Games Workshop profits up 33% despite revenue drop

28th Jul 2015 11:26

(ShareCast News) - Games Workshop's full year pre-tax profit was up by a third, despite declining sales.Shares in the UK gaming company rose 4.35% to 550.90p on the news it raised pre-tax profit from £12.4m to £16.6m.Games Workshop said revenues declined by 3.69% from £123.5m to £119.1m, due to difficult trading in continental Europe after it restructured its outlets there.While retail sales declined 4.6% and trade orders dropped 6.3%, the miniatures maker reported mail order growth of 3.9%.Restructuring across Europe delivered cost savings, the company said, but it would take time to recover retail sales.Games Workshop exited nine loss making stores in the year, and said it had committed to changing its name to Warhammer.The company paid dividends of 52p per share equating to £16.6m, up from £5.1m it paid out the year before.