Games Workshop profits surge as gamers rush to buy its Warhammer toys during Covid-19 lockdown

Games Workshop, the Warhammer boardgames sensation whose shares have jumped from £5 to £116 in the past five years, today reported blockbuster sales and profits as it benefited from the Covid stay-at-home restrictions on its customers.

Fans of the tabletop games, where players move fantasy figurines, became ever more hooked on its products as they spent more time locked down in their bedrooms.

Last month it said it would have sales for the six months to November 29 up 25% to £185 million and a 53% jump in profit to at least £90 million. In the event, the figures came in slightly higher, at £186.8 million and £91.6 million.

Chief executive Kevin Rountree praised “another cracking performance from a truly amazingt, global team."

Games Workshop is now valued at £3.8 billion on the stock market, making it worth £1 billion more than Marks & Spencer.

The group has been hit by Covid-19 production delays to some of its new releases but has promised fans its new launches will go on sale fortnightly starting from next week. These include titles like the Death Guard Codex and pieces for the Age of Sigmar.

During the year, Rountree said, he had tried to ensure staff can work from home where possible, adding “we have made no decision yet on whether this is permanent.”

Most of its 529 shops around the world have been closed, which had concerned some investors because the in-store experience of playing games with knowledgable staff’s oversight is one of the big draws to the brand.

Due to its success at WFH, the company took no furlough money and is returning its business rates holiday money to the taxman.

Online sales grew by 87% on a year ago although the group admitted its website was “not as great as we’d like it to be”. Customers can buy its toys online either direct or through its partners in the games trade.