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GAW Games Workshop Group Plc

10,040.00
180.00 (1.83%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Games Workshop Group Plc LSE:GAW London Ordinary Share GB0003718474 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  180.00 1.83% 10,040.00 9,985.00 10,010.00 10,030.00 9,800.00 10,020.00 30,618 16:35:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Games,toys,chld Veh,ex Dolls 470.8M 134.7M 4.0881 24.49 3.3B

Games Workshop Group PLC Half-year Report (2864B)

09/01/2018 7:00am

UK Regulatory


Games Workshop (LSE:GAW)
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TIDMGAW

RNS Number : 2864B

Games Workshop Group PLC

09 January 2018

PRESS ANNOUNCEMENT

GAMES WORKSHOP GROUP PLC

9 January 2018

HALF-YEARLY REPORT

Games Workshop Group PLC ("Games Workshop" or the "Group") announces its half-yearly results for the six months to 26 November 2017.

Highlights:

 
 
                                     Six months     Six months 
                                             to             to 
                                    26 November    27 November 
                                           2017           2016 
 
 Revenue                              GBP108.9m       GBP70.9m 
 Revenue at constant currency*        GBP108.6m       GBP70.9m 
 Operating profit pre-change 
  in accounting estimates 
  and royalties receivable             GBP33.4m        GBP9.7m 
 Impact of change in accounting         GBP1.2m        GBP0.8m 
  estimates 
 Operating profit pre-royalties        GBP34.6m       GBP10.5m 
  receivable 
 Royalties receivable                   GBP4.2m        GBP3.3m 
 Operating profit and pre-tax          GBP38.8m       GBP13.8m 
  profit 
 Cash generated from operations        GBP41.2m       GBP19.6m 
 Basic earnings per share                 97.6p          34.0p 
 Dividend per share declared 
  in the period                             61p            25p 
 

Kevin Rountree, CEO of Games Workshop, said:

"Our business and our Warhammer Hobby are in great shape.

We are pleased to report record sales and profit levels in the period. It is encouraging that sales and profit growth continue across all regions and channels. Given the high levels of operational gearing and our relentless management of our costs, our improving sales performance has translated into record profit and cash levels.

Our sales for the month of December have also shown good growth trends."

...Ends...

 
 For further information, 
  please contact: 
 
 Games Workshop Group PLC                       0115 900 4003 
 Kevin Rountree, CEO 
 Rachel Tongue, Group Finance 
  Director 
 
 Investor relations website       investor.games-workshop.com 
 General website                       www.games-workshop.com 
 
 
 
 
 

*Constant currency revenue is calculated by comparing results in the underlying currencies for 2016 and 2017, both converted at the average exchange rates for the six months ended 27 November 2016.

FIRST HALF HIGHLIGHTS

 
 
                                     Six months     Six months 
                                             to             to 
                                    26 November    27 November 
                                           2017           2016 
 
 Revenue                              GBP108.9m       GBP70.9m 
 Revenue at constant currency*        GBP108.6m       GBP70.9m 
 Operating profit pre-change 
  in accounting estimates and                          GBP9.7m 
  royalties receivable                 GBP33.4m 
 Impact of change in accounting         GBP1.2m        GBP0.8m 
  estimates 
 Operating profit pre-royalties        GBP34.6m       GBP10.5m 
  receivable 
 Royalties receivable                   GBP4.2m        GBP3.3m 
 Operating profit and pre-tax          GBP38.8m       GBP13.8m 
  profit 
 Cash generated from operations        GBP41.2m       GBP19.6m 
 Basic earnings per share                 97.6p          34.0p 
 Dividends per share declared 
  in the period                             61p            25p 
 

Revenue by segment

 
 
                Six months     Six months     Six months     Six months 
                        to             to             to             to 
               26 November    27 November    26 November    27 November 
                      2017           2016           2017           2016 
                  Constant       Constant         Actual         Actual 
                  currency       currency          rates          rates 
 Trade            GBP48.0m       GBP29.3m       GBP48.0m       GBP29.3m 
 Retail           GBP39.3m       GBP29.2m       GBP39.6m       GBP29.2m 
 Mail order       GBP21.3m       GBP12.4m       GBP21.3m       GBP12.4m 
 

Operating profit by segment

 
 
                 Six months     Six months     Six months     Six months 
                         to             to             to             to 
                26 November    27 November    26 November    27 November 
                       2017           2016           2017           2016 
                   Constant       Constant         Actual         Actual 
                   currency       currency          rates          rates 
 Trade             GBP13.1m        GBP8.8m       GBP13.5m        GBP8.8m 
 Retail             GBP1.5m      GBP(2.4)m        GBP1.8m      GBP(2.4)m 
 Mail order        GBP13.6m        GBP6.7m       GBP13.6m        GBP6.7m 
 Product           GBP18.4m        GBP6.4m       GBP17.9m        GBP6.4m 
  and supply 
 Royalties          GBP3.8m        GBP3.0m        GBP3.8m        GBP3.0m 
 Other costs     GBP(11.9)m      GBP(8.7)m     GBP(11.8)m      GBP(8.7)m 
 

INTERIM MANAGEMENT REPORT

Our business and our Warhammer Hobby are in great shape.

We are pleased to report record sales and profit levels in the period. It is encouraging that sales and profit growth continue across all regions and channels. Given the high levels of operational gearing and our relentless management of our costs, our improving sales performance has translated into record profit and cash levels.

Our sales for the month of December have also shown good growth trends.

These cracking results are built on hard work continuing to focus on making and selling an ever better range of Warhammer miniatures. We're proud of the improving trends, but we are not taking anything for granted, our feet remain firmly on the ground as we stride into the year ahead. We will continue to focus on the core values and activities that drive our business. In the second half of this financial year I will continue to invest appropriately in my team and facilities to ensure we can deliver our ambitious operational plans.

One of our key measures of our performance is return on capital. During the period our return on capital grew from 40% at November 2016 to 119% at November 2017. This was driven by the increase in operating profit before royalties receivable, offset slightly by an increase in average capital employed**.

