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GW have relased thier half year earnings report.
Its here:
http://investor.games-workshop.com/latest_results/Results2008/downloads/Interim_07.pdf
Basically I think this is the first time they have actually posted a Loss. Sales are in decline and the cost cutting continues.
I think the inventory management is the lack of Bitz
Pertinant bits include:
Revenue at £54.6m (2006: £54.6m)
● Pre-exceptional gross margin at 69.9% (2006: 70.9%)
● Exceptional items – cost reduction programme £(0.6)m (2006: £nil)
● Pre-exceptional operating profit up £0.6m to £1.1m (2006: £0.5m)
● Operating profit at £0.5m (2006: £0.5m)
● (Loss)/earnings per share of (0.4)p (2006: 0.2p)
Games Workshop Group PLC 1
● Revenue at £54.6m (2006: £54.6m)
● Pre-exceptional gross margin at 69.9% (2006: 70.9%)
● Exceptional items – cost reduction programme £(0.6)m (2006: £nil)
● Pre-exceptional operating profit up £0.6m to £1.1m (2006: £0.5m)
● Operating profit at £0.5m (2006: £0.5m)
● (Loss)/earnings per share of (0.4)p (2006: 0.2p)
FIRST HALF HIGHLIGHTS
Six months to Six months to
2 December 26 November
2007 2006
Revenue £54.6m £54.6m
Pre-exceptional
operating profit £1.1m £0.5m
Exceptional items
- cost reduction
programme £(0.6)m £nil
Operating profit £0.5m £0.5m
(Loss)/profit
before tax £(0.2)m £0.1m
Basic (loss)/
earnings per share (0.4)p 0.2p
Its here:
http://investor.games-workshop.com/latest_results/Results2008/downloads/Interim_07.pdf
Basically I think this is the first time they have actually posted a Loss. Sales are in decline and the cost cutting continues.
I think the inventory management is the lack of Bitz
Pertinant bits include:
Revenue at £54.6m (2006: £54.6m)
● Pre-exceptional gross margin at 69.9% (2006: 70.9%)
● Exceptional items – cost reduction programme £(0.6)m (2006: £nil)
● Pre-exceptional operating profit up £0.6m to £1.1m (2006: £0.5m)
● Operating profit at £0.5m (2006: £0.5m)
● (Loss)/earnings per share of (0.4)p (2006: 0.2p)
Games Workshop Group PLC 1
● Revenue at £54.6m (2006: £54.6m)
● Pre-exceptional gross margin at 69.9% (2006: 70.9%)
● Exceptional items – cost reduction programme £(0.6)m (2006: £nil)
● Pre-exceptional operating profit up £0.6m to £1.1m (2006: £0.5m)
● Operating profit at £0.5m (2006: £0.5m)
● (Loss)/earnings per share of (0.4)p (2006: 0.2p)
FIRST HALF HIGHLIGHTS
Six months to Six months to
2 December 26 November
2007 2006
Revenue £54.6m £54.6m
Pre-exceptional
operating profit £1.1m £0.5m
Exceptional items
- cost reduction
programme £(0.6)m £nil
Operating profit £0.5m £0.5m
(Loss)/profit
before tax £(0.2)m £0.1m
Basic (loss)/
earnings per share (0.4)p 0.2p