, while profit before tax rose from £58.6m to £91.6m over the period. The FTSE 250 firm reported a pre-tax profit of £91.6mln compared to £58.6mln a year ago, while revenues jumped to £186.8mln from £148.4mln () has hailed a record performance for the first half of its current year amid a surge in demand for its Warhammer figurines during the COVID-19 pandemic. In its results for the six months to November 29, the FTSE 250 firm reported a pre-tax profit of £91.6mln compared to £58.6mln a year ago, while revenues jumped to £186.8mln from £148.4mln. Dividends declared during the period totalled 80p from 100p in 2019. The company attributed the record performance to a "step change" in its range of Warhammer 40,000 figurines across the world, as well as good sales across its entire range.

The firm added that is had "performed particularly well" in North America, a recent target of investment. While COVID-19 had made things "more challenging", the firm said its manufacturing and warehousing operations had worked will within new health and safety guidelines and had also managed a "significant increase in volume" compared to last year. The biggest source of growth was from the firm's online operation, which saw sales surge 87% year-on-year. Looking ahead, Games Workshop said it will focus on delivering on its operational plan, adding that it has internal plans in place despite the uncertainty of COVID-19 and Brexit. "Another cracking performance from a truly amazing, global team; a solid six months building on the great progress and profitable growth we have been consistently delivering over the last five years", Games Workshop chief executive Kevin Rountree said in a statement.

"Finally, I'd like to thank our enthusiastic and loyal fan base who share our love for the Warhammer Hobby and the fantastical settings, characters and narratives that make up our IP. Their ongoing support and feedback have been invaluable, keeping us honest when we have fallen short and driving us onward to continue to deliver more and better", he added. Games Workshop shares were down 3.4% at 11,230p in early deals on Tuesday. Games Workshop posted record half-year sales and profits as lockdown restrictions helped to boost the popularity of its figurines. Pre-tax profits jumped 56pc to £91.6m for the six months to November, while revenues rose by a quarter to £186.8m compared with the same period last year.

The retailer said the surge was driven by a "step change" in sales of its Warhammer 40,000 products, with a particularly strong performance in North America. Customers also moved online while the majority of its 529 stores were shut due to the pandemic, with internet sales up 88pc. Chief executive Kevin Rountree said: "Another cracking performance from a truly amazing, global team; a solid six months building on the great progress and profitable growth we have been consistently delivering over the last five years. Nottingham-headquartered Games Workshop has reported "cracking" half-year results as revenue and profits skyrocketed, reaching record levels. In the six months to 29 November 2020, revenue at the company grew to £186.8m, up from £148.4m in the six months to 1 December 2019.

Profit before tax meanwhile jumped to £91.6m from £58.6m. Kevin Rountree, CEO of Games Workshop, said: "Another cracking performance from a truly amazing, global team; a solid six months building on the great progress and profitable growth we have been consistently delivering over the last five years. "Finally, I'd like to thank our enthusiastic and loyal fan base who share our love for the Warhammer Hobby and the fantastical settings, characters and narratives that make up our IP. Their ongoing support and feedback have been invaluable, keeping us honest when we have fallen short and driving us onward to continue to deliver more and better."