Sales

Reported sales grew by 54% to GBP108.9 million for the period. On a constant currency basis, sales were up by 53% from GBP70.9 million to GBP108.6 million; split by channel this comprised: retail GBP39.3 million (2016: GBP29.2 million), trade GBP48.0 million (2016: GBP29.3 million) and mail order GBP21.3 million (2016: GBP12.4 million).

Customer focused

Key to this sales performance has been our commitment to talking with our customers. We have a great, global community who are both loyal and passionate. Over the last six months we have - again - doubled the number of customers interacting with us on social media.

We've supported these customers with daily content for Warhammer: Age of Sigmar and Warhammer 40,000, and increased our video output to more than one video every day, reaching over 100,000 people per day. We've also continued to develop warhammer-community.com and created new brand content sites. In the last six months alone, our content has had 16.3 million views from 2.5 million users, and this increase shows no sign of stopping.

Retail

This channel showed growth in all territories. We opened, including relocations, 17 stores. After closing 10 stores, our net total number of stores at the end of the period is 469. The key priority in the period reported has been to continue to offer our store managers the appropriate product and sales support to help them recruit new customers, retain our existing customers and re-recruit lapsed customers. Recruiting new store managers remains a key area of focus.

Trade

All key territories achieved growth. In the period, our net number of trade outlets increased by 199 accounts. In the period reported we changed our trade terms with our independent accounts in North America, implementing a minimum advertised pricing policy. This was implemented on time and as a direct result supported the growth in this territory in this channel.

Mail order

Sales in our online shops were up 71%. We continue to improve the online store shopping experience and functionality of the store. Our new games-workshop.com homepage, our email newsletters and the personalisation of page content and navigation through our range online remain an area of focus.

Digital sales

Sales of digital publications through Apple continue to grow, up 22%. In addition, the last six months saw us launch our digital titles onto Amazon and release our Black Library audio range onto Audible. The overall effect has been to increase our digital sales. In addition, this has increased our exposure to new customers and will help us recruit as we move into next year and beyond.

Operating profit

Operating profit before royalty income increased by GBP23.7 million to GBP33.4 million (2016: GBP9.7 million) before the change in accounting estimates described below. On a constant currency basis, operating profit before the change in accounting estimates increased by GBP23.4 million to GBP33.1 million.

With effect from 30 May 2016 the Group implemented a change in accounting estimates for the amortisation of development costs intangible assets and for the depreciation of moulding tools. The impact of the change for the six months to 26 November 2017 is an increase in operating profit of GBP1.2 million. The change in accounting estimates is described in note 2 to this half-yearly report.

On a constant currency basis, royalty income increased by GBP0.9 million to GBP4.2 million (2016: GBP3.3 million).

Total operating profit increased by GBP25.0 million to GBP38.8 million (2016: GBP13.8 million). The net impact in the six months to 26 November 2017 of exchange rate fluctuations was a gain of GBP0.3 million. It is not the Group's policy to hedge against foreign exchange rate exposure.

Operating expenses increased by GBP5.4 million due to an investment in sales facing activities relating to new retail store costs and increased retail variable pay, continued investment in marketing and IT teams, as well as an increased profit share payment paid to all employees.

Capital employed

Average capital employed** increased by GBP4.3 million to GBP46.1 million. The book value of tangible and intangible assets increased by GBP2.8 million, mainly due to the ongoing investment in the implementation of a new ERP system and the change in accounting estimates for development costs and moulding tools. Whilst trade and other receivables increased by GBP2.2 million, inventory increased by GBP2.8 million due to the timing of product launches, provisions decreased by GBP0.3 million and current liabilities increased by GBP3.8 million.

Cash generation

During the period, the Group's core operating activities generated GBP33.2 million of cash after tax payments (2016: GBP14.5 million). The Group also received cash of GBP2.8 million in respect of royalties in the year (2016: GBP3.6 million). After purchases of tangible and intangible assets and product development costs of GBP8.4 million (2016: GBP6.8 million), dividends of GBP17.7 million (2016: GBP8.0 million), proceeds from issue of share capital of GBP0.9 million (2016: GBPnil) and foreign exchange losses of GBP0.1 million (2016: gains of GBP0.8 million) there were net funds at the end of the period GBP28.6 million (2016: GBP15.9 million).

Dividends

In the period we paid dividends of 20 pence per share and 35 pence per share (2016: 25 pence) amounting to GBP6.4 million and GBP11.3 million respectively (2016: GBP8.0 million). Also in the period a further 6 pence per share, amounting to GBP1.9 million, was distributed by way of a rectification dividend. The rectification dividend was satisfied by the release of Company shareholders from the liability to repay the amount received in the year ended 28 May 2017 in the form of an unlawful dividend. In addition, a dividend of 30 pence per share was declared on 13 December 2017 amounting to GBP9.7 million.

Risks and uncertainties

The board has overall responsibility for ensuring risk is appropriately managed across the Group. As discussed in the 2017 annual report, the top five risks to the Group are reviewed at each board meeting. The risks are rated as to their business impact and their likelihood of occurring. In addition, the Group has a disaster recovery plan to ensure ongoing operations are maintained. The principal risks for the balance of the year are the same as those identified in the 2017 annual report and are discussed below:

ERP change - we are changing our core ERP system in the UK. This is a complicated project with the risk of widespread business disruption if it is not implemented well. Our new Global Head of IT and her team are making steady progress.

Store manager recruitment - this comprises both recruitment of managers for new stores as well as replacing poor performing managers. Retail is our primary method of recruiting new customers and so we need great managers in all our stores. Our new recruiting website and tools are on track to go live in 2018.

Supply chain - our new mail order warehouse system went live in September 2017. This is part of an ongoing programme of continuous improvement for our warehouse systems. We have strengthened the team with a new Global Head of Logistics joining us in January 2018. In relation to factory capacity, given the step change in our performance in the last two years we need to ensure we have the appropriate infrastructure to support the new levels of product volumes in our vertically integrated business. We are making the necessary and appropriate investments in factory capacity to manage these risks.

Range management - we are reviewing our range to ensure that we are exploring all opportunities. The risk is that we don't fully exploit all the opportunities that are available to us. We have strengthened the team and a new Global Head of Merchandising will be joining us in February 2018.

Distractions - this is anything else that gets in the way of us delivering our goals.

