MARK Wells, chief executive of Games Workshop, is standing down after five years of “outstanding service” at the fantasy war games retailer.
The firm, which has more than 300 stores and generates about 70 per cent of its sales outside the UK, said Wells was leaving the group on “good terms”, and chairman Tom Kirby will act as chief executive until a successor is appointed.
The announcement came as the firm, which makes collectable figurines for Warhammer and Lord of the Rings battle games, posted a 16.8 per cent increase in pre-tax profits to £11.1 million for the six months to 2 December, on revenues 7.7 per cent higher at £67.5m. The interim dividend was held at 18p.
Kirby, who joined the group in 1986 as general manager and led a management buy-out in 1991 before overseeing its flotation three years later, said: “We know that we have to do the basics right every single day and we never take this for granted.
“The principal risks and uncertainties for the rest of the financial year are sales related, and our businesses are focused on achieving growth whilst the product and supply chain will continue to implement plans to maintain gross margin.”
Operating margins improved to 15.7 per cent during the first half, up from 10.3 per cent a year earlier, and Kirby said the Nottingham-based retailer would “continue to keep a tight control on rents and staff headcount”.
Games Workshop was founded in 1975 by a group of entrepreneurs including Ian Livingstone, who later became chairman of video game firm Eidos, best known for its Lara Croft character.
