REG - Games Workshop Group - Half-yearly Report
09/01/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240109:nRSI0164Za&default-theme=true
RNS Number : 0164Z Games Workshop Group PLC 09 January 2024
GAMES WORKSHOP GROUP PLC
9 January 2024
HALF-YEARLY REPORT
Games Workshop Group PLC ('Games Workshop' or the 'Group') announces its
half-yearly results for the 26 week period to 26 November 2023.
Highlights:
26 weeks to 26 weeks to
26 November 2023 27 November 2022
Core revenue £235.6m £212.3m
Licensing revenue £12.1m £14.3m
Revenue £247.7m £226.6m
Revenue at constant currency £254.9m £226.6m
Core operating profit £83.4m £70.7m
£70.7m
Core operating profit at constant currency £87.8m
Licensing operating profit £11.1m £12.9m
£12.9m
Licensing operating profit at constant currency £11.5m
Operating profit £94.5m £83.6m
Profit before taxation £95.2m £83.6m
Net increase in cash - pre-dividends paid £85.3m £68.1m
Earnings per share 216.9p 202.4p
Dividends per share declared and paid in the period 195p 165p
Kevin Rountree, CEO of Games Workshop, said:
"Games Workshop and the Warhammer hobby are in great shape. We continue to
perform well during challenging economic times, delivering record group
revenue, profit and dividends in the period. Morale is good at Games Workshop
and our hobbyists are having fun too."
For further information, please contact:
Games Workshop Group PLC investorrelations@gwplc.com
Kevin Rountree, CEO
Rachel Tongue, CFO
Investor relations website investor.games-workshop.com (http://investor.games-workshop.com)
General website www.warhammer.com
See the glossary on page 20 for details on the alternative performance
measures (APMs) used by the Group. Where appropriate, a reconciliation between
an APM and its closest statutory equivalent is provided.
This announcement contains inside information for the purposes of the Market
Abuse Regulation (EU) no. 596/2014 (including as it forms part of the laws of
England and Wales by virtue of the European Union (Withdrawal) Act 2018)
('MAR'). Upon the publication of this announcement, such information will no
longer constitute inside information. Ross Matthews, the Company's General
Counsel and Company Secretary, is the person responsible for making the
notification for the purposes of Article 17 of MAR.
FIRST HALF HIGHLIGHTS
26 weeks to 26 November 2023 and 27 November 2022:
Revenue and operating profit at actual rates
Core Licensing Total
2023 2022 2023 2022 2023 2022
£m £m £m £m £m £m
Trade 136.1 120.9 - - 136.1 120.9
Retail 54.7 48.7 - - 54.7 48.7
Online 44.8 42.7 - - 44.8 42.7
Licensing - - 12.1 14.3 12.1 14.3
Revenue 235.6 212.3 12.1 14.3 247.7 226.6
Cost of sales (72.1) (76.0) - - (72.1) (76.0)
Gross profit 163.5 136.3 12.1 14.3 175.6 150.6
Operating expenses (80.1) (65.6) (1.0) (1.4) 81.1 (67.0)
Operating profit 83.4 70.7 11.1 12.9 94.5 83.6
Revenue and operating profit at constant currency
Core Licensing Total
2023 2022 2023 2022 2023 2022
£m £m £m £m £m £m
Trade 140.3 120.9 - - 140.3 120.9
Retail 56.5 48.7 - - 56.5 48.7
Online 45.6 42.7 - - 45.6 42.7
Licensing - - 12.5 14.3 12.5 14.3
Revenue 242.4 212.3 12.5 14.3 254.9 226.6
Cost of sales (73.0) (76.0) - - (73.0) (76.0)
Gross profit 169.4 136.3 12.5 14.3 181.9 150.6
Operating expenses (81.6) (65.6) (1.0) (1.4) (82.6) (67.0)
Operating profit 87.8 70.7 11.5 12.9 99.3 83.6
Foreign exchange rates
Our currency exposures are the euro and US dollar:
euro US dollar
2023 2022 2023 2022
Rate used for the balance sheet at the period end 1.15 1.16 1.26 1.21
Average rate used for earnings 1.16 1.17 1.25 1.18
INTERIM MANAGEMENT REPORT
Games Workshop and the Warhammer hobby are in great shape.
Strategy
We have remained focused on delivering our strategic goal - to make the best
fantasy miniatures in the world, to engage and inspire our customers, and to
sell our products globally at a profit. We intend to do this forever. Our
decisions are focused on long-term success, not short-term gains.
This relentless focus from all in our vertically integrated business,
continues to deliver record results. We continue to work tirelessly as a team
to ensure we deliver our operational plans, surprising and delighting our
fans.
It's worth noting that we have increased our cash buffer in the period to £75
million in line with the current three month cash cost of running Games
Workshop - on a rainy day we'd prefer to be able to look after ourselves. Our
job is to run the business under all scenarios.
Licensing - we own what we believe is some of the best under exploited
intellectual property ('IP') globally. In the period reported, we have
continued to patiently seek partners that can help us fulfil this potential.
We will continue to grant licences to carefully chosen partners that respect
the need for us to have complete ownership of our unique IP, to ensure no harm
is done to the core business: a key risk we highlight every year. We will
ensure we do everything we can to make the day to day IP approval process
seamless. This process now rests within our Warhammer Studio; with the experts
who understand our ambitions and have the IP knowledge.
Update
A solid six month period, successfully delivering the plans we set ourselves
at the start of the year; with core revenue growth in all channels and in all
major countries. We have improved our core gross margin and managed our
operating expenses well, only allowing essential investments. These record
results are driven by the launch of a significant number of new products
across all of our IPs and the ongoing performance of products we launched in
previous periods. We have delivered sales growth at constant currency rates,
every month in line with our ambitious plan. Our June 2023 sales performance
set a new benchmark for sales in one month driven by sales of our new
Warhammer 40,000 core set.
We have made significant progress on our other strategic priorities including,
as promised, a reduction in our carbon footprint; we are ahead of the
milestones presented in the 2023 annual report. It's worth noting that we
don't need to incentivise our great staff at Games Workshop with bonuses to do
this - they believe it's the right thing to do. It's on all job specs as part
of the day job, including my own.