Games Workshop relies upon the continued availability and integrity of its IT systems. Our business critical systems are monitored and disaster recovery plans are in place and reviewed to ensure they remain up to date. The security of our systems is reviewed with software updates applied and equipment updated as required.

We do not consider that we have material solvency or liquidity risks. We also feel that it is too early to tell what the effects will be on Games Workshop of the UK Government invoking Article 50 of the Treaty of Lisbon, notifying the European Council of its intention to withdraw from the European Union.

The greatest risk is the same one that we repeat each year, namely, management. So long as we have great people we will be fine. Problems will arise if the board allows egos and private agendas to rule. I will do my utmost to ensure that this does not happen.

Going concern

After making appropriate enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least twelve months from the date of approval of the condensed consolidated interim financial information. For this reason they have adopted the going concern basis in preparing this condensed consolidated interim financial information.

Statement of directors' responsibilities

The directors confirm that this condensed consolidated interim financial information has been prepared in accordance with IAS 34, 'Interim Financial Reporting', as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of (i) the principal risks and uncertainties for the remaining six months of the financial year; (ii) material related-party transactions in the first six months and (iii) any material changes in the related-party transactions described in the last annual report.

Tom Kirby retired from the board at the 2017 AGM and Nick Donaldson was appointed as non-executive chairman. There have been no other changes to the board since the annual report for the year to 28 May 2017. A list of all current directors is maintained on the investor relations website at investor.games-workshop.com.

By order of the board

K D Rountree

CEO

R F Tongue

Group Finance Director

9 January 2018

*Constant currency revenue is calculated by comparing results in the underlying currencies for 2016 and 2017, both converted at the average exchange rates for the six months ended 27 November 2016.

**We use average capital employed to take account of the significant fluctuation in working capital which occurs as the business builds both inventories and trade receivables in the pre-Christmas trading period. Return is defined as operating profit before royalty income, and the average capital employed is adjusted by deducting assets and adding back liabilities in respect of cash, borrowings, taxation and dividends.

 
 
 

CONSOLIDATED INCOME STATEMENT

 
 
 
 
                                                                                                Year to 
                                            Six months to                    Six months to       28 May 
                                         26 November 2017                 27 November 2016         2017 
                                            Notes                      GBP000       GBP000       GBP000 
 
 Revenue                                      3                       108,852       70,935      158,114 
 Cost of sales pre-change in 
  accounting estimates*                                    (31,103)             (22,171)     (45,224) 
 Cost of sales impact of change in 
  accounting estimates*                                       1,233                 798         1,533 
-----------------------------------  -------------------  -------------------  -----------  ----------- 
 Cost of sales                                                       (29,870)     (21,373)     (43,691) 
                                                                   ----------   ----------   ---------- 
 Gross profit                                                          78,982       49,562      114,423 
 
 Operating expenses                                                  (44,425)     (39,065)     (83,591) 
 Other operating income - royalties 
  receivable                                                            4,216        3,261        7,491 
                                                                   ----------   ----------   ---------- 
-----------------------------------  -------------------  -------------------  -----------  ----------- 
 Operating profit pre-change in 
  accounting estimates*                                    37,540               12,960       36,790 
 Operating profit impact of change 
  in accounting estimates*                                  1,233                   798       1,533 
-----------------------------------  -------------------  -------------------  -----------  ----------- 
 Operating profit                             3                        38,773       13,758       38,323 
 
 Finance income                                                            51           29           87 
 Finance costs                                                           (50)            -          (7) 
                                                                   ----------   ----------   ---------- 
 Profit before taxation                       5                        38,774       13,787       38,403 
 
 Income tax expense                           6                       (7,371)      (2,857)      (7,856) 
                                                                   ----------   ----------   ---------- 
 Profit attributable to owners of 
  the parent                                                           31,403       10,930       30,547 
                                                                       ======       ======       ====== 
 
 Basic earnings per ordinary share            7                         97.6p        34.0p        95.1p 
 Diluted earnings per ordinary 
  share                                       7                         96.8p        33.9p        94.5p 
 Basic earnings per ordinary share 
  pre-change in accounting 
  estimates*                                  7                         94.5p        32.0p        91.2p 
 Diluted earnings per ordinary 
  share pre-change in accounting 
  estimates*                                  7                         93.7p        31.9p        90.7p 
 
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND EXPENSE

 
 
                                                   Six months to 26 November 2017   Six months to      Year to 
                                                                                      27 November       28 May 
                                                                                             2016         2017 
                                                                           GBP000          GBP000       GBP000 
 
 Profit attributable to owners of the parent                               31,403          10,930       30,547 
 
 Other comprehensive (expense)/income 
 Items that may be subsequently reclassified to 
 profit or loss 
 Exchange differences on translation of foreign 
  operations                                                                (419)           2,687        2,663 
                                                                        ---------       ---------   ---------- 
 Other comprehensive (expense)/income for the 
  period                                                                    (419)           2,687        2,663 
                                                                        ---------       ---------   ---------- 
 Total comprehensive income attributable to 
  owners of the parent                                                     30,984          13,617       33,210 
                                                                           ======          ======      ======= 
 
 

The following notes form an integral part of this condensed consolidated interim financial information.

*With effect from 30 May 2016 the Group implemented a change in accounting estimates for the amortisation of development costs intangible assets and for the depreciation of moulding tools. The change in accounting estimates is described in note 2 to this condensed consolidated interim financial information.

