FTSE: Games Workshop profits dip despite record sales

Games Workshop Figures of role-playing board games, dice and board to play in between several players.
Games Workshop Group is a British manufacturer of miniature wargames, based in Nottingham. Photo: PA/Alamy (Jose Miguel Sanchez)

UK wargame miniatures maker Games Workshop (GAW.L) has posted record half year sales, breaking through the £200m ($243.5m) barrier for the first time, but not enough to prevent a profit slip.

The games maker said revenues rose to £226.6m from £211.6m in the 26 weeks to 27 November.

However, pre-tax profits fell to £83.6m from £88.5m, with the war in Ukraine thought to have cost Games Workshop around £2m.

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The FTSE 250 (^FTMC) company added a 100p payout to the 165p dividend already declared during the half-year taking the dividend year to date to 295p, up from 165p.

The dividend of £1.30 per share will be paid on 24 February 2023 for shareholders on the register on 20 January 2023, with an ex-dividend date of 19 January 2023.

The figurines manufacturer plunged into the red on Tuesday after it posted a decline in half-year profit.

Kevin Rountree, CEO, said: “Games Workshop and the Warhammer hobby are in great shape.

“Another rewarding and successful period for the global team with core sales for the six months of over £200m for the first time.”

Sales were driven by good performance in in Australia, Canada and the UK, but the company said “it isn't where we wanted to be, particularly in the US”.

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“We will continue to focus on making the best miniatures in the world, sign new licensing contracts with partners to exploit our IP outside of our core business and support our staff. I’m so proud of their considerable hard work and commitment, thank you all,” Rountree added.

The group also said it is not planning any share buybacks or acquisitions.

Games Workshop is best-known for Warhammer Age of Sigmar and Warhammer 40,000.

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