Games Workshop posts ‘cracking’ profit jump amid rapid online growth
The boss of Games Workshop has hailed “another cracking performance” by the Warhammer maker as it posted record first-half profits and sales.
Games Workshop told investors that fans of its table-top games spent more on its products as they remained stuck at home for large parts of the period.
It revealed that pre-tax profits jumped by 56.3% to £91.6 million for the six months to November 29, compared with the same period last year.
Meanwhile, half-year sales increased by 27% to £168.8 million.
Both key statistics came ahead of Games Workshop’s forecast last month, when it predicted a 25% sales increase and 53% rise in profits.
The company, which is now valued at around £3.8 billion, said store sales slumped by 18.5% to £37.3 million as a result of store closures and other coronavirus restrictions.
However, total sales were lifted higher by a surge in online and wholesale trading.
Sales through its ecommerce platforms increased by 87.7% to £46 million, while wholesale trade sales increased by 33% to £104.9 million.
Kevin Rountree, chief executive officer 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.”