CONSOLIDATED BALANCE SHEET

 
 
                                                               As at         As at        As at 
                                                         26 November   27 November       28 May 
                                                                2017          2016         2017 
                                                 Notes        GBP000        GBP000       GBP000 
 
 Non-current assets 
 
 Goodwill                                                      1,433         1,433        1,433 
 Other intangible assets                           9          14,271        12,824       12,917 
 Property, plant and equipment                    10          24,367        22,112       22,132 
 Trade and other receivables                                   1,505         1,413        1,081 
 Deferred tax assets                                           4,509         2,881        5,399 
                                                          ----------    ----------   ---------- 
                                                              46,085        40,663       42,962 
                                                          ----------    ----------   ---------- 
 Current assets 
 
 Inventories                                                  16,277        11,224       12,421 
 Trade and other receivables                                  15,329        11,507       12,976 
 Current tax assets                                              513           982          596 
 Cash and cash equivalents                                    28,639        15,877       17,910 
                                                          ----------    ----------   ---------- 
                                                              60,758        39,590       43,903 
                                                          ----------    ----------   ---------- 
 Total assets                                                106,843        80,253       86,865 
                                                          ----------    ----------   ---------- 
 Current liabilities 
 
 Trade and other payables                                   (22,622)      (16,761)     (16,515) 
 Current tax liabilities                                     (6,579)       (2,689)      (5,840) 
 Provisions for other liabilities and charges     11           (757)         (838)        (689) 
                                                          ----------    ----------   ---------- 
                                                            (29,958)      (20,288)     (23,044) 
                                                          ----------    ----------   ---------- 
 Net current assets                                           30,800        19,302       20,859 
                                                          ----------    ----------   ---------- 
 Non-current liabilities 
 
 Other non-current liabilities                                 (537)         (416)        (494) 
 Provisions for other liabilities and charges     11           (536)         (662)        (495) 
                                                          ----------    ----------   ---------- 
                                                             (1,073)       (1,078)        (989) 
                                                          ----------    ----------   ---------- 
 Net assets                                                   75,812        58,887       62,832 
                                                              ======        ======       ====== 
 
 Capital and reserves 
 
 Called up share capital                                       1,617         1,606        1,607 
 Share premium account                                        11,531        10,533       10,599 
 Other reserves                                                3,911         4,354        4,330 
 Retained earnings                                            58,753        42,394       46,296 
                                                          ----------    ----------   ---------- 
 Total equity                                                 75,812        58,887       62,832 
                                                              ======        ======       ====== 
 

The following notes form an integral part of this condensed consolidated interim financial information.

CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY

 
                                                         Called up        Share 
                                                             share      premium        Other     Retained        Total 
                                                           capital      account     reserves     earnings       equity 
                                                            GBP000       GBP000       GBP000       GBP000       GBP000 
 
 At 28 May 2017 and 29 May 2017                              1,607       10,599        4,330       46,296       62,832 
 
 Profit for the six months to 26 November 2017                   -            -            -       31,403       31,403 
 Exchange differences on translation of foreign 
  operations                                                     -            -        (419)            -        (419) 
                                                        ----------   ----------   ----------   ----------   ---------- 
 Total comprehensive (expense)/income for the period             -            -        (419)       31,403       30,984 
 
 Transactions with owners: 
 Share-based payments                                            -            -            -           60           60 
 Shares issued under employee sharesave scheme                  10          932            -            -          942 
 Deferred tax credit relating to share options                   -            -            -          279          279 
 Corporate tax credit relating to exercised share 
  options                                                        -            -            -          292          292 
 Dividends paid to Company shareholders                          -            -            -     (19,577)     (19,577) 
                                                        ----------   ----------   ----------   ----------   ---------- 
 Total transactions with owners                                 10          932            -     (18,946)     (18,004) 
                                                        ----------   ----------   ----------   ----------   ---------- 
 At 26 November 2017                                         1,617       11,531        3,911       58,753       75,812 
                                                            ======       ======       ======       ======       ====== 
 
 
                                                         Called up        Share 
                                                             share      premium        Other     Retained        Total 
                                                           capital      account     reserves     earnings       equity 
                                                            GBP000       GBP000       GBP000       GBP000       GBP000 
 
 At 29 May 2016 and 30 May 2016                              1,606       10,519        1,667       39,371       53,163 
 
 Profit for the six months to 27 November 2016                   -            -            -       10,930       10,930 
 Exchange differences on translation of foreign 
  operations                                                     -            -        2,687            -        2,687 
                                                        ----------   ----------   ----------   ----------   ---------- 
 Total comprehensive income for the period                       -            -        2,687       10,930       13,617 
 
 Transactions with owners: 
 Share-based payments                                            -            -            -           82           82 
 Shares issued under employee sharesave scheme                   -           14            -            -           14 
 Deferred tax credit relating to share options                   -            -            -           42           42 
 Dividends paid to Company shareholders                          -            -            -      (8,031)      (8,031) 
                                                        ----------   ----------   ----------   ----------   ---------- 
 Total transactions with owners                                  -           14            -      (7,907)      (7,893) 
                                                        ----------   ----------   ----------   ----------   ---------- 
 At 27 November 2016                                         1,606       10,533        4,354       42,394       58,887 
                                                            ======       ======       ======       ======       ====== 
 
 
                                                         Called up        Share 
                                                             share      premium        Other     Retained        Total 
                                                           capital      account     reserves     earnings       equity 
                                                            GBP000       GBP000       GBP000       GBP000       GBP000 
 
 At 29 May 2016 and 30 May 2016                              1,606       10,519        1,667       39,371       53,163 
 
 Profit for the year to 28 May 2017                              -            -            -       30,547       30,547 
 Exchange differences on translation of foreign 
  operations                                                     -            -        2,663            -        2,663 
                                                        ----------   ----------   ----------   ----------   ---------- 
 Total comprehensive income for the period                       -            -        2,663       30,547       33,210 
 
 Transactions with owners: 
 Share-based payments                                            -            -            -          160          160 
 Shares issued under employee sharesave scheme                   1           80            -            -           81 
 Deferred tax credit relating to share options                   -            -            -           14           14 
 Current tax credit relating to exercised share 
  options                                                        -            -            -            5            5 
 Dividends paid to Company shareholders                          -            -            -     (23,801)     (23,801) 
                                                        ----------   ----------   ----------   ----------   ---------- 
 Total transactions with owners                                  1           80            -     (23,622)     (23,541) 
                                                        ----------   ----------   ----------   ----------   ---------- 
 At 28 May 2017                                              1,607       10,599        4,330       46,296       62,832 
                                                            ======       ======       ======       ======       ====== 
 

The following notes form an integral part of this condensed consolidated interim financial information.

