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Games Workshop annual revenues and profits slide

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Toy soldier retailer Games Workshop saw revenues fall £3.4 million to £123.1 million in the 12 months to May 29th, according to a preliminary results statement published today.

Pre-tax profits at the specialist game group also dropped on a year-on-year basis to stand at £15.4 million compared to £16.1 million during the 2009/10 fiscal period.

Despite the sales slide CEO of Games Workshop Mark Wells is confident that the business is “in good shape”, and he highlighted recently introduced initiatives and growth in year-end net funds of £17.6 million as evidence of its healthy standing.

“2010/11 has seen satisfactory performance, driven by improved gross margins and good cost control leading to a healthy cash inflow,” he explained.

“Although sales were down in the first half, Games Workshop delivered improved results in the second half as the focus on customer service training for Hobby centre managers and investment in new product development started to feed through into results.”

By region, continental Europe performed better year-on-year over the 12-month period, while, after a sluggish start, North America and the UK both improved in the second half in constant currency terms.

A greater focus has been placed on customer service since the beginning of the year, shown by the introduction of a new training programme and performance-related pay system at the Games Workshop Hobby centres.

Wells said today that this strategy is already increasing customer numbers and improving the shopping experience at the retailer.

He added: “We know what we need to do to remain successful and to grow.”

Published on Tuesday 26 July by Editorial Assistant

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