Games Workshop FY profits rise despite heavy Brexit costs

Warhammer maker Games Workshop reported a rise in annual profits despite a surge in Brexit-related costs.

The company on Tuesday said annual pre-tax profit rose 3.6% to £156.5m with revenue up 9.5% to £386.8m.

Brexit added £3.4m of additional supply chain cost, in what the company described as a “low point” of its fiscal year.

“We have an outstanding £11m VAT receivable (a timing difference as we now pay VAT on entry to Europe and submit a reclaim) with the French tax authorities and we are trying to mitigate staff recruitment gaps especially those with language skills in the UK based European trade team,” the company said.

“We look forward to the Brexit benefits promised.”

Reporting by Frank Prenesti at Sharecast.com