Our staff and their team efforts are critical to our ongoing success. We thank
them all for their ongoing support and their focus on delivering their
department's goals. We also thank some of them for their resilience - our
ongoing IT integration projects can at times test anyone's patience. Removing
20 year old legacy systems, launching a new online store and maintaining
service levels as we deliver the highest volumes ever at our East Midlands
Gateway ('EMG') warehouse, was never going to be easy. I am very proud of the
team's efforts to date. We thank our impacted customers (less than 5%) for
their significant patience too.
We've not had many people retire from Games Workshop. During the period, John
Blanche stepped down from his job as art director in our design studio. He is
a creative genius, and we thank him for sharing his enormous talents and
enthusiasm with us for nearly 40 years. We all wish him well. He leaves us
with a well invested and talented Warhammer Studio.
Also, after 27 years with the Group and nine years on the board, Rachel Tongue
has informed the board that she does not propose to offer herself for
re-election as chief financial officer at the next AGM in September 2024.
Rachel will continue in her role, working as an integral part of my team to
ensure a smooth transfer of responsibilities to her successor. Rachel is
amazing and she will be missed enormously.
We thank Rachel for championing our business model and our culture, her
incredible hard work and dedication and her endless commitment to ensuring we
continue to improve every year. She has played a huge part in helping to
deliver our ongoing success, we all wish her well for the future.
Rachel will step down from the board at the 2024 AGM and will leave the Group
in January 2025. We will be commencing a search for her successor immediately.
Performance
Sales for the month of December are in line with our expectations.
At actual exchange rates:
● Core revenue growth - revenue growth (+11.0%) continues across
Retail (+12.3%) and Trade (+12.6%) and Online (+4.9%).
● Core gross margin has increased from 64.2% to 69.4%, mainly
due to a reduction of inventory provision charges and a reduction in carriage
costs.
%
Gross margin at November 2022 64.2
Inventory provision +2.2
Logistics +2.1
Materials +0.5
Design +0.3
Production and other -0.1
Gross margin before animation 69.2
Animation +0.2
Gross margin at November 2023 69.4
● Core operating expenses - up £14.5 million to £80.1 million.
£m
Core operating expenses at November 2022 65.6
Staff costs +4.3
Group Profit Share Scheme +3.0
Major project expenditure +3.8
IT and software support expenses +0.8
Other +2.6
Core operating expenses at November 2023 80.1
● Core operating profit - up £12.7 million to £83.4 million
and profit to sales ratio is up 2.1% to 35.4%.
● Major projects - to date £4.3 million of operating expenses
(2022/23: £4.5 million; £4.0 million of capital investment and £0.5 million
of operating expenses) spent on projects in the first half, including
investment in the new webstore.
● Returns to shareholders - we have declared £64.2 million in
dividends during the period (2022/23: £54.2 million).
● Foreign exchange differences - we don't actively manage
foreign exchange rates and we will continue to report the impact on our
results.
Cash generation - we have continued to:
● Maintain an appropriate balance sheet to ensure we can
withstand any short-term setbacks.
● Provide for the safe ongoing operation of our global business
in an ethical way.
● Fund our own growth - reinvest to grow sustainably and deliver
our strategy.
● Pay regular dividends to our shareholders - we return any
'truly surplus' cash as dividends as and when we have excess cash.
● Cash generated from operations - £116.9 million (2022/23:
£104.7 million). Included within this are working capital movements relating
to an increase in inventory purchases of £4.4 million (higher volumes) and an
increase in trade and other receivables of £7.4 million (correlated to higher
trade sales and digital income). There was also an increase in advance
payments by trade and online customers of £6.7 million. The advance payments
relate to made to order products and a recent change in the preorder window
for new release products. These orders will have been taken and paid for but
not yet despatched and so not yet recognised as revenue.
£m
Cash and cash equivalents at May 2023 90.2
Cash generated from operations +116.9
Share issue and interest income +3.6
Lease payments -6.3
Product development -7.0
Purchase of capital assets -6.6
Tax paid -15.3
Dividends paid -64.2
Cash and cash equivalents at November 2023 111.3
We are not planning any share buybacks or acquisitions.
Review of the period
Revenue
Core revenue
Reported core revenue grew by 11.0% to £235.6 million for the period. On a
constant currency basis, sales were up by 14.2% to £242.4 million; split by
channel this comprised: Trade £140.3 million (2022/23: £120.9 million),
Retail £56.5 million (2022/23: £48.7 million) and Online £45.6 million
(2022/23: £42.7 million).
Trade
Trade grew by 12.6% at actual rates, 16.0% at constant currency rates. The
bulk of our sales to independent retailers are made via our telesales teams
talking directly to our trade accounts. Our telesales teams strive to deliver
excellent service from their locations in Memphis, Nottingham, Barcelona,
Sydney, Tokyo, Shanghai, Singapore, Hong Kong, and Kuala Lumpur. In the
period, our net number of trade outlets globally increased by c.500 accounts
to c.7,000 (not including 2,000+ major chain outlets stocking some key
recruitment products).
Organic sales growth, particularly geographical spread in our smaller export
countries, is an area of focus in the period ahead. The Warhammer hobby
continues to spread globally.
It's worth noting that a large number of independent retailers also sell our
products online, meaning our customers have more choice than ever about where
to buy Warhammer. It's also worth reminding you that our success with our
independents is not completely in our control. The viability of these stores
is completely dependent on the store owner and their choices on what to sell.
Most are reliant on a mix of product lines to maintain that viability e.g.
collectible cards and board games.
Retail
Retail grew by 12.3% at actual rates, 16.0% at constant currency rates. Our
stores have performed well during the period, with 81% of our stores
delivering like for like growth in the reported period. The UK is recording
record sales levels, including both Warhammer World at our Nottingham HQ and
our UK high footfall store on Tottenham Court Road in London. North America
retail is also at record sales levels: our new structure, which includes four
new territory managers, has been implemented well. Retail thrives when we all
help our store managers deliver a consistent performance, these results
highlight how well the teams are working together. Globally we opened,
including relocations, 14 stores (our plan is c.30 new stores for the full
year). After closing five stores, our net total number of stores at the end of
the period is 535.
Online
Online grew by 4.9% at actual rates, 6.8% at constant currency rates. In
October we launched our new online store, there were some teething issues but
no showstoppers, once again a great team effort from the staff involved. We
have spent £10.8 million on this new online solution; we don't expect any
significant additional investment in the years ahead.
