8th Jan 2016 07:42
LONDON (Alliance News) - Games Workshop Group PLC on Friday said its pretax profit came in flat for the first half but said trading over the Christmas period missed its expectations, leading it to caution profit for the full year is likely to fall.
The company said its sales in December were lower across the business and, as a result, the it said pretax profit for the full year is unlikely to exceed GBP16.0 million, compared to the GBP16.6 million it posted a year earlier.
For the first half to November 29, the group, which makes Warhammer miniatures, said its pretax profit was flat at GBP6.3 million, as revenue dipped slightly to GBP55.3 million from GBP56.5 million.
Due to the sluggish first half and its caution on the second, the company slashed its interim dividend to 20.00 pence per share from 36.00p a year earlier.
The dip in revenue was caused by weakness in its core retail business, which was not fully offset by a better performance for other sales channels.
"We have made some good progress on our strategic initiatives all focused on delivering long term growth. Whilst we are disappointed with the decline in return on capital reported in the period, we are all confident that we are focused on delivering the necessary changes to address this decline," said Kevin Rountree, Games Workshop's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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