CONSOLIDATED CASH FLOW STATEMENT

 
 
                                                                      Six months to     Six months to      Year to 
                                                                        26 November       27 November       28 May 
                                                                               2017              2016         2017 
                              Notes                                          GBP000            GBP000       GBP000 
 
 Cash flows from operating activities 
 
 Cash generated from operations                                   8          41,206            19,621       49,370 
 UK corporation tax paid                                                    (4,602)           (1,313)      (5,212) 
 Overseas tax paid                                                            (566)             (155)        (270) 
                                                                         ----------        ----------   ---------- 
 Net cash generated from operating activities                                36,038            18,153       43,888 
                                                                         ----------        ----------   ---------- 
 Cash flows from investing activities 
 
 Purchases of property, plant and equipment                                 (4,948)           (2,484)      (5,409) 
 Proceeds on disposal of property, plant and equipment                            1                 -            - 
 Purchases of other intangible assets                                         (927)           (1,187)      (1,749) 
 Expenditure on product development                                         (2,554)           (3,167)      (5,686) 
 Interest received                                                               51                35           87 
                                                                         ----------        ----------   ---------- 
 Net cash used in investing activities                                      (8,377)           (6,803)     (12,757) 
                                                                         ----------        ----------   ---------- 
 Cash flows from financing activities 
 
 Proceeds from issue of ordinary share capital                                  942                14           81 
 Interest paid                                                                 (49)                 -          (4) 
 Loans to Company shareholders                                                    -                 -      (1,901) 
 Dividends paid to Company shareholders                                    (17,676)           (8,031)     (23,801) 
                                                                         ----------        ----------   ---------- 
 Net cash used in financing activities                                     (16,783)           (8,017)     (25,625) 
                                                                         ----------        ----------   ---------- 
 Net increase in cash and cash equivalents                                   10,878             3,333        5,506 
 
 Opening cash and cash equivalents                                           17,910            11,775       11,775 
 
 
 Effects of foreign exchange rates on cash and cash equivalents               (149)               769          629 
                                                                         ----------        ----------   ---------- 
 Closing cash and cash equivalents                                           28,639            15,877       17,910 
                                                                             ======            ======       ====== 
 
 

The following notes form an integral part of this condensed consolidated interim financial information.

NOTES TO THE FINANCIAL INFORMATION

   1.      Basis of preparation 

The Company is a limited liability company, incorporated and domiciled in the United Kingdom. The address of its registered office is Willow Road, Lenton, Nottingham, NG7 2WS.

The Company has its listing on the London Stock Exchange.

This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 28 May 2017 were approved by the board of directors on 24 July 2017 and have been delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under either section 498 (2) or section 498 (3) of the Companies Act 2006.

This condensed consolidated interim financial information has not been audited or reviewed pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information' and does not include all of the information required for full annual financial statements.

This condensed consolidated interim financial information for the six months ended 26 November 2017 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 28 May 2017 which have been prepared in accordance with IFRSs as adopted by the European Union.

After making appropriate enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason they have adopted the going concern basis in preparing this condensed consolidated interim financial information.

This condensed consolidated interim financial information was approved for issue on 9 January 2018.

This condensed consolidated interim financial information is available to shareholders and members of the public on the Company's website at investor.games-workshop.com.

The preparation of interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, revenues and expenses. Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial information, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 28 May 2017.

The accounting policies applied are consistent with those of the annual financial statements for the year ended 28 May 2017, as described in those financial statements. With effect from 30 May 2016 the Group implemented a change in accounting estimate for the amortisation of development costs intangible assets and the accounting estimate for the depreciation of moulding tools. These are described in note 2 below along with the impact on the results for the six months to 26 November 2017.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

There are no new accounting standards or interpretations effective in the current period which are relevant to the Group.

New standards, amendments to standards and interpretations which have been published but are not yet effective which are relevant to the Group are:

-IFRS 16 'Leases' (effective for the year ending 31 May 2020). Under this new standard all leases will be required to be recognised on balance sheet. Currently under IAS 17 'Leases' only leases categorised as finance leases are recognised on balance sheet, with leases categorised as operating leases not recognised. In broad terms the impact will be to recognise a lease liability and corresponding asset for the Group's operating lease commitments. The Group is assessing the impact of the new standard.

-IFRS 15 'Revenue from contracts with customers' (effective for the year ending 2 June 2019). Under this new standard the royalty minimum guarantee income is expected to be taken as revenue up front. Currently the minimum guarantee income is deferred and released in line with licensee sales. In addition, amounts receivable from customers in respect of delivery charges will be recognised as revenue. Currently these are offset against the carriage cost to the Group within cost of sales. The Group is assessing the impact of the new standard and expects to have a clearer view of the financial impact by the year end.

-IFRS 9 'Financial instruments' (effective for the year ending 2 June 2019). Under this new standard, provisions for impairment of trade receivables will be recognised at an amount based on expected credit losses and will be calculated from the initial recognition of the asset. Currently provisions for impairment of trade receivables are not recognised until there is an indication of impairment. The Group is assessing the impact of the new standard and expects to have a clearer view of the financial impact by the year end.

The Group does not consider that any other standards, amendments or interpretations issued by the IASB, but not yet applicable, will have a significant effect on the financial statements.

   2.          Change in accounting estimates 

With effect from 30 May 2016 the Group implemented a change in accounting estimates for the amortisation of development costs intangible assets and the depreciation of moulding tools. Previously product development costs recognised as intangible assets were amortised on a straight line basis over periods ranging between 1 and 48 months. These development costs intangible assets are now amortised on a reducing balance basis with rates ranging from 50% to 80%. Previously moulding tools were depreciated on a straight line basis over a period of 48 months. Moulding tools relating to specific products are now amortised on a reducing balance basis at 50%.

The changes were made in order to better match the expenditure incurred to the expected revenue generated from the subsequent product release. In accordance with IAS 8 'Accounting policies, changes in accounting estimates and errors', the changes have been recognised prospectively since 30 May 2016.

