GW Financials - page 30 latest

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**reds8n**

http://www.thecerbatgem.com/2016/10/17/games-workshop-group-plc-gaw-announces-dividend-of-gbx-25.html

Games Workshop Group PLC (LON:GAW) announced a dividend on Monday, October 17th. Investors of record on Thursday, October 27th will be paid a dividend of GBX 25 ($0.30) per share on Friday, December 2nd. This represents a yield of 4.57%. The ex-dividend date of this dividend is Thursday, October 27th. This is a positive change from Games Workshop Group PLC’s previous dividend of $20.00. The official announcement can be accessed at this link.

Shares of Games Workshop Group PLC (LON:GAW) traded down 0.59% during mid-day trading on Monday, reaching GBX 547.00. 250,310 shares of the company were exchanged. The company’s 50-day moving average is GBX 526.69 and its 200 day moving average is GBX 495.28. Games Workshop Group PLC has a 12 month low of GBX 420.00 and a 12 month high of GBX 625.00. The firm’s market capitalization is GBX 175.70 million.

Separately, Peel Hunt reissued a “buy” rating and set a GBX 680 ($8.29) target price on shares of Games Workshop Group PLC in a research report on Thursday, October 6th.

In related news, insider O’Donnell ,Elaine purchased 1,800 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was acquired at an average price of GBX 541 ($6.59) per share, for a total transaction of £9,738 ($11,868.37).

About Games Workshop Group PLC

Games Workshop Group PLC and its subsidiaries design and manufacture miniature figures and games, and distribute these through its own network of retail stores, independent retailers and direct through the Internet and mail order. The Company’s segments include sales channels, product and supply, central costs, service center costs and royalties.

**richred_uk**

RNS just published by GW - all looking very positive

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=GAW&ArticleCode=rj76ijsr&ArticleHeadline=Trading_Statement

Trading Statement
Thu, 1st Dec 2016 11:04
RNS Number : 7077Q
Games Workshop Group PLC
01 December 2016

PRESS ANNOUNCEMENT

GAMES WORKSHOP GROUP PLC
1 December 2016
TRADING UPDATE

Games Workshop Group PLC announces that sales and profits in the six months to 27 November 2016 are significantly ahead of those in the first half of the prior year and ahead of the Board's original expectations. Preliminary estimates indicate an operating profit of c.£13 million for the period.

Over the first half we have seen strong sales and profit growth in constant currency terms. Sales and profits have further benefitted from the favourable impact of a weaker pound. Royalty income is also expected to be ahead of the prior year.

However, the Board is aware that it is still early in the 2017 financial year and that there are a number of challenging trading periods ahead.

We will be announcing our half-yearly report for the six months to 27 November 2016 on 10 January 2017.

**El Torro**

£13 million profit over the last 6 months is pretty crazy, they seem to be doing something right. A lot of that will be due to the weak pound, though the statement does say that sales and profit are up when comparing like for like currencies.

**filbert**

I think a lot of it is the HH/30K effect. There was always an 'unwritten rule' with GW that releasing Heresy material for 40K was their ace in the hole; to be used when they needed a sales boost and it would appear that is the case.

Edit: I should clarify that it isn't anything that GW have ever made public; either tacitly or otherwise. But I have heard from several reliable sources over the years that it was GW's official position when asked if they would consider releasing Heresy-era stuff - that it was their 'break glass in case of emergency' option. That position may well have changed now that Rountree has taken over - the fact that they are now releasing Heresy era stuff and it appears to be pretty darn popular would seem to vindicate that decision.

**Kilkrazy**

Some of the profit will be down to the collapse in the value of the GBP since the EU referendum.

About 60% of GW's sales are in foreign countries and the value of these sales will have gone up 20%, adding a useful 10% to the bottom line (taking into account it's only five months.)

**Davor**

Edit, my eyes are failing me, dang small fonts.

**jtrowell**

Isn't .£13 million profit still down compared to what they used to get ?

So if i am not mixing the numbers that I remember, they are better than last year but have not (yet) climbed back what they lost since the release of AoS, this should be to the rest the rumours of AoS earning more than 40k (unless 40k is itself in freefall)

I wonder how much will have come from licensing and how much from the boardgames.

**El Torro**

jtrowell wrote:
Isn't .£13 million profit still down compared to what they used to get ?

So if i am not mixing the numbers that I remember, they are better than last year but have not (yet) climbed back what they lost since the release of AoS, this should be to the rest the rumours of AoS earning more than 40k (unless 40k is itself in freefall)

I wonder how much will have come from licensing and how much from the boardgames.