We remain focused on joined-up customer experiences across all core sales
channels.
Licensing revenue
Licensing revenue from royalty income decreased in the period by £2.2 million
to £12.1 million (at constant currency, a decrease of £1.8 million to £12.5
million). This was partly due to a reduction of £1.1 million in guarantee
income on multi-year contracts signed in the period. Guarantee income in the
period was £6.2 million (2022/23: £7.3 million). This income was recognised
in full at the inception of the contracts following assessment of the
performance obligations of the contracts. Reported income is split as follows:
47% PC and console games, 33% mobile and 20% other.
Total revenue
Total revenue has increased by 9.3% to £247.7 million at actual rates, at
constant currency total revenue increased by 12.4%.
Design
We design, make, and sell miniatures and related products under a number of
brands and sub-brands. We have originated and are in control of a number of
strong, globally recognised brands with their own identities, associations and
logos.
Our key consumer facing brand is 'Warhammer' - this unites all aspects of the
Warhammer hobby - collecting, building, painting, playing, reading, watching,
gaming etc. in the worlds of Warhammer.
We have two main universes/settings - our dark, gritty fantasy sci-fi
universe, which encompasses 'Warhammer 40,000', 'Warhammer The Horus Heresy'
and 'Necromunda', and our unique fantasy setting that includes 'Warhammer Age
of Sigmar', 'Blood Bowl' (albeit a tongue in cheek parody) and, the soon to be
released, 'Warhammer The Old World'.
IP and design studio payroll costs increased by £1.0 million to £8.5 million
in the period; as a percentage of core revenue they have increased by 0.1% to
3.6%. The total number of jobs in our Warhammer Studio is 310.
Manufacturing
We continue to manufacture all of our core products at our three factories in
Nottingham. Work on improving efficiencies has negated the need for the
purchase of any additional manufacturing equipment during the period and
allowed numerous manufacturing output records to be broken. As part of our
longer term capacity planning, we are exploring options for Factory 4 on the
site next to Factory 2.
Our total manufacturing headcount has increased slightly during the period
with the total number of jobs in our factories now standing at 361. An
increase in temporary staff cost and the annual pay rise has increased
manufacturing payroll costs by £0.7 million to £6.0 million; 2.5% of core
revenue in both periods.
Warehousing
UK
Project work on our new warehouse management solution at our EMG location has
been completed with the site now processing all UK and European customer
orders (across all sales channels) as well as international freight to our
global hubs. As highlighted earlier there are still some systems integration
problems to resolve as part of replacing our core, 20 years old, legacy
systems that the new warehouse management system interfaces to. This project
internally is called SIP (Systems Improvement Programme). We don't expect to
be fully optimised until this programme of work is delivered nor do we expect
this to impact sales significantly; it may cause service levels to fall short
at times for some customers. We will do everything we can to minimise this
impact.
The original Eurohub warehouse at our HQ in Nottingham has now been
reconfigured to serve as our dedicated component warehouse supplying our three
factories. It's working well, to agreed KPIs and milestones.
North America
Additional robotics have been purchased (increasing from 45 to 70 robots) to
further increase pick capacity. IT systems here are less complex than those at
EMG (although both warehouses are using the same technology and robotics
solutions), and they are meeting agreed KPIs and milestones.
Australia
In October we signed an eight year lease for a new facility in Australia, not
far from our current site, which after over 20 years was no longer big enough.
The new site is planned to be operational in April 2025.
Europe
We continue to review options for improving service levels to Continental
Europe.
Total warehousing costs have increased by £0.9 million to £12.9 million at
actual rates; as a percentage of core revenue they have decreased from 5.7% to
5.5%.
Service centres
IT - The team is starting to make some progress. The launch of our new web
store was a key morale boosting milestone for them, and me too. The goal
remains the same: our IT systems and infrastructure adapt and scale with the
business as we grow. We will continue to invest in the team in the period
ahead. In early 2024 I hope to sign off, with full board support, the SIP
project highlighting the IT investment plan for the next two/three years. More
on that in the 2024 annual report.
Customer service - We aim to resolve all queries within 24 hours, however, due
to the exceptional volume of queries associated with the launches of our new
webstore and warehouse management system, we have not achieved the high levels
we set ourselves. The current average is three days.
Total support services operating expenses, excluding marketing costs, have
increased by £2.5 million to £15.9 million at actual rates; as a percentage
of core revenue they have increased from 6.3% to 6.7% in line with our
operational plan.
Customer focused
Our stores
The staff in our retail stores work cheerfully and relentlessly to offer great
customer service and recruit ever more customers into the Warhammer hobby. Our
stores continue to be the best place to start your hobby journey with us.
My Warhammer
Registrations for this single login continue to grow at pace and we have
576,000 active users at the period end (2022/23: 346,000) up 66% on prior
year. Active users are defined as someone who has engaged with us online in
the last six months. My Warhammer is a central part of our customer journey,
enabling us to tailor our marketing communications to what our customers are
most interested in.
Warhammer Community
Our news and blog site continues to go from strength to strength. We have seen
good growth in the number of hobbyists enjoying our articles and news stories.
Warhammer Community is the hub for our marketing activities and plays a vital
role in delivering hobby news and information every day of the year.
Email
Our email campaigns continue to be one of our most effective methods of
communication. Subscriber numbers, (defined as the number of people who opened
one of our emails in the last six months) were 570,000 (2022/23: 476,000) at
the period end. We continue to look for more ways to surprise and delight our
loyal fans and bring new customers into the Warhammer hobby.
Warhammer+
Launched in August 2021, it continues to delight and entertain a growing
subscriber base. Our subscriber numbers are
169,000 at the period end (2022/23: 115,000).
External events/social media
Warhammer events and gaming conventions engaged with customers and recruited
new ones across North America and Europe. We look forward to more events that
inspire our customers, recruit new ones, and give Warhammer fans across the
world the opportunity to meet up with each other. Social media has an
important role in making customers aware of the breadth of the Warhammer
hobby, as well as the products we sell.
Total marketing operating expenses have increased by £1.7 million to £4.2
million; as a percentage of core sales they have increased from 1.2% to 1.8%
in line with our operational plan.
