Games Workshop 'in great shape' as interim profits rise

9th Jan 2024 07:56

(Sharecast News) - Warhammer maker Games Workshop posted a sharp jump in half-year profits driven by the launch of new products and said chief financial officer Rachel Tongue was stepping down later this year.

Pre-tax profits for the six months to November 26 rose to £95.2m from £83.6m as revenue rose to £235.6m from £212.3m. Shareholders were rewarded with an increase in the dividend to 195 a share from 165p.

"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," said chief executive Kevin Rountree.

"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."

He added that, after 27 years with the group and nine years on the board, Tongue had informed the board that she did not propose to offer herself for re-election as chief financial officer at the next annual general meeting 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," Rountree said.

Reporting by Frank Prenesti for Sharecast.com