Bear in mind that this is £13 million over 6 months, not 12. Assuming they'll get £26 million over 12 months that's significantly more than in recent years:

2016: 13.5 million
2015: £12.3 million
2014: £8 million
2013: £16.3 million
2012: £14.7 million

**AllSeeingSkink**

It's impossible to judge without more information. Firstly, it's profits not revenue. Secondly.... brexit. The GBP is worth approx 20% on average less in the past 6 months than the same period last year. That's a huge difference. The GBP was around 1.55USD for the first 6 months of the 2015/16 FY, this year it was ~1.42 in June, dropping to ~1.31 for July, August, Sept, then dropping to the mid 1.20's for Nov.

So the vast majority of this FY they've been enjoying good exchange rates, even for June before it started tumbling it was still well below the 2015/16 exchange rate.

**Herzlos**

So what was in those 6 months? Blood Bowl must make up a reasonable chunk. £13m is the profit on about 213k BB box sets through retail (assuming 75%)

**Lord Kragan**

Efff... I'm not sure how they did the account but I doubt they had time to make the bloodbowl sales snug into their report, considering they were a week ago.

**Mymearan**

Yeah BB isn't in it.

**Hulksmash**

The numbers seem reasonable. If AoS is actually selling (not sure if Sylvaneth fall into the sales period but I think they do) which would make sense since the General's Handbook landed just before the start of the fiscal year then I'm not to shocked.

A fantasy game that is actually selling and the release of GSC and Deathwatch for 40k plus Burning at Prospero boxset is a recipe for actual good numbers. Add in the currency difference and it could account for almost yearly numbers in a 6 month period.

**Azreal13**

Mymearan wrote:
Yeah BB isn't in it.

It's to 27th November. If BB went on sale on 26th, then the first two days sales (including all the pre orders etc) will be included.

**Herzlos**

Azreal13 wrote:
Mymearan wrote:
Yeah BB isn't in it.

It's to 27th November. If BB went on sale on 26th, then the first two days sales (including all the pre orders etc) will be included.

It'll include all of the sales to independents as well, which will have make quite a bump to headline figures (my FLGS seems to have bought dozens). One could say that that's why BB was released on the 26th and not in December.

**richred_uk**

Half Year Results published - to 27/11/16

https://19485-presscdn-0-14-pagely.netdna-ssl.com/wp-content/uploads/2017/01/2016-17-Press-Statement-final.pdf

Highlights (formatted best I can quickly - which dakka then stripped out when I posted - gah):

Six months to Six months to
27 November 29 November
2016 2015
Revenue £70.9m £55.3m
Revenue at constant currency* £62.7m £55.3m
Operating profit pre-change in accounting estimates
and royalties receivable £9.7m £4.7m
Impact of change in accounting estimates £0.8m -
Operating profit pre-royalties receivable £10.5m £4.7m
Royalties receivable £3.3m £1.5m
Operating profit £13.8m £6.2m
Pre-tax profit £13.8m £6.3m
Cash generated from operations £19.6m £8.6m
Basic earnings per share 34.0p 14.9p
Dividend per share declared in the period 25p 20p

Kevin Rountree, CEO of Games Workshop, said:
“Our business and our Hobby are in good shape.
We are pleased to report sales and profit growth in the period across all channels. This improvement
was built on a considerable team effort across the business.”
…Ends…

**Mymearan**

So an operating profit for 2016 of

£16.86m + £13.8m = £30,66? That is CRAZY good!

Someone posted this:

-------Income Statement - 31 May '15 - 1 Jun '14 - 2 Jun '13 - 3 Jun '12 - 29 May '11
--Operating Profit / Loss - 16.48 -------- 12.3 ------- 21.25 ------ 19.14 ------ 15.24

Even if you factor in several million in currency profit, that is still more than any of the the last five years.

It appears listening to your customers does pay off, who knew

**Herzlos**

That's looking pretty good, and dividends are lower than earnings per share for the first time in a while too.

Can they sustain it or has the success been bought by playing all of their trump cards?

**El Torro**

This is better than I was expecting. Sales on a constant currency up 13%. Sales in Trade, Retail and Mail Order are all up, even on constant currency. Royalties more than doubled (thanks to Total War I guess).

The numbers read as if GW is making more products that people want to buy (surely not???). The two specifically mentioned in the report are Blood Bowl and the new format White Dwarf.

