But group profits still heroic, insists management
The roll of the dice did not go in Games Workshop's favour in the six months to 28 November. The retailer's turnover for the period fell£1 million to£71 million. However, profit before tax for the period increased to£7.9 million from£7.4 million the year before.
The retailer experienced a decline in UK trading, but acknowledged this part of its business had, up to now, seen years of sustained growth. In the US, Games Workshop has been forced to move from a strategy of supplying independent hobby retailers to focussing on own-branded stores. Its outlets in Germany, France and Italy performed well, but Spain appeared to be 'catching a breath'.
Games Workshop chairman and chief executive Tom Kirby said: 'None of these events surprised our management team. Our profitability and cash flow remain robust, and the health of the Games Workshop is as strong as ever. We're in better shape now to benefit from our future growth than we have been for years.'
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