Games Workshop Financial Results 2007

CONSOLIDATED INCOME STATEMENT

	Notes	53 weeks ended 3 June 2007 £000	52 weeks ended 28 May 2006 £000

Revenue	3	111,483	115,150
Cost of sales		(33,697)	(34,265)

Gross profit		77,786	80,885
Operating expenses	4	(81,284)	(77,838)
Other operating income - royalties receivable		1,423	1,170

Operating (loss)/profit	3	(2,075)	4,217

Operating profit - pre-exceptional		1,953	4,217
Exceptional items - cost reduction programme	5	(4,028)	-

Finance income	7	326	238
Finance costs	8	(1,110)	(797)

(Loss)/profit before taxation	9	(2,859)	3,658
Income tax expense	10	(622)	(1,660)

(Loss)/profit attributable to equity shareholders		(3,481)	1,998

(Loss)/earnings per share for (loss)/profit attributable to the equity shareholders of the Company during the year (expressed in pence per share):
Basic (loss)/earnings per ordinary share	11	(11.2)p	6.5p
Diluted (loss)/earnings per ordinary share	11	(11.2)p	6.4p

All items dealt with in arriving at (loss)/profit before taxation relate to continuing activities.

The accompanying notes are an integral part of these financial statements.

As permitted by section 230 of the Companies Act 1985, the Company’s income statement has not been included in these financial statements. Of the (loss)/profit attributable to equity shareholders, £9.4 million (2006: £3.8 million) is attributable to the Company, after including dividends from subsidiary companies of £11.1 million (2006: £7.4 million).

STATEMENTS OF RECOGNISED INCOME AND EXPENSE

	Group		Company
	53 weeks ended 3 June 2007 £000	52 weeks ended 28 May 2006 £000	53 weeks ended 3 June 2007 £000	52 weeks ended 28 May 2006 £000

(Loss)/profit attributable to equity shareholders	(3,481)	1,998	9,398	3,769
Exchange differences on translation of foreign operations	(614)	(131)	-	-
Cash flow hedges:
- fair value (losses)/gains	(88)	86	-	-
- transferred to the income statement	(86)	(331)	-	-
Net investment hedge	-	(2)	-	-
Tax on items recognised directly in equity	52	73	-	-

Total recognised (expense)/income for the year	(4,217)	1,693	9,398	3,769

The accompanying notes are an integral part of these financial statements.

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