The impact of the change on the results for the six months to 26 November 2017 is shown in the table below:

 
                                                                    Impact of change in accounting               Total 
                                         Pre-change in accounting                        estimates       six months to 
                                                        estimates                                     26 November 2017 
                                                           GBP000                           GBP000              GBP000 
 
 Cost of sales                                           (31,103)                            1,233            (29,870) 
 Gross profit                                              77,749                            1,233              78,982 
 Operating profit                                          37,540                            1,233              38,773 
 Income tax expense                                       (7,137)                            (234)             (7,371) 
 Profit attributable to owners 
  of the parent                                            30,404                              999              31,403 
 Retained earnings brought 
  forward                                                  45,054                            1,242              46,296 
 Other intangible assets                                   10,952                            3,319              14,271 
 Property, plant and equipment                             24,919                            (552)              24,367 
 Deferred tax assets                                        4,404                              105               4,509 
 Current tax liabilities                                  (5,948)                            (631)             (6,579) 
 Net assets                                                73,571                            2,241              75,812 
 Basic earnings per share                                   94.5p                             3.1p               97.6p 
 Diluted earnings per share                                 93.7p                             3.1p               96.8p 
 

The impact of the change in accounting estimates in future periods will depend on the release mix and nature of products being developed in those years. A benefit relating to the changes in accounting estimates is expected until the year ending 31 May 2020, when the change will no longer materially impact the financial statements.

   3.          Segment information 

As Games Workshop is a vertically integrated business, management assesses the performance of sales channels and manufacturing and distribution channels separately. At 26 November 2017, the Group is organised as follows:

Sales channels. These channels sell product to external customers, through the Group's network of retail stores, independent retailers and directly via the global web stores. The sales channels have been aggregated into segments where they sell products of a similar nature, have similar production processes, similar customers, similar distribution methods, and if they are affected by similar economic factors. The segments are as follows:

- Trade. This sales channel sells globally to independent retailers, agents and distributors. It also includes the Group's magazine newsstand business and the distributor sales from the Group's publishing business (Black Library).

- Retail. This includes sales through the Group's retail stores, the Group's visitor centre in Nottingham and global exhibitions.

- Mail order. This includes sales through the Group's global web stores and digital sales through external affiliates.

Product and supply. This includes the design and manufacture of the products and incorporates the production facility in the UK and the Group logistics and stock management costs. This also includes adjustments for the profit in stock arising from inter-segment sales and charges for inventory provisions.

Central costs. These include the Company overheads, head office site costs and the costs of running the Games Workshop Academy.

Service centre costs. Provides support services (IT, accounting, payroll, personnel, procurement, legal, health and safety, customer services and credit control) to activities across the Group and undertakes strategic projects.

Royalties. This is royalty income earned from third party licensees after deducting associated licensing costs.

The chief operating decision-maker assesses the performance of each segment based on operating profit, excluding share option charges recognised under IFRS 2, 'Share-based payment', charges in respect of the Group's profit share scheme and, for the year to 28 May 2017, the discretionary payment to employees. This has been reconciled to the Group's total profit before taxation below.

The segment information reported to the executive directors for the periods included in this financial information is as follows:

 
 
                             Six months to     Six months to                   Year to 
                               26 November       27 November                    28 May 
                                      2017              2016                      2017 
                                    GBP000            GBP000                    GBP000 
 
 
 Trade                              47,961            29,341                    61,254 
 Retail                             39,615            29,168                    64,848 
 Mail order                         21,276            12,426                    32,012 
                             -------------     -------------              ------------ 
 Total external revenue            108,852            70,935                   158,114 
                                  ========          ========                   ======= 
 

For information, we analyse external revenue further below:

 
 
                                                      Restated* 
                                Six months to     Six months to                    Year to 
                                  26 November       27 November                     28 May 
                                         2017              2016                       2017 
                                       GBP000            GBP000                     GBP000 
 
 Trade 
 UK and Continental Europe             19,652            12,958                     25,442 
 North America                         21,345            12,178                     27,207 
 Australia and New Zealand              2,407             1,261                      2,472 
 Asia                                   2,025             1,109                      2,257 
 Rest of world                          1,260               648                      1,580 
 Black Library                          1,272             1,187                      2,296 
                                -------------     -------------              ------------- 
 Total Trade                           47,961            29,341                     61,254 
                                -------------     -------------              ------------- 
 
 Retail 
 UK                                    13,077            10,275                     22,474 
 Continental Europe                    10,321             7,869                     16,859 
 North America                         10,587             7,141                     16,759 
 Australia and New Zealand              4,586             3,338                      7,471 
 Asia                                   1,044               545                      1,285 
                                -------------     -------------              ------------- 
 Total Retail                          39,615            29,168                     64,848 
                                -------------     -------------              ------------- 
 
 Mail order                            21,276            12,426                     32,012 
                                -------------     -------------              ------------- 
 Total external revenue               108,852            70,935                    158,114 
                                     ========          ========                   ======== 
 

*Segment revenue of GBP5,915,000 for the six months to 27 November 2016 previously reported as non-core trade has been reclassified within the trade segment as UK and Continental Europe (GBP2,542,000), North America (GBP1,047,000), Australia and New Zealand (GBP128,000), Asia (GBP363,000), Rest of world (GBP648,000) and Black Library (GBP1,187,000) to reflect the management structure in place at 28 May 2017 and 26 November 2017.

Segment revenue of GBP1,752,000 for the six months to 27 November 2016 previously reported as non-core retail has been reclassified within the retail segment as UK (GBP1,648,000), North America (GBP97,000) and Asia (GBP7,000) to reflect the management structure in place at 28 May 2017 and 26 November 2017.

In addition mail order segment revenue of GBP2,143,000 for the six months to 27 November 2016 previously reported as non-core mail order and GBP10,283,000 previously reported as Citadel and Forge World are now reported together as Mail order which reflects the management structure in place at 28 May 2017 and 26 November 2017.

