Games Workshop sales soar as it ups profit forecast

The fantasy miniature specialist’s pre-tax profit more than doubled to £38.4m in the year to May 28, up from £16.9m the previous year.

Revenue jumped 34% to £158m during the financial period, up 21% to £143.3m on a constant currency basis as the retailer benefited from “favourable currency translations” due to the depreciation of the sterling and 75% of its sales being made overseas.

As a result of these ongoing tailwinds, Games Workshop said sales and profits in its current financial year so far “are well above the same period in the prior year” and its full-year profits are “likely to be above market expectations” as a result.

Games Workshop, which is currently rebranding its bricks-and-mortar stores to Warhammer, had 462 stores across 23 countries by year-end, which contributed 41% of the retailer’s overall sales.

Sales growth across the specialist’s retail channel improved 21% year on year on a constant currency basis, while its trade and mail-order channels recorded sales growth of 22% and 20% respectively.

‘Fun and exciting year’

Chief executive Kevin Rountree said: “We’ve had another fun and exciting year and made significant progress on our strategic initiatives.

“You can see from these results that our business and our hobby are in good shape.”

The retailer’s non-executive chairman Toby Kirby is set to retire from his role following the retaler’s annual general meeting in September.

He will act as a consultant for Games Workshop in the year following his retirement and be succeeded by Nick Donaldson, who has been a non-executive director on the retailer’s board since 2002.