(Alliance News) - Games Workshop Group PLC on Friday said closure of operations due to Covid-19 pandemic hurt trading, however, recovery since reopening has been better than expected.
Shares in the miniature wargames manufacturer were up 10% at 7,810.00 pence each in London in early trading.
The Nottingham, England-based company said it now estimates sales to be GBP270 million and pretax profit for the year ended May 31 to be no less than GBP85 million. In financial 2019, the company recorded revenue of GBP256.6 million and pretax profit of GBP81.3 million.
Games Workshop said it has continued to reopen operations globally with 306 out of 532 total stores now open in 20 countries. Our warehouses are now operational and factory is working in a limited capacity, the company added.
The company's cash balance as at May 31 is estimated at GBP50 million. It also expects to repay any amounts borrowed under UK government subsidies "in light of these results".
"In relation to the future performance of the group, the board feels that it is too early to know what the continuing impact of Covid-19 is likely to be," Games Workshop said.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Games Workshop (GAW)