Games Workshop forecasts profit fall as it secures £25m overdraft
Games Workshop today said it has secured a £25m overdraft as the model maker warned the coronavirus crisis would take its toll on full-year profit.
The Warhammer owner said the majority of its stores remained closed due to the pandemic, but it will resume online orders from 1 May.
As a result, the retailer forecast full-year profit of roughly £70m, down from £81m in 2019.
“As stated previously, trading for the group in the nine months to the end of February was in line with expectations,” the firm said in a statement.
“However, since the outbreak of Covid-19 and the subsequent closure of our operations globally, our performance has been impacted.”
However, the company said it had agreed an overdraft facility of £25m with Santander. This will run for an initial six months with the option to extend by a further half-year.
Shares in Games Workshop were up almost nine per cent in early trading.
The Covid-19 crisis marks a major setback for the Nottingham-based wargaming firm, which has enjoyed a steady run of success in recent years.
It achieved the second highest growth in value of any FTSE 250 company during the 2010s, recording a 2,630 per cent return on shareholder value.
Last year bosses shared out a £5m among staff, handing them £2,500 each.