Games Workshop sees profit growth as licensing sales hits record high

(Alliance News) - Games Workshop Group PLC on Friday forecast double-digit annual sales and profit growth, although it cautioned it sees no repeat of the record licensing revenue achieved in the current financial year.

The Nottingham-based manufacturer of miniature wargames expects pretax profit to be not less than GBP255 million in the 52 weeks to June 1, up 26% from GBP203.0 million a year ago.

Jefferies said this is comfortably ahead of market expectations for GBP240 million.

Core operating profit is estimated at not less than GBP210 million, up 20% from GBP174.8 million a year prior, and licensing operating profit of GBP45 million, up 67% from GBP27.0 million.

Core revenue in the financial year is estimated to be not less than GBP560 million, up 13% from GBP494.7 million a year prior, with licensing revenue up 61% to GBP50 million from GBP31.0 million.

Games Workshop said licensing revenue in the period was at a record level, but it is not expecting this to be repeated in the next financial year.

"Licensing remains a significant area of focus," it added.

In March, Games Workshop had said trading in January and February beat forecasts. It predicted at the time that annual pretax profit would be ahead of expectations.

In response, shares in Games Workshop were down 4.1% at 15,220.00 pence each in London on Friday morning. They have leapt 60% in the last 12 months.

The company said it intends to publish its annual report for the 52 weeks to June 1 on July 29.

By Jeremy Cutler, Alliance News reporter

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