Operating expenses by segment are regularly reviewed by the executive directors and are provided below:

 
 
                                                       Restated* 
                                      Six months      Six months         Year to 
                                              to              to 
                                     26 November     27 November          28 May 
                                            2017            2016            2017 
                                          GBP000          GBP000          GBP000 
 
 Trade                                   (5,734)         (5,388)        (10,855) 
 Retail                                 (23,020)        (21,222)        (42,849) 
 Mail order                              (2,719)         (2,595)         (5,290) 
 Product and supply                      (1,412)         (1,261)         (2,618) 
 Central costs                           (3,743)         (3,143)         (6,215) 
 Service centre costs                    (6,360)         (4,738)        (11,824) 
 Royalties                                 (352)           (192)           (371) 
                                   -------------   -------------   ------------- 
 Total segment operating 
  expenses                              (43,340)        (38,539)        (80,022) 
 
 Share-based payment charge                 (60)            (82)           (160) 
 Profit share scheme charge              (1,025)           (444)           (444) 
 Discretionary payment to 
  employees                                    -               -         (2,965) 
                                   -------------   -------------    ------------ 
 Total group operating expenses         (44,425)        (39,065)        (83,591) 
                                        ========        ========        ======== 
 

*Operating expenses of GBP18,000 for the six months to 27 November 2016 relating to certain marketing costs have been reclassified from product and supply to central costs which reflects the management structure in place at 28 May 2017 and 26 November 2017.

Total segment operating profit is as follows and is reconciled to profit before taxation below:

 
 
 
                                                               Restated* 
                                         Six months to     Six months to         Year to 
                                           26 November       27 November          28 May 
                                                  2017              2016            2017 
                                                GBP000            GBP000          GBP000 
 
 
 Trade                                          13,471             8,791          17,956 
 Retail                                          1,813           (2,369)             461 
 Mail order                                     13,626             6,651          18,788 
 Product and supply                             17,901             6,356          16,286 
 Central costs                                 (4,397)           (3,406)         (6,724) 
 Service centre costs                          (6,360)           (4,738)        (11,824) 
 Royalties                                       3,804             2,999           6,949 
                                         -------------     -------------      ---------- 
 Total segment operating profit                 39,858            14,284          41,892 
 
 Share-based payment charge                       (60)              (82)           (160) 
 Profit share scheme charge                    (1,025)             (444)           (444) 
 Discretionary payment to employees                  -                 -         (2,965) 
                                         -------------     -------------      ---------- 
 Total group operating profit                   38,773            13,758          38,323 
 
 Finance income                                     51                29              87 
 Finance costs                                    (50)                 -             (7) 
                                         -------------     -------------   ------------- 
 Profit before taxation                         38,774            13,787          38,403 
                                              ========          ========        ======== 
 

*A segment loss of GBP281,000 for the six months to 27 November 2016 relating to certain marketing costs has been reclassified from product and supply to central costs. This reflects the management structure in place at 28 May 2017 and 26 November 2017.

   4.          Dividends 

Dividends of GBP6,428,000 (20 pence per share) and GBP11,248,000 (35 pence per share) were declared and paid in the six months to 26 November 2017. In addition a further GBP1,901,000 (6 pence per share) was distributed in the six months to 26 November 2017 by way of a rectification dividend. The rectification dividend was satisfied by the release of Company shareholders from the liability to repay the amount received in the year ended 28 May 2017 in the form of an unlawful dividend.

A dividend of GBP8,031,000 (25 pence per share) was declared and paid in the six months to 27 November 2016.

Dividends of GBP8,031,000 (25 pence per share), GBP9,638,000 (30 pence per share), and GBP6,132,000 (19 pence per share) were declared and paid during the year ended 28 May 2017.

   5.          Profit before taxation 

The following costs have been incurred in the reported periods in respect of ongoing redundancies, inventory provisions, impairments and loss-making retail stores:

 
 
                                                                           Six months to     Six months to     Year to 
                                                                             26 November       27 November      28 May 
                                                                                    2017              2016        2017 
                                                                                  GBP000            GBP000      GBP000 
 
 Redundancy costs and compensation for loss of office                                177               345       1,009 
 (Reversal) of/charge for impairment of property, plant and equipment               (17)                16        (55) 
 Charge for impairment of computer software                                            -                 -         833 
 Net charge/(credit) to property provisions including closed or 
  loss-making retail stores                                                           28               197       (185) 
 Net inventory provision creation                                                  1,610               235       1,376 
 
   6.          Tax 

The taxation charge for the six months to 26 November 2017 is based on an estimate of the full year effective rate of 19.0% (2016: 20.7%). Although overseas tax rates are higher than the UK rate of 19%, these are offset by the release of prior provisions against tax uncertainties.

   7.          Earnings per share 

Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to owners of the parent by the weighted average number of ordinary shares in issue throughout the relevant period.

 
 
                                                                      Six months to     Six months to         Year to 
                                                                        26 November       27 November          28 May 
                                                                               2017              2016            2017 
 
 Profit attributable to owners of the parent (GBP000)                        31,403            10,930          30,547 
                                                                      -------------     -------------   ------------- 
 Weighted average number of ordinary shares in issue (thousands)             32,166            32,121          32,126 
                                                                      -------------     -------------   ------------- 
 Basic earnings per share (pence per share)                                    97.6              34.0            95.1 
                                                                           ========          ========        ======== 
 

Basic earnings per share pre-change in accounting estimates

Basic earnings per share pre-change in accounting estimates is calculated by dividing the profit attributable to owners of the parent, before the impact of the change in accounting estimates, by the weighted average number of ordinary shares in issue throughout the relevant period.

 
 
                                                                       Six months to     Six months to         Year to 
                                                                         26 November       27 November          28 May 
                                                                                2017              2016            2017 
 
 Profit attributable to owners of the parent pre-change in 
  accounting estimates (GBP000)                                               30,404            10,286          29,305 
                                                                       -------------     -------------   ------------- 
 Weighted average number of ordinary shares in issue (thousands)              32,166            32,121          32,126 
                                                                       -------------     -------------   ------------- 
 Basic earnings per share pre-change in accounting estimates 
  (pence per share)                                                             94.5              32.0            91.2 
                                                                            ========          ========        ======== 
 

Diluted earnings per share

The calculation of diluted earnings per share has been based on the profit attributable to owners of the parent and the weighted average number of shares in issue throughout the relevant period, adjusted for the dilution effect of share options outstanding at the period end.

