Half Year Trading Update

Games Workshop is pleased to confirm that trading since the last update in September 2022 is in line with expectations. The Board’s estimate of the results for the six months to 27 November 2022, at actual exchange rates, is core revenue of not less than £210 million (2021: £191.5 million) and licensing revenue of c. £14 million (2021: £20.1 million). Core operating profit is estimated at not less than £70 million (2021: £69.6 million) and licensing operating profit of c. £13 million (2021: £18.9 million). Profit before tax is estimated at not less than £83 million (2021: £88.2 million).

Licensing income at actual exchange rates has decreased to c.£14 million (2021: £20.1 million) as there were a number of significant computer game licensing deals signed in the prior period. The related guarantee income on these deals is recognised on signing the contract in line with our accounting policy (2022: c.£7 million, 2021: £13.7 million).

Under our profit share scheme, we are paying £1,500 in cash to each employee in December (2022: £4.5 million; 2021: £6.9 million) to reward their contribution to our performance. Dividends declared in the period are 165p per share, £54 million (2021: 100p, £32 million).

Further details will be announced in the half yearly report which will be released on 10 January 2023.