Games Workshop Group PLC (LSE: GAW), owner of the Warhammer tabletop miniature wargame franchise, has increased revenue in the year to end-May 2009 to £125.7 million from £110.3 million previously while pretax profit rose to £7.5 million from £1.1 million.
The company has reduced its net borrowings to £1.6 million from the previous year-end-figure of £10.1 million.
The results were positively impacted by favourable exchange rate movements in the period and the reduction of staffing levels.
Chief executive Mark Wells said: “In summary, we are pleased to have delivered a good set of results this year, significantly reducing our net debt. We believe that we have laid the foundations for steady growth and that the prospects for Games Workshop remain good.”
In the UK, North America and Asia Pacific the management teams remained focused on building the customer base and delivered sales growth.
Not enough progress was made in Continental Europe, particularly in Spain and Italy so in the second half Games Workshop made management changes to both of these businesses. The task of rebuilding their customer base has begun and the group expects these new teams to deliver growth within the next couple of years.
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