Games Workshop profits soar in full-year results

Games Workshop saw its pre-tax profits jump to £89.4m during the year ended 31 May 2020, up from £81.3 in 2019, despite closing stores for six weeks during the Covid-19 pandemic.

The retailer also reported a 5.1% increase in sales to £269.7m during the period. Some 29% of sales were made through its branded stores, while 52% of sales came from independent retailers and 19% through its website.

The group also opened 23 new stores during the year including seven relocated stores, with the new sites generating £1.6m in profitable sales. Games Workshop said it has now paused store opening plans for 2020/21 while it focuses on improving its existing store performance.

However, retail sales decreased by 11% in the year (12% at constant currency) and sales in its visitor centre fell by 17%. It said the decline was related to the Covid-19 pandemic, as stores were closed for a number of weeks in April and May.

Kevin Rountree, CEO of Games Workshop, said: “An amazing set of results – the best year in Games Workshop’s history, so far. You can once again see from these results that our business and the Warhammer hobby are in good shape.

“We look forward to the year ahead and will face any challenges head on and learn from our mistakes. We thank our staff and customers and other stakeholders for their continued support during these uncertain times.”