America drives Games Workshop sales surge

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Games Workshop
Games Workshop

Games Workshop posted record half-year sales and profits as lockdown restrictions helped to boost the popularity of its figurines.

Pre-tax profits jumped 56pc to £91.6m for the six months to November, while revenues rose by a quarter to £186.8m compared with the same period last year.

The retailer said the surge was driven by a "step change" in sales of its Warhammer 40,000 products, with a particularly strong performance in North America.

Customers also moved online while the majority of its 529 stores were shut due to the pandemic, with internet sales up 88pc.

Chief executive Kevin Rountree said: "Another cracking performance from a truly amazing, global team; a solid six months building on the great progress and profitable growth we have been consistently delivering over the last five years."

He also praised the company's "enthusiastic and loyal fan base who share our love for the Warhammer hobby and the fantastical settings, characters and narratives".

On Brexit, Games Workshop identified two potential problem areas - movement of goods from the UK to the EU and the recruitment and retention of EU nationals working in Britain - but has mitigation plans to limit any disruption.

Charles Hall, an analyst at Peel Hunt, said the company's sales performance had been "exceptional".

Shares fell 6.2pc to £109.10 but the stock enjoyed a stellar rise last year to leave it worth £3.8bn – over £1bn higher than Marks & Spencer.

Mr Hall added that the key half-year numbers were released last month and shares had risen by more than 15pc since then, so he was not surprised to see Tuesday's decline.

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