Games Workshop hammers out another profit
FANTASY MINIATURES BRAND SEES PRE-TAX PROFIT INCREASE BY £5M TO £156.5M
NOTTINGHAM-BASED Games Workshop has reported another successful year.
As the firm announced its annual report yesterday, the trading results prompted the businesses boss to declare it ‘another astonishing year.’
The creators of fantasy miniatures brand Warhammer said: “The business and the Warhammer hobby are in great shape”.
In its annual report for the 52-week period to May, 29, 2022, revenue grew from £369.5m to £414.8m and core revenue grew by 10% from £353.2m to £386.8m. Pre-tax profit was £156.5m up from £150.9m in the previous period.
Run from its headquarters in Nottingham, the international business has delivered a consistent financial performance.
Kevin Rountree, CEO of Games Workshop, said: “It’s been another astonishing year. I once again take great comfort that some things don’t change – our staff and customers love Warhammer. I thank you all for helping make this another very successful year.”
In its report, the business outlined its five-point strategy and set out its aims for the future. Among the points made was its aim to “continue to innovate, surprise and delight” its loyal existing customers and new customers with great products.
It said: “To be around forever we also need to invest in both longterm capital and short-term maintenance projects every year, pay our staff what they have earned for the value they contribute, and deliver surplus cash to our shareholders. Our dedication and focus should ensure we deliver on time and within our agreed cash limits”.
On the downside, the firm said Brexit has added £3.4 million of additional supply chain costs. It reported an “outstanding £11 million VAT receivable (a timing difference as we now pay VAT on entry to Europe and submit a reclaim) with the French tax authorities and we are trying to mitigate staff recruitment gaps especially those with language skills in the Uk-based European trade team”. Adding: “We look forward to the Brexit benefits promised”. However, expansion is still ongoing. As well as continuing to operate the existing 518 stores, the firm plans to add a further 21 new stores to its network with 15 in North America and five in Europe. In Tokyo, a new Warhammer cafe is soon to open. It will be the first large store in Japan for the firm. The Lenton based firm adds: “Our goal remains to reach, engage and inspire Warhammer fans everywhere”.
I once again take great comfort that some things don’t change - our staff and customers love Warhammer. Kevin Rountree