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Warhammer maker GW throws shade at Brexit in annual report

Warhammer 40k and Age of Sigmar creator Games Workshop says Brexit effects are responsible for the low points of the financial year.

Warhammer 40k games workshop - an image of fyreslayer dwarf models on a rocky terrain.

Warhammer 40k creator Games Workshop says that despite a record year in profits, costs brought on by Brexit were a low point of the last 52 weeks. In its annual report last week, detailing revenue for the financial year ending May 29, the company reported additional supply chain costs of $4.1m / 3.4m caused by Britain’s withdrawal from the EU.

It seems to be dealing with this in a very British way, however: through lashings of sarcasm. “We look forward to the Brexit benefits promised,” the report states, immediately after listing all the negative effects it says were brought on by Brexit.

Along with supply chain costs, Games Workshop says it has an outstanding $13.3m / £11m VAT receivable with the French tax authorities, writing that this is “a timing difference as we now pay VAT on entry to Europe and submit a reclaim”. GW also says it is “trying to mitigate staff recruitment gaps especially those with language skills in the UK based European trade team”. In the report it lists these problems as “stuff not in our control”.

Despite the impact of Brexit, things look bright for the miniature-making company, which reports $470.4m / £386.8 m total revenue (up by 10% on last year). In June, it declared plans to pay $12.3 to employees in a profit-share scheme.

Warhammer 40k games workshop logo

“This year has been exceptional,” GW’s report states. “We not only beat the record revenue of a Warhammer 40k launch year, we did it with some ongoing operational growing pains (thankfully reducing) and the additional cost pressures from Covid, Brexit and the war in Ukraine.”