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Games Workshop marches on with strong revenue and profit projections

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Games Workshop LON:GAW, the Nottingham-based tabletop games and miniatures retailer, is advancing on all fronts. The FTSE250-listed figurine manufacturer has continued its positive momentum in the first six months of 2024.

The company’s shares are up 8.7% year to date, trading at GBP107.20 (on 24th June), although over one-year have only moved up around 2%. Five years ago, Games Workshop shares were changing hands at GBP49.66, 115% behind where the shares are trading this week.

As The Armchair Trader has been reporting, Games Workshop discovered a new generation of fans since the Coronavirus lockdown. The core of Games Workshop’s business is the design and manufacture of fantasy- and science fiction-inspired miniature models, that hobbyists paint and use to build armies used in large-scale tabletop battles, as well as producing and selling all of the paraphernalia associated with the gameplay.

Multi-media appeal

However, as reported, Games Workshop has taken its IP to other media and spawned a plethora of computer games, books and collectibles, and soon will be seen on the big and small screens as it develops its property for film and television.

The company is expecting revenues of at least GBP490m for the year, up GBP55m on the year previously, with licencing income up GBP5m to GBP30m. This revenue has seen Games Workshop profits anticipated to be at least GBP200m, which would be up nearly GBP30m year-on-year.

At last shout, in March, Games Workshop declared a dividend of 105p/share, which took declared dividends for 2023/24 to GBP4.20/share for the year so far, up 5p on 2022/23, paying out GBP138m. Staff also shared in the bounty, with GBP18m paid out to staff, up from GBP11m the year previously.

Bricks and mortar with growing online presence

Games Workshop has a strong bricks and mortar high street presence, with about 135 stores in the UK and around 400 worldwide, but also has a growing mail order, online business, with much room to grow. To keep pace with demand Games Workshop announced its intention to expand its manufacturing facilities in Nottingham with the construction of a new factory and logistics hub, which it plans to commission in the first quarter of 2026.

The new facilities will be built on land that the FTSE250 company already owns. The company will move its packing operations to the new factory and invest in new tooling and injection moulding facilities. The expansion programme will start in 2026 and last for about five years.


The City remains positive on the Games Workshop story, with broker Peel Hunt maintaining a ‘Buy’ rating with a target price of GBP120. We expect Games Workshop will continue its positive momentum throughout the year. The company’s share price not only reflects a loyal fanbase, but City optimism for the future plans of a well-run, cash-positive business, that boasts robust revenue and profit projections, generous dividends for shareholders, and employee rewards; prioritising both growth and shared success.

The planned expansion of their manufacturing facilities underscores Games Workshop’s commitment to meeting fan demand and their position as a leader in the miniature wargaming industry. With a strong online presence complementing their physical stores, they are well-positioned to capitalise on the global gaming market. Backed by analyst optimism, Games Workshop looks poised to keep rolling critical hits for years to come. So, if you’re looking for a company that blends passionate fandom with strategic expansion, Games Workshop might be a worthy addition to your investment portfolio.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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