**Lord Kragan**

El Torro wrote:
This is better than I was expecting. Sales on a constant currency up 13%. Sales in Trade, Retail and Mail Order are all up, even on constant currency. Royalties more than doubled (thanks to Total War I guess).

The numbers read as if GW is making more products that people want to buy (surely not???). The two specifically mentioned in the report are Blood Bowl and the new format White Dwarf.

Any mention of AoS?

**Mymearan**

Lord Kragan wrote:
El Torro wrote:
This is better than I was expecting. Sales on a constant currency up 13%. Sales in Trade, Retail and Mail Order are all up, even on constant currency. Royalties more than doubled (thanks to Total War I guess).

The numbers read as if GW is making more products that people want to buy (surely not???). The two specifically mentioned in the report are Blood Bowl and the new format White Dwarf.

Any mention of AoS?

No, nor 40k. Basically no mention of any specific game bar BB. They also mention that Made to Order and Last Chance to Buy have done well.

**El Torro**

Lord Kragan wrote:
El Torro wrote:
This is better than I was expecting. Sales on a constant currency up 13%. Sales in Trade, Retail and Mail Order are all up, even on constant currency. Royalties more than doubled (thanks to Total War I guess).

The numbers read as if GW is making more products that people want to buy (surely not???). The two specifically mentioned in the report are Blood Bowl and the new format White Dwarf.

Any mention of AoS?

None at all, as far as I could see. So the question of whether AoS sells better than WFB continues

**Lord Kragan**

El Torro wrote:
Lord Kragan wrote:
El Torro wrote:
This is better than I was expecting. Sales on a constant currency up 13%. Sales in Trade, Retail and Mail Order are all up, even on constant currency. Royalties more than doubled (thanks to Total War I guess).

The numbers read as if GW is making more products that people want to buy (surely not???). The two specifically mentioned in the report are Blood Bowl and the new format White Dwarf.

Any mention of AoS?

None at all, as far as I could see. So the question of whether AoS sells better than WFB continues

Welp, considering SoD sold out within the hour kind of supports the positive theory. But yeah, the debate still rages on.

**SKR.HH**

Mymearan wrote:
Lord Kragan wrote:
El Torro wrote:
This is better than I was expecting. Sales on a constant currency up 13%. Sales in Trade, Retail and Mail Order are all up, even on constant currency. Royalties more than doubled (thanks to Total War I guess).

The numbers read as if GW is making more products that people want to buy (surely not???). The two specifically mentioned in the report are Blood Bowl and the new format White Dwarf.

Any mention of AoS?

No, nor 40k. Basically no mention of any specific game bar BB. They also mention that Made to Order and Last Chance to Buy have done well.

I think BB, WD and Made to Order must have done exceptionally better than expected to deserve a statement in a financial statement.

**Mad Doc Grotsnik**

Kilkrazy wrote:
Laughing Man wrote:
Weboflies wrote:
To my knowledge this would be the first time in 6 years the company had turned a profit at all. That would be an unambiguously good thing.

They've been turning profits consistently... forever. I don't think they've ever posted a loss over a full year.

They have but it was about 10 years ago. I don't remember the exact year.

2006/7 I think?

I was just before the global slump - by which point GW had already undertaken significant belt tightening, which perversely left them surprisingly 'ok' (not good, not great, just ok) at a time the rest of the UK High Street suffered ('member Woolworths? I 'member!)

Automatically Appended Next Post:

El Torro wrote:
Lord Kragan wrote:
El Torro wrote:
This is better than I was expecting. Sales on a constant currency up 13%. Sales in Trade, Retail and Mail Order are all up, even on constant currency. Royalties more than doubled (thanks to Total War I guess).

The numbers read as if GW is making more products that people want to buy (surely not???). The two specifically mentioned in the report are Blood Bowl and the new format White Dwarf.

Any mention of AoS?

None at all, as far as I could see. So the question of whether AoS sells better than WFB continues

That was covered in their last one, where it was exceeding their expectations

**Bottle**

-

**Mad Doc Grotsnik**

Agreed.

So far, GW is at least trying to be a new beast. For my tuppence worth, it's working, YMMV.

**Darkjim**

I'd love to see them spend a few million of that profit and use it to design and test a ruleset for 40K that is as good as the models.

**Joyboozer**

I take back everything I said, not having to read another stupid quote from Kirby in regards to the financials, priceless!

**SKR.HH**

Joyboozer wrote:
I take back everything I said, not having to read another stupid quote from Kirby in regards to the financials, priceless!

Indeed. I'm really curious how Roundtree will provide his first preamble with the first full year statement.