Trading Update

Games Workshop is pleased to confirm that trading since the last update in September 2021 is in line with expectations. The Board’s estimate of the results for the six months to 28 November 2021, at actual exchange rates, is sales of not less than £190 million (2020: £186.8 million) and profit before tax of not less than £86 million (2020: £91.6 million).

At constant currency, the Board’s estimate of sales for the six months to 28 November 2021 are not less than £197 million (2020: £186.8 million). This has been driven by growth in our trade and retail channels, following the reopening of the majority of our retail stores.

As always, we remain focused on our core business metrics and are working tirelessly to improve the ones that are in our control. Our operating profit-pre royalties receivable is estimated to be down c.£15 million. However, excluding foreign exchange movements, increased carriage costs and the costs of paying more to our great staff, our core business operating profit is broadly in line with last year’s exceptional performance.

As in the prior year, we are paying £2,500 in cash to each employee under the Group Profit Share Scheme in December (£6.9 million; 2020: £6.2 million) to reward their exceptional contribution to our performance. Dividends declared in the period are 100p per share (2020: 80p).

Licensing income has increased to c.£19 million (2020: £8.7 million) driven by significant computer game licensing deals with Nexon and other major licensees. The related guarantee income is recognised on signing the contract in line with our usual accounting policy.

Further details will be announced in the half yearly report which will be released on 11 January 2022.