Games Workshop on a roll

Games Workshop reported a solid increase in full year pre-tax profit as it sold more of its products including its re-launched Citadel paint range.

Pre-tax profit rose to £19.5m for the 53 weeks ended 3 June 2012 from £15.3m the same time a year earlier. Revenue for the period rose to £131m from £123.1m before.

Analysts had forecast pre-tax profit of £19.50m, revenue of £130m and a dividend of 45p, unchanged from last year.

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CEO Mark Wells said: "Games Workshop has had a good year. We have launched some great new products including the new Citadel paint range. We have made good progress on all our major initiatives. This has resulted in an encouraging level of volume growth."

"We have a strong management team and excellent staff who are committed to delivering a healthy return on capital."

Games Workshop, which makes miniature table-top war games, said its believes the prospects for the business are good.

Operating profit pre-royalties receivable increased to £15.6m versus £12.8m in 2011. Operating profit rose to £19.1m from £15.2m previously.

The Warhammer 40k miniatures gaming group said its core business delivered a good performance in 2011/12 with all three sales channels in growth and as it continued to open more Games Workshop Hobby centres and independent stockist accounts across the world.

Gross margins remained strong and as it continues its stream of new products.

A dividend of 63p has been recommended, up from 45p the year before.

CJ