Games Workshop Shares Dip as H1 Pre-Tax Profit Expected to be Lower YoY

Games Workshop (LON: GAW) shares dipped in early Wednesday trading after the company said trading since its last update in September is in line with expectations.

However, profit before tax is estimated to be no less than £83 million, down from £88.2 million in 2021.

The update from the company, which is set to release its half-yearly report on January 10, 2023, has resulted in its share price falling, currently down just over 1%.

The company sees core revenue for the six months to November 27 of not less than £210 million compared to £191.5 million during the same period last year and licensing revenue of approximately £14 million, falling from £20.1 million in 2021.

Licensing revenue declined due to several significant computer game licensing deals signed in the prior period, the company stated.

In addition, Games Workshop sees core operating profit at not less than £70 million compared to £69.6 million the previous year, while licensing operating profit is seen at around £13 million compared to the previous £18.9 million.

In a separate release, Games Workshop announced John Brewis as its new Non-Executive Chair, effective January 1, 2023, taking over from Elaine O’Donnell. Brewis has been an independent Non-Executive Director of Games Workshop since 2018.