Consumer: Consumer goods – LSE – M cap £4,731m – Price 14,350.00p – Update
GAMES WORKSHOP GROUP
Core and licensing drive record H125 results
Games Workshop Group (GAW ) has reported record interim results, yet again. The performance is impressive given the launch of the fourth edition of Age of Sigmar (AoS) in the period was up against a strong comparative from H124 when the company launched the latest (10th) edition of its largest intellectual property (IP), Warhammer 40K. Management points to more people in its stores and the delivery of record volumes in the period. The investment in additional manufacturing capacity and land indicates management believes there is plenty of growth to aim for in the long term. We have increased our FY25 and FY26 profit estimates by c 5% and c 2%, respectively.