Half-Yearly Report and Trading Update: 2015-2016

1. 01
   Games Workshop's pre-tax profit for the year to May 29, 2016, is projected to be no more than £16 million, and December sales were below expectations across the Group.See it on page 1
2. 02
   Revenue for the six months to November 29, 2015, decreased to £55.3 million from £56.5 million in the prior year, though it increased to £56.9 million at constant currency.See it on page 2
3. 03
   Operating profit remained flat at £6.2 million for the six months to November 29, 2015, compared to the previous year, but core business operating profit (pre-royalties) fell by £0.8 million to £4.7 million.See it on page 2
4. 04
   Return on capital declined from 38% in November 2014 to 36% in November 2015, attributed to increased average capital employed and a decline in operating profit before royalties.See it on page 2
5. 05
   Royalties receivable from licensing significantly increased from £0.7 million to £1.5 million in the period.See it on page 3
6. 06
   Mail Order sales increased by 5.3%, while Retail sales decreased from £23.4 million to £21.5 million (actual currency) and Trade sales increased from £22.0 million to £22.4 million (actual currency).See it on page 3
7. 07
   The company is undertaking significant IT projects, including an ERP system replacement and a Forge World mail order store launch (completed August 2015), but a mail order warehouse system replacement is postponed.See it on page 3

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