Capital investment
In manufacturing, we have invested £3.8 million in tooling and £0.6 million
in facilities and equipment. We have invested £0.6 million on shop fits in
new and existing stores and £0.4 million on the Lenton site as well as £0.8
million in warehouse facilities, racking, IT systems and computer equipment.
Licensing business
Our strategy is to exploit the value of our IP beyond our core tabletop
business, leveraging multiple categories and markets globally. We intend to
ensure Warhammer's place as one of the top fantasy IPs globally. The main
areas of focus are:
Media
As we announced on 18 December 2023, we have signed a contract with Amazon
Content Services LLC for the prospective development by Amazon of Warhammer
40,000 universe into films and television series. We remain confident we will
bring the worlds of Warhammer to the screen like you have never seen before.
Games Workshop and Amazon will work together for a period of 12 months to
agree creative guidelines for the films and television series to be developed
by Amazon. The agreement will only proceed once the creative guidelines are
mutually agreed between Games Workshop and Amazon.
Video games
During the period, our licensing partners launched two new video games;
Warhammer Age of Sigmar: Realms of Ruin, a real time strategy PC/console game
and Warhammer 40,000: Warpforge, a collectible card PC/mobile game. We also
saw revenue from established games Darktide, Tacticus and Total War:
Warhammer 3 that continued to perform well, often years after launch, through
a mixture of added content and continued marketing. Licensing income during
the period is down; it is, as usual, driven by the success of game launches
and the levels of guarantees booked in the period.
Risks and uncertainties
The board has overall responsibility for ensuring risk is appropriately
managed across the Group. Our operational risks, including emerging risks, are
identified, and monitored through discussions at regular risks meetings of the
senior management team. These meetings are coordinated by the internal audit
function and assess the impact of each operational risk as well as identifying
new emerging risks and mitigating actions required.
The key strategic risks to the Group are regularly reviewed by the board. The
principal strategic risks identified in 2023/24 are discussed below. These
risks are not intended to be an extensive analysis of all risks that may arise
but more importantly are the ones which we believe could cause business
interruption.
● IT strategy and delivery - with a number of significant business
projects in play, all of which are dependent on IT support, there is a
requirement for a robust IT strategy which enables us to deliver key strategic
projects as well as supporting day to day activities. We are keeping the
structure of our global IT team under review to ensure the IT support needs of
the business can be delivered. We expect to need to spend more money investing
in our systems as we continue our upgrades to our legacy platforms.
● Media - whilst this remains an area for future growth, it is
imperative that exploitation of our IP through media channels does no harm to
our core business. Our IP steering team meets every month to discuss ongoing
and future exploitation, to ensure that all use of our IP, through all
channels, is approved, correct and consistent. It is fully supported by our
in-house legal team who will act when needed. The operational board meets
quarterly to review progress and current status of all licensing projects.
Going concern
After making appropriate enquiries, the directors have a reasonable
expectation that the Group has adequate resources, in light of the level of
cash generation, to continue in operational existence for at least twelve
months from the date of approval of the condensed consolidated interim
financial information. For this reason, they have adopted the going concern
basis in preparing this condensed consolidated interim financial information.
Statement of directors' responsibilities
The directors confirm that this condensed consolidated interim financial
information has been prepared in accordance with IAS 34, 'Interim Financial
Reporting', as adopted by the United Kingdom, and that the interim management
report herein includes a fair review of the information required by DTR 4.2.7
R and DTR 4.2.8 R, namely: an indication of important events that have
occurred during the first six months and their impact on the condensed set of
financial statements, and a description of (i) the principal risks and
uncertainties for the remaining six months of the financial period; (ii)
related party transactions in the first six months and (iii) any changes in
the related party transactions described in the last annual report.
There have been no changes to the board since the annual report for the 52
week period to 28 May 2023.
A list of all current directors is maintained on the investor relations
website at investor.games-workshop.com.
Key priorities
We have made some good progress with our key priorities. Each of these is
designed to ensure we deliver our exciting operational plan and continue to
engage and inspire our loyal customers.
Staff training and development
We care passionately about our global team. We have ambitious long-term plans,
but we also run the business with only the resources we need. We will continue
to recruit essential new jobs or where we need to back-fill positions. Like
last year, many of these recruits will be in order to scale - in our factories
and warehouse facilities as well as in our support functions, mainly IT.
We will continue to support lifelong learning and training to develop the
skills needed to enable all our staff to be successful including offering
apprenticeship opportunities for on the job training. We are also more active
in developing orderly succession plans of both the board and senior
management.
Customer focused
We continue to be customer focused - engaging better with our existing
customers and reaching new audiences with the Warhammer hobby.
In Asia, our Warhammer cafe store in Tokyo recently celebrated its first year
anniversary - it was great fun, we are delighted with the store and the
progress we are making here. We continue to build our hobby base in Japan and
also China, and it's good to see sales levels are now back to record levels.
Globally we are seeing encouraging performance from our distribution and trade
partners in growing emerging markets: sales to Mexico, Thailand and closer to
home in Switzerland, are at record levels. It would be great to see some
Warhammer stores in these locations too…
Social responsibility
We have a clear plan and agreed priorities. We have recently refreshed our
equal opportunities training and our global unconscious bias training. We
continue in our commitment to diversity and inclusion at Games Workshop. We
have recently asked staff to allow us to collect their ethnicity information,
with which over time we will be able to track trends.
Sustainability - climate change
We have made significant progress towards our scope 1 and 2 carbon emissions
reduction target. We have switched our Memphis warehouse electricity supply to
a certified renewable source and are working to secure renewables for our
North American and European retail stores in the rest of this year. We remain
focused on minimising energy usage and material resources, and with processing
any unavoidable waste sustainably. We are on track to achieve our stated 55%
reduction in scope 1 and 2 CO(2) emissions significantly ahead of our 2032
target, a detailed update on progress will be given in the 2024 annual report.
Outlook
We continue to perform well during challenging economic times, delivering
record group revenue, profit and dividends in the period. Morale is good at
Games Workshop and our hobbyists are having fun too.
