Warhammer figures
The fantasy miniatures maker has declared a 105p dividend / Image source: Adobe
  • Q3 trading in line with expectations
  • Dividend of 105p declared
  • Record first half

Fantasy miniatures maker Games Workshop (GAW) gave its customary brief trading update and declared a dividend of 105p per share, equating to total dividends in the current financial year to 420p.

The shares traded up 2% to £102.50 on the news, taking gains over the past year to 17.3% compared with a 5% rise in the mid-cap FTSE 250 index.

The Warhammer 40,000 universe creator said trading for the third quarter to the end of February was in line with expectations.


This follows on from a strong first half which saw Games Workshop deliver record sales, profits and dividends. The company said it continues to perform well during ‘challenging’ economic times.

In reviewing the business, CEO Kevin Rountree described morale at the company as good, adding, ‘our hobbyists are having fun too’.

Games Workshop appears to be back on the front foot after a slight hiccup in 2023 when management conceded it needed to scale the business with more ‘nous’.

Rising interest rates, which have provided a headwind for the shares, are potentially in the rear-view mirror as central banks anticipate rate cuts this year.

In December 2023 the company finally signed the deal with Amazon (AMZN:NASDAQ) which grants the US firm exclusive rights in relation to films and television series set within the Warhammer 40,000 universe, together with an to license equivalent rights in the Warhammer Fantasy universe following the release of the initial Warhammer 40,000 production.

Jefferies believes Games Workshop could earn $1 million per episode, or $10 million assuming a 10-part series. In addition, Warhammer brand sales could be enhanced by TV exposure given the reported circa 200 million Prime members.


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Issue Date: 21 Mar 2024