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Games Workshop marches on with solid Q3 trading

Games Workshop Group (LSE: GAW), the FTSE 250 retailer of miniature wargames, reported trading in line with expectations for the three months to end February. The Nottingham firm also announced a 105p dividend per share, …

Games Workshop Group (LSE: GAW), the FTSE 250 retailer of miniature wargames, reported trading in line with expectations for the three months to end February. The Nottingham firm also announced a 105p dividend per share, taking the total declared for the financial year 2024 to £4.20, up from £4.15 last year.

Shares in the company rallied 2.3% to close at 10,284.98p, reflecting investors’ confidence in its robust performance. This follows a stellar first half where Games Workshop delivered all-time highs for revenue, profit, and dividends at 195p per share.

Analysts at Peel Hunt maintained their buy rating with a 12,000p target price, upgrading forecasts by 3% on the back of the update. Strong demand from independent retailers and bumper trade at its UK and North American stores drove sales growth. Digital sales also contributed, despite teething issues with the new online store launch.

Profitability rose thanks to a 5.2 percentage point increase in core gross margin to 69.4%, mainly due to lower logistics costs and inventory provisions. CEO Kevin Rountree highlighted the company’s ability to thrive amid economic headwinds, attributing success to high staff morale and customer engagement.


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