 
 
                                                                     Six months to     Six months to         Year to 
                                                                       26 November       27 November          28 May 
                                                                              2017              2016            2017 
 
 Profit attributable to owners of the parent (GBP000)                       31,403            10,930          30,547 
                                                                     -------------     -------------   ------------- 
 Weighted average number of ordinary shares in issue (thousands)            32,166            32,121          32,126 
 
 Adjustment for share options (thousands)                                      280                77             199 
                                                                     -------------     -------------   ------------- 
 Weighted average number of ordinary shares for diluted earnings 
  per share (thousands)                                                     32,446            32,198          32,325 
                                                                     -------------     -------------   ------------- 
 Diluted earnings per share (pence per share)                                 96.8              33.9            94.5 
                                                                          ========          ========        ======== 
 
 

Diluted earnings per share pre-change in accounting estimates

The calculation of diluted earnings per share has been based on the profit attributable to owners of the parent, before the impact of the change in accounting estimates, and the weighted average number of shares in issue throughout the relevant period, adjusted for the dilution effect of share options outstanding at the period end.

 
 
                                                                     Six months to     Six months to         Year to 
                                                                       26 November       27 November          28 May 
                                                                              2017              2016            2017 
 
 Profit attributable to owners of the parent pre-change in 
  accounting estimates (GBP000)                                             30,404            10,286          29,305 
                                                                     -------------     -------------   ------------- 
 Weighted average number of ordinary shares in issue (thousands)            32,166            32,121          32,126 
 
 Adjustment for share options (thousands)                                      280                77             199 
                                                                     -------------     -------------   ------------- 
 Weighted average number of ordinary shares for diluted earnings 
  per share (thousands)                                                     32,446            32,198          32,325 
                                                                     -------------     -------------   ------------- 
 Diluted earnings per share pre-change in accounting estimates 
  (pence per share)                                                           93.7              31.9            90.7 
                                                                          ========          ========        ======== 
 
 
   8.          Reconciliation of profit to net cash from operating activities 
 
 
                                                                     Six months to     Six months to       Year to 
                                                                       26 November       27 November        28 May 
                                                                              2017              2016          2017 
                                                                            GBP000            GBP000        GBP000 
 
 Operating profit                                                           38,773            13,758      38,323 
 Depreciation of property, plant and equipment                               2,635             3,156       6,107 
 Net (reversal) of impairment/impairment of property, plant and 
  equipment                                                                   (17)                16        (55) 
 Loss on disposal of property, plant and equipment                              20                23         111 
 Impairment of intangible assets                                                 -                 -         833 
 Loss on disposal of intangible assets                                           -                 -          14 
 Amortisation of capitalised development costs                               1,630             1,557       2,900 
 Amortisation of other intangibles                                             651               604       1,217 
 Share-based payments                                                           60                82         160 
 Changes in working capital: 
 -Increase in inventories                                                  (4,128)           (1,805)     (2,984) 
 -Increase in trade and other receivables                                  (4,813)           (1,298)       (379) 
 -Increase in trade and other payables                                       6,279             3,585       3,491 
 -Increase/(decrease) in provisions                                            116              (57)       (368) 
                                                                        ----------        ----------   --------- 
 Net cash from operating activities                                         41,206            19,621      49,370 
                                                                            ======            ======        ====== 
 
 
 
   9.          Other intangible assets 
 
                                          26 November   27 November       28 May 
                                                 2017          2016         2017 
                                               GBP000        GBP000       GBP000 
 
 Net book value at beginning of period         12,917        10,501       10,501 
 Additions                                      3,635         4,479        7,376 
 Exchange differences                               -             5            4 
 Disposals                                          -             -         (14) 
 Amortisation charge                          (2,281)       (2,161)      (4,117) 
 Impairment                                         -             -        (833) 
                                           ----------    ----------   ---------- 
 Net book value at end of period               14,271        12,824       12,917 
                                               ======        ======       ====== 
 
   10.        Property, plant and equipment 
 
                                          26 November   27 November       28 May 
                                                 2017          2016         2017 
                                               GBP000        GBP000       GBP000 
 
 Net book value at beginning of period         22,132        22,621       22,621 
 Additions                                      4,912         2,348        5,372 
 Exchange differences                            (39)           338          302 
 Disposals                                       (20)          (23)        (111) 
 Charge for the period                        (2,635)       (3,156)      (6,107) 
 Reversal of impairment/(impairment)               17          (16)           55 
                                           ----------    ----------   ---------- 
 Net book value at end of period               24,367        22,112       22,132 
                                               ======        ======       ====== 
 
   11.        Provisions for other liabilities and charges 

Analysis of total provisions:

 
                26 November   27 November       28 May 
                       2017          2016         2017 
                     GBP000        GBP000       GBP000 
 
 Current                757           838          689 
 Non-current            536           662          495 
                 ----------    ----------   ---------- 
                      1,293         1,500        1,184 
                     ======        ======       ====== 
 
 
                                            Employee 
                                  Other     benefits     Property        Total 
                                 GBP000       GBP000       GBP000       GBP000 
 
 At 29 May 2016                       -          547          897        1,444 
 
 Charged to the income 
  statement                           -           99          197          296 
 Exchange differences                 -           53           60          113 
 Utilised                             -         (47)        (306)        (353) 
                             ----------   ----------   ----------   ---------- 
 At 27 November 2016                  -          652          848        1,500 
                                 ======       ======       ======       ====== 
 
                                            Employee 
                                  Other     benefits     Property        Total 
                                 GBP000       GBP000       GBP000       GBP000 
 
 At 29 May 2016                       -          547          897        1,444 
 Charged/(credited) 
  to the income statement             -          153        (185)         (32) 
 Exchange differences                 -           47           57          104 
 Utilised                             -         (67)        (265)        (332) 
                               --------     --------     --------   ---------- 
 At 28 May 2017                       -          680          504        1,184 
 
 Charged to the income 
  statement                          50          150           28          228 
 Exchange differences               (1)          (5)          (6)         (12) 
 Utilised                             -         (61)         (46)        (107) 
                             ----------   ----------   ----------   ---------- 
 At 26 November 2017                 49          764          480        1,293 
                                 ======       ======       ======       ====== 
 
   12.        Seasonality 

The Group's monthly sales profile demonstrates an element of seasonality around the Christmas period which impacts sales in the month of December.

   13.        Commitments 

Capital expenditure contracted for at the balance sheet date but not yet incurred is GBP2,480,000 (2016: GBP996,000).

   14.        Related-party transactions 

There were no material related-party transactions during the period.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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