Games Workshop announces fall in revenue
Games Workshop has seen revenue fall by more than £3 million in the last year. The retailer of fantasy game figurines said revenue for the year ending 29 May 2011 was £123.1 million, down from £126.5 million in the previous year.
Pre-tax profit fell by £700,000 to £15.54 million whilst operating profit was £12.8 million, down £200,000 from 2010.
Although sales were down in the first half, the company said it delivered improved results in the second half as the focus on customer service training and investment in new product development started to feed through into its results.
Continental Europe performed better this year in constant currency terms although France slipped back in the second half. After a slow start to the year, North America and the UK both improved in the second half in constant currency terms.
Mark Wells, chief executive officer of Games Workshop, said: "2010/11 has seen satisfactory performance, driven by improved gross margins and good cost control leading to a healthy cash inflow. Although sales were down in the first half, Games Workshop delivered improved results in the second half as the focus on customer service training for Hobby centre managers and investment in new product development started to feed through into results."
He added that the company was "in good shape", and said: "We know what we need to do to remain successful and to grow."
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