By order of the board
Kevin Rountree
CEO
Rachel Tongue
CFO
9 January 2024
CONSOLIDATED INCOME STATEMENT
52 weeks to
26 weeks to 26 weeks to 28 May 2023
Notes 26 November 2023 27 November 2022 £m
£m £m
Core revenue 235.6 212.3 445.4
Licensing revenue 12.1 14.3 25.4
Revenue 2 247.7 226.6 470.8
Cost of sales (72.1) (76.0) (149.2)
Core gross profit 163.5 136.3 296.2
Licensing gross profit 12.1 14.3 25.4
Gross profit 175.6 150.6 321.6
Operating expenses 2 (81.1) (67.0) (151.4)
Core operating profit 83.4 70.7 148.2
Licensing operating profit 11.1 12.9 22.0
Operating profit 2 94.5 83.6 170.2
Finance income 1.2 0.4 1.3
Finance costs (0.5) (0.4) (0.9)
Profit before taxation 3 95.2 83.6 170.6
Income tax expense 4 (23.8) (17.1) (35.9)
Profit attributable to owners of the parent 71.4 66.5 134.7
Basic earnings per ordinary share 5 216.9p 202.4p 409.7p
Diluted earnings per ordinary share 5 216.3p 202.3p 409.4p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND EXPENSE
26 weeks to 26 weeks to 52 weeks to
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Profit attributable to owners of the parent 71.4 66.5 134.7
Other comprehensive income/(expense)
Items that may be subsequently reclassified to profit or loss
Exchange differences on translation of foreign operations (0.1) 0.6 (1.5)
Other comprehensive (expense)/income for the period (0.1) 0.6 (1.5)
Total comprehensive income attributable to owners of the parent 71.3 67.1 133.2
CONSOLIDATED BALANCE SHEET
26 November 2023 28 May 2023
£m 27 November 2022 £m
Notes £m
Non-current assets
Goodwill 1.4 1.4 1.4
Other intangible assets 8 22.9 26.8 21.2
Property, plant and equipment 9 54.8 55.0 55.7
Right-of-use assets 10 47.5 48.4 48.9
Deferred tax assets 12.5 18.5 12.0
Other non-current receivables 11 16.0 16.4 13.6
155.1 166.5 152.8
Current assets
Inventories 36.3 31.8 33.0
Trade and other receivables 12 41.4 52.7 36.3
Current tax assets 5.3 4.3 14.5
Cash and cash equivalents 111.3 85.2 90.2
194.3 174.0 174.0
Total assets 349.4 340.5 326.8
Current liabilities
Lease liabilities (10.0) (9.7) (9.9)
Trade and other payables 13 (50.6) (37.0) (37.0)
Current tax liabilities (0.1) (0.1) (0.4)
Provisions for other liabilities and charges (0.8) (0.9) (0.9)
(61.5) (47.7) (48.2)
Net current assets 132.8 126.3 125.8
Non-current liabilities
Lease liabilities (38.6) (39.8) (40.0)
Deferred tax liabilities (1.4) (0.4) (0.5)
Other non-current liabilities (0.7) (0.5) (1.4)
Provisions for other liabilities and charges (1.7) (1.7) (1.6)
(42.4) (42.4) (43.5)
Net assets 245.5 250.4 235.1
Capital and reserves
Called up share capital 1.6 1.6 1.6
Share premium account 21.3 18.6 18.9
Other reserves 1.3 3.5 1.4
Retained earnings 221.3 226.7 213.2
Total equity 245.5 250.4 235.1
CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY
Called up Share premium account Other reserves Retained earnings Total
share capital £m £m £m equity
£m £m
At 28 May 2023 and 29 May 2023 1.6 18.9 1.4 213.2 235.1
Profit for the 26 weeks to 26 November 2023 - - - 71.4 71.4
Exchange differences on translation of foreign operations - - (0.1) - (0.1)
Total comprehensive income for the period - - (0.1) 71.4 71.3
Transactions with owners:
Share-based payments - - - 0.7 0.7
Shares issued under employee sharesave scheme - 2.4 - - 2.4
Deferred tax credit relating to share options - - - 0.2 0.2
Dividends paid to Company shareholders - - - (64.2) (64.2)
Total transactions with owners - 2.4 - (63.3) (60.9)
At 26 November 2023 1.6 21.3 1.3 221.3 245.5
Called up Share premium account Other reserves Retained earnings Total
share capital £m £m £m equity
£m £m
At 29 May 2022 and 30 May 2022 1.6 16.3 2.9 213.9 234.7
Profit for the 26 weeks to 27 November 2022 - - - 66.5 66.5
Exchange differences on translation of foreign operations - - 0.6 - 0.6
Total comprehensive income for the period - - 0.6 66.5 67.1
Transactions with owners:
Share-based payments - - - 0.5 0.5
Shares issued under employee sharesave scheme - 2.3 - - 2.3
Deferred tax charge relating to share options - - - (0.2) (0.2)
Current tax credit relating to exercised share options - - - 0.2 0.2
Dividends paid to Company shareholders - - - (54.2) (54.2)
Total transactions with owners - 2.3 - (53.7) (51.3)
At 27 November 2022 1.6 18.6 3.5 226.7 250.4
Called up Share premium account Other reserves Retained earnings Total
share capital £m £m £m equity
£m £m
At 29 May 2022 and 30 May 2022 1.6 16.3 2.9 213.9 234.7
Profit for the 52 weeks to 28 May 2023 - - - 134.7 134.7
Exchange differences on translation of foreign operations - - (1.5) - (1.5)
Total comprehensive income for the period - - (1.5) 134.7 133.2
Transactions with owners:
Share-based payments - - - 1.0 1.0
Shares issued under employee sharesave scheme - 2.6 - - 2.6
Deferred tax charge relating to share options - - - (0.2) (0.2)
Current tax credit relating to exercised share options - - - 0.3 0.3
Dividends paid to Company shareholders - - - (136.5) (136.5)
Total transactions with owners - 2.6 - (135.4) (132.8)
At 28 May 2023 1.6 18.9 1.4 213.2 235.1
CONSOLIDATED CASH FLOW STATEMENT
26 weeks to 52 weeks to
26 November 2023 26 weeks to 28 May 2023
Notes £m 27 November 2022 £m
£m
Cash flows from operating activities
Cash generated from operations 7 116.9 104.7 231.7
UK corporation tax paid (14.6) (14.6) (31.3)
Overseas tax paid (0.7) (3.7) (7.7)
Net cash generated from operating activities 101.6 86.4 192.7
Cash flows from investing activities
Purchases of property, plant and equipment (6.4) (7.4) (14.8)
Purchases of other intangible assets (0.2) (0.4) (0.4)
Expenditure on product development (7.0) (7.0) (13.1)
Interest received 1.2 0.4 1.2
Net cash used in investing activities (12.4) (14.4) (27.1)
Cash flows from financing activities
Proceeds from issue of ordinary share capital 2.4 2.3 2.6
Repayment of principal under leases (5.8) (5.8) (11.8)
Lease interest paid (0.5) (0.4) (0.9)
Dividends paid to Company shareholders (64.2) (54.2) (136.5)
Net cash used in financing activities (68.1) (58.1) (146.6)
Net increase in cash and cash equivalents 21.1 13.9 19.0
Opening cash and cash equivalents 90.2 71.4 71.4
Effects of foreign exchange rates on cash and cash equivalents - (0.1) (0.2)
Closing cash and cash equivalents 111.3 85.2 90.2
The following notes form an integral part of this condensed consolidated
interim financial information.
