http://investor.games-workshop.com/2014/12/08/trading-statement/
For the clickily challenged...
Trading statement
DECEMBER 8, 2014
Games Workshop Group PLC announces that trading in the six months to 30 November 2014 at constant currency has been broadly in line with the Board’s expectations and 2013/14 first half performance.
The Company has been exposed to the continuing strength of sterling, particularly against the US dollar and euro in the period reported. The adverse impact in the six months to 30 November 2014 will result in operating profit at actual rates being approximately £1 million lower than 2013/14 first half performance.
The Company’s half yearly report for the six months to 30 November 2014 will be released on 14 January 2015.
£1m is a big hit to blame on exchange rates, but I can believe it. What always amuses me though is that when a company suffers an exchange rate hit they shout it from the rooftops as their get out of jail card for why their results are so bad, but when (as
GW did around 2008/09) they bury it in note 56 on page 204 of the report and try and pretend that the increased profit was somehow management's responsibility.
The reality is that a decent hedging regime should see exchange rates balance out in the long term for a company, but hey...
