Half-Yearly Report: 2017

1. 01
   Games Workshop Group PLC reported record sales and profit for the six months to November 26, 2017, with revenue increasing by 53.6% to £108.9 million (from £70.9 million in 2016) and operating profit soaring by 181.2% to £38.8 million (from £13.8 million in 2016).See it on page 1
2. 02
   This strong performance translated into significantly higher earnings per share, which rose from 34.0p in 2016 to 97.6p in 2017, and a substantial increase in dividends declared, from 25p to 61p per share.See it on page 14
3. 03
   Growth was broad-based, with sales and profit increasing across all regions and channels, including a 71% rise in online shop sales and a 22% increase in digital publication sales through Apple, with new distribution channels like Amazon and Audible also launched.See it on page 3
4. 04
   The company's focus on its 'Warhammer Hobby' and continuous improvement of its miniatures range, combined with effective cost management, contributed to these record financial results and strong cash generation (£41.2 million from operations).See it on page 2
5. 05
   Games Workshop also saw significant growth in its Trade segment (up 63.5% to £47.96 million) and Mail Order segment (up 71.2% to £21.28 million) in external revenue for the period.See it on page 1
6. 06
   A change in accounting estimates for amortisation of development costs and depreciation of moulding tools positively impacted operating profit by £1.2 million and net assets by £2.24 million for the period.See it on page 10
7. 07
   The company maintains a strong financial position with net funds of £28.6 million at the end of the period, up from £15.9 million in 2016, and plans to continue investing in its team and facilities.See it on page 4

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