NOTES TO THE FINANCIAL INFORMATION
1. Basis of preparation
The Company is a limited liability company, incorporated and domiciled in the
United Kingdom. The address of its registered office is Willow Road, Lenton,
Nottingham, NG7 2WS.
The Company has its listing on the London Stock Exchange.
This condensed consolidated interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the 52 week period ended 28 May 2023 were
approved by the board of directors on 24 July 2023 and have been delivered to
the Registrar of Companies. The report of the auditor on those accounts was
unqualified, did not contain an emphasis of matter paragraph and did not
contain any statement under either section 498 (2) or section 498 (3) of the
Companies Act 2006.
This condensed consolidated interim financial information has not been audited
or reviewed pursuant to the Auditing Practices Board guidance on 'Review of
Interim Financial Information' and does not include all of the information
required for full annual financial statements.
This condensed consolidated interim financial information for the 26 week
period ended 26 November 2023 has been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Conduct Authority and with
IAS 34, 'Interim Financial Reporting' as adopted by the United Kingdom. The
condensed consolidated interim financial information should be read in
conjunction with the annual financial statements for the 52 week period ended
28 May 2023 which have been prepared in accordance with IFRSs as adopted by
the United Kingdom.
After making appropriate enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. For this reason, they have adopted the
going concern basis in preparing this condensed consolidated interim financial
information.
This condensed consolidated interim financial information was approved for
issue on 9 January 2024.
This condensed consolidated interim financial information is available to
shareholders and members of the public on the Company's website at
investor.games-workshop.com.
The preparation of interim financial information requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities,
revenues, and expenses. Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial information, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the 52 week period
ended 28 May 2023.
Taxes on income in the interim periods are accrued using the tax rate that
would be applicable to expected total annual earnings.
The accounting policies applied are consistent with those of the annual
financial statements for the 52 week period ended 28 May 2023, as described in
those financial statements.
The Group considers that there are no new accounting standards, amendments or
interpretations issued by the IASB, but not yet applicable, which have had, or
are expected to have a significant effect on the financial statements.
2. Segment information
As Games Workshop is a vertically integrated business, management assesses the
performance of sales channels and manufacturing and distribution channels
separately. Share-based payment charges and Group Profit Share Scheme charges
to employees have all been included in core operating expenses.
At 26 November 2023. Games Workshop has two segments, core and licensing:
- Core: the core segment includes all revenue and expenditure relating to the
design, manufacture and sales of our fantasy miniatures and related products.
It also includes the revenue and expenditure related to Warhammer+.
- Licensing: the licensing segment includes all revenue and expenditure
relating to licences granted to external partners.
We provide further information on revenue and expenses within the core segment
below. The core segment has been divided into channels as follows:
- Trade: this sales channel sells globally to independent retailers, agents
and distributors. It also includes the Group's magazine newsstand business and
the distributor sales from the Group's publishing business (Black Library).
- Retail: this includes sales through the Group's retail stores, the Group's
visitor centre in Nottingham and global events.
- Online: this includes sales through the Group's global web stores, our
online subscription service (Warhammer+) and digital sales through external
affiliates.
- Design, manufacturing, logistics and operations, which includes costs for:
- the Warhammer Studio (which creates all of the IP and the associated
miniatures, artwork, games and publications);
- the production facilities;
- the warehouses and logistics costs;
- charges for inventory provisions. This includes adjustments for the profit
in stock arising from inter-segment sales; and
- support services (marketing, IT, accounting, payroll, personnel,
procurement, legal, health and safety, customer services and credit control)
provided to activities across the Group; and
- Group: this includes the Company's overheads.
The chief operating decision-maker, identified as the executive directors,
assesses the performance of each segment based on segmental operating profit.
This has been reconciled to the Group's total profit before taxation below.
