Games Workshop CFO Rachel Tongue Departs

Games Workshop achieved outstanding half-year results in line with the previously provided trading update. However, the departure of Chief Financial Officer Rachel Tongue led to a decline in the company’s shares, overshadowing the positive figures. Rachel will work as an integral part of the team to ensure a smooth transfer.

Games Workshop’s strong brand continues to attract interest, as evident by the rise in active users on the My Warhammer online portal by two-thirds to 576,000 year-on-year and Warhammer+ subscriber numbers climbing from 115,000 to 169,000.

The company witnessed significant growth in both trade and retail channels, marking a 12.6% and 12.3% increase in revenues, respectively, compared to the previous year.

The licensing revenue experienced a decline of 15%, attributed to the fluctuating nature of the company’s royalty income. Yet, the recent confirmation of a deal with Amazon for developing films and TV series based on Warhammer 40,000 presents substantial revenue potential.

The company showed improved profitability with an increase in pre-tax income and a core gross margin of 69.4%, supported by reduced logistics costs and inventory provisions.

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