Games Workshop Group — Core strength supports profit upgrade

Games Workshop Group’s (GAW’s) H126 trading update shows a strong performance by the core business with an accompanying improvement in operating margin. This is impressive given the comparatives from the two prior years when the most recent editions of its major intellectual properties were released. This also suggests good ongoing sales of new products from each of these properties, as well as other new products this year. We increase our FY26e profit by c 12% and raise our forecast dividend to £5.20 per share to be consistent with FY25 levels, despite our lower forecast profit.