The segment information reported to the executive directors for the periods
included in this financial information is as follows:
26 weeks to 26 November 2023 and 27 November 2022:
Core Licensing Total
2023 2022 2023 2022 2023 2022
£m £m £m £m £m £m
Trade 136.1 120.9 - - 136.1 120.9
Retail 54.7 48.7 - - 54.7 48.7
Online 44.8 42.7 - - 44.8 42.7
Licensing - - 12.1 14.3 12.1 14.3
Revenue 235.6 212.3 12.1 14.3 247.7 226.6
Cost of sales (72.1) (76.0) - - (72.1) (76.0)
Gross profit 163.5 136.3 12.1 14.3 175.6 150.6
Trade (6.5) (5.6) - - (6.5) (5.6)
Retail (32.8) (30.1) - - (32.8) (30.1)
Online (6.8) (5.0) - - (6.8) (5.0)
Design, manufacturing, logistics and operations (24.0) (18.0) - - (24.0) (18.0)
Licensing - - (1.0) (1.4) (1.0) (1.4)
Group (1.8) (1.9) - - (1.8) (1.9)
Share-based payment charge (0.7) (0.5) - - (0.7) (0.5)
Group Profit Share Scheme (7.5) (4.5) - - (7.5) (4.5)
Operating expenses (80.1) (65.6) (1.0) (1.4) (81.1) (67.0)
Operating profit 83.4 70.7 11.1 12.9 94.5 83.6
Finance income 1.2 0.4 - - 1.2 0.4
Finance costs (0.5) (0.4) - - (0.5) (0.4)
Profit before tax 84.1 70.7 11.1 12.9 95.2 83.6
52 weeks to 28 May 2023:
Core Licensing Total
£m £m £m
Trade 248.0 - 248.0
Retail 106.4 - 106.4
Online 91.0 - 91.0
Licensing - 25.4 25.4
Revenue 445.4 25.4 470.8
Cost of sales (149.2) - (149.2)
Gross profit 296.2 25.4 321.6
Trade (11.8) - (11.8)
Retail (61.7) - (61.7)
Online (15.6) - (15.6)
Design, manufacturing, logistics and operations (41.4) - (41.4)
Licensing - (3.4) (3.4)
Group (4.9) - (4.9)
Share-based payment charge (1.0) - (1.0)
Group Profit Share Scheme (11.6) - (11.6)
Operating expenses (148.0) (3.4) (151.4)
Operating profit 148.2 22.0 170.2
Finance income 1.3 - 1.3
Finance costs (0.9) - (0.9)
Profit before tax 148.6 22.0 170.6
For information, we analyse core external revenue further below:
26 weeks to 26 weeks to 52 weeks to
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Trade
UK and Continental Europe 58.0 50.9 105.0
North America 59.3 55.6 112.8
Australia and New Zealand 8.1 7.5 14.3
Asia 7.3 4.5 10.4
Rest of world 2.2 1.5 3.4
Black Library 1.2 0.9 2.1
Total Trade 136.1 120.9 248.0
Retail
UK 16.3 14.4 32.1
Continental Europe 11.0 9.7 21.1
North America 21.6 18.9 41.0
Australia and New Zealand 4.2 4.7 9.4
Asia 1.6 1.0 2.8
Total Retail 54.7 48.7 106.4
Online
UK 8.7 7.0 16.2
Continental Europe 7.1 7.2 15.6
North America 16.3 17.1 35.7
Australia and New Zealand 2.1 2.3 4.1
Asia 0.3 0.2 0.6
Rest of world 0.4 0.5 1.0
Digital 9.9 8.4 17.8
Total Online 44.8 42.7 91.0
Total core external revenue 235.6 212.3 445.4
3. Profit before taxation
26 weeks to 26 weeks to 52 weeks to
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Profit before taxation is stated after charging:
Depreciation:
- Owned property, plant and equipment 7.0 6.8 13.7
- Right-of-use assets 5.9 5.9 11.9
Amortisation:
- Owned computer software 0.8 0.8 1.8
- Development costs 4.7 5.4 12.1
Impairment of computer software - - 0.7
Impairment of development costs - - 2.9
Employee and agency staff costs (excluding capitalised salary costs) 62.8 54.3 115.8
Cost of inventories included in cost of sales 29.5 30.8 56.0
Inventory provision creation 2.3 4.2 8.0
Unrealised and realised exchange losses/(gains) 0.3 (0.1) 0.2
Loss on disposal of intangible assets - - 0.2
Redundancy costs and compensation for loss of office 0.3 0.4 1.1
4. Tax
The taxation charge for the six months to 26 November 2023 is based on an
estimate of the full year effective rate of 25.0% (2022/23: 20.5%). As the UK
and overseas tax rates are now more closely aligned, the impact of any higher
overseas rates is minimal. The increase from the prior year reflects the rate
increase to 25% on UK taxable profits from 1 April 2023 onwards.
5. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
owners of the parent by the weighted average number of ordinary shares in
issue throughout the relevant period.
26 weeks to 26 weeks to 52 weeks to
26 November 2023 27 November 2022 28 May 2023
Profit attributable to owners of the parent (£m) 71.4 66.5 134.7
Weighted average number of ordinary shares in issue (thousands) 32,919 32,849 32,881
Basic earnings per share (pence per share) 216.9 202.4 409.7
Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit
attributable to owners of the parent and the weighted average number of shares
in issue throughout the relevant period, adjusted for the dilution effect of
share options outstanding at the period end.
26 weeks to 26 weeks to 52 weeks to
26 November 2023 27 November 2022 28 May 2023
Profit attributable to owners of the parent (£m) 71.4 66.5 134.7
Weighted average number of ordinary shares in issue (thousands) 32,919 32,849 32,881
Adjustment for share options (thousands) 93 15 17
Weighted average number of ordinary shares for diluted earnings per share 33,012 32,864 32,898
(thousands)
Diluted earnings per share (pence per share) 216.3 202.3 409.4
6. Dividends
Dividends of £47.7 million (145 pence per share) and £16.5 million (50 pence
per share) were declared and paid in the six months to 26 November 2023.
Dividends of £14.8 million (45 pence per share), £9.8 million (30 pence per
share) and £29.6 million (90 pence per share) were declared and paid in the
six months to 27 November 2022.
7. Reconciliation of profit to cash generated from operations
26 weeks to 26 weeks to 52 weeks to
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Profit before taxation 95.2 83.6 170.6
Finance income (1.2) (0.4) (1.3)
Finance costs 0.5 0.4 0.9
Operating profit 94.5 83.6 170.2
Adjustments for:
Depreciation of property, plant and equipment 7.0 6.8 13.7
Depreciation of right-of-use assets 5.9 5.9 11.9
Impairment of intangible assets - - 3.6
Loss on disposal of property, plant and equipment - 0.2 0.1
Loss on disposal of right-of-use assets - - 0.1
Loss on disposal of intangible assets - - 0.2
Amortisation of capitalised development costs 4.7 5.4 12.1
Amortisation of other intangibles 0.9 0.8 1.8
Share-based payments 0.7 0.5 1.0
Exchange movements 1.1 - (1.6)
Changes in working capital:
-(Increase)/decrease in inventories (4.4) 7.8 6.0
-(Increase)/decrease in trade and other receivables (7.4) (10.2) 8.1
-Increase in trade and other payables 13.9 3.5 4.2
-Increase in provisions - 0.4 0.3
Cash generated from operations 116.9 104.7 231.7
8. Other intangible assets
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Net book value at beginning of period 21.2 25.6 25.6
Additions 7.2 7.4 13.5
Disposals - - (0.2)
Amortisation charge (5.5) (6.2) (13.9)
Impairment - - (3.6)
Reclassification - - (0.2)
Net book value at end of period 22.9 26.8 21.2
9. Property, plant and equipment
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Net book value at beginning of period 55.7 55.0 55.0
Additions 6.2 6.8 14.2
Disposals - (0.2) (0.1)
Depreciation charge (7.0) (6.8) (13.7)
Exchange differences (0.1) 0.2 0.1
Reclassification - - 0.2
Net book value at end of period 54.8 55.0 55.7
10. Right-of-use assets
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Net book value at beginning of period 48.9 48.1 48.1
Additions 4.9 5.7 12.7
Disposals - (0.1) (0.1)
Depreciation charge (5.9) (5.9) (11.9)
Exchange differences (0.4) 0.6 0.1
Net book value at end of period 47.5 48.4 48.9
11. Other non-current receivables
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Licensing receivables 14.3 14.9 12.6
Other receivables 1.7 1.5 1.0
Total other non-current receivables 16.0 16.4 13.6
Licensing receivables represents amounts in respect of guarantee instalments
due in over one year.
