Games Workshop shares drop despite strong interim results

Shares in Games Workshop Group (LSE: GAW) fell 9.4% to 9,605.00 pence at the open on Thursday morning despite the company forecasting higher interim profits and revenues. The shares have since made a slight recovery.

The miniature wargames maker expects half-year pre-tax profit to increase by at least 12% to £94 million, with core revenue rising 11% to at least £235 million. Licensing revenue is predicted to fall 16% to £12 million.

The company also anticipates core operating profit climbing at least 16% to £82 million, although licensing operating profit is set to decrease 15% to £11 million.

Read More News:
Watches of Switzerland warns of poor UK trading

Games Workshop announced an 18% rise in its interim dividend to 195 pence per share. The company’s shares have subsequently pared some of their initial losses.

Games Workshop will release its half-year results on January 9th. Its shares are up 10% year to date, and 34% year over year.