12. Trade and other receivables
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Trade receivables 14.3 11.8 10.6
Prepayments and accrued income 12.1 14.7 9.3
Licensing receivables 10.5 10.3 11.3
Other receivables 4.5 15.9 5.1
Total trade and other receivables 41.4 52.7 36.3
Included within licensing receivables is accrued income in respect of
unreported royalties of £1.9 million (2022/23: £2.2 million). In the
previous period other receivables included a VAT receivable of £11.6 million
in respect of outstanding European VAT receipts following Brexit. This has now
been received in full.
13. Trade and other payables
26 November 2023 27 November 2022 28 May 2023
£m £m £m
Trade payables 8.0 6.4 9.5
Other taxes and social security 3.0 3.3 3.5
Other payables 17.0 12.0 9.3
Accruals and deferred income 22.6 15.3 14.7
Total trade and other payables 50.6 37.0 37.0
Included within accruals and deferred income is £8.6 million of deferred
income (2022/23: £1.9 million) due to an increase in advance payments by
trade and online customers. The advance payments relate to made to order
products and a recent change in the preorder window for new release products.
14. Seasonality
The Group's monthly sales profile demonstrates an element of seasonality
around the Christmas period with increased sales in the month of December.
15. Commitments
Capital expenditure contracted for at the balance sheet date but not yet
incurred is £4.8 million (2022/23: £3.7 million), of which £3.3 million
(2022/23: £2.7 million) relates to tangible fixed assets and £1.5 million
(2022/23: £1.0 million) relates to intangible fixed assets.
The Group has an additional commitment of £2.6 million relating to the
Australian warehouse lease where the Group has entered into an agreement which
creates an obligation but does not yet have control of the underlying asset.
16. Related party transactions
There were no related party transactions during the period.
GLOSSARY
Alternative Performance Measures (APMs)
APM definitions Closest equivalent IFRS measure Reconciliation to closest IFRS measure where applicable
Core revenue Revenue Core revenue is reconciled to revenue in note 2 to the financial statements.
Direct sales made of our core products to external customers, through the
Group's network of retail stores, independent retailers and online through the
global web stores
Core gross profit Gross profit Core gross profit is reconciled to gross profit in note 2 to the financial
statements.
Core gross profit is core revenue less all related cost of sales
Core operating expenses Operating expenses Core operating expenses are reconciled to operating expenses in note 2 to the
financial statements.
Operating expenses relating to the core business of selling directly to
external customers
Core operating profit Operating profit Core operating profit is reconciled to operating profit in note 2 to the
financial statements.
Core operating profit is core revenue less all related cost of sales and
operating expenses
Licensing revenue Revenue Licensing revenue is reconciled to revenue in note 2 to the financial
statements.
Income relating to royalties earned from third party licensees
Licensing gross profit Gross profit Licensing gross profit is reconciled to gross profit in note 2 to the
financial statements.
Licensing gross profit is licensing revenue less any related cost of sales
Licensing operating expenses Operating expenses Licensing operating expenses are reconciled to operating expenses in note 2 to
the financial statements.
Operating expenses relating to the licensing segments
Licensing operating profit Operating profit Licensing operating profit is reconciled to operating profit in note 2 to the
financial statements.
Licensing operating profit is licensing revenue less all related cost of sales
and operating expenses
Revenue at constant currency Revenue These are calculated by converting underlying revenue, core operating profit
and licensing operating profit amounts at local currency values for the
current period at the prior period average exchange rate.
Core operating profit at constant currency Operating profit
Licensing operating profit at constant currency Operating profit
Amounts for current and prior periods, stated at a constant exchange rate.
2023 2022
Actual Impact of FX Constant currency Actual
£m £m £m £m
Revenue 247.7 7.2 254.9 226.6
Core operating profit 83.4 4.4 87.8 70.7
Licensing operating profit 11.1 0.4 11.5 12.9
Cash generated - pre dividends paid Net increase/(decrease) in cash and cash equivalents Net increase in cash-pre dividends paid can be calculated by taking the net
increase/(decrease) in cash and cash equivalents (2023/24: £21.1m, 2022/23:
Movement in cash in the period before any payments of dividends are taken into £13.9m) and adding back the dividends which have been paid in the period
account (2023/24: £64.2m, 2022/23: £54.2m).
Cash generated - pre dividends paid
Movement in cash in the period before any payments of dividends are taken into
account
Net increase/(decrease) in cash and cash equivalents
Net increase in cash-pre dividends paid can be calculated by taking the net
increase/(decrease) in cash and cash equivalents (2023/24: £21.1m, 2022/23:
£13.9m) and adding back the dividends which have been paid in the period
(2023/24: £64.2m, 2022/23: £54.2m).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR UPUWUGUPCPURRecent news on Games Workshop
See all newsREG - Games Workshop Group - Total Voting Rights
AnnouncementREG - Games Workshop Group - Director Shareholding
AnnouncementREG - Games Workshop Group - Total Voting Rights
AnnouncementREG - Games Workshop Group - Trading Update and Dividend
AnnouncementREG - Games Workshop Group - Block listing Interim Review
Announcement