Games Workshop Group PLC (LSE:GAW) shares slipped 11% as a trading update from the war games model specialist disappointed.
Revenue for the six months to 26 November 2023 will be not less than £247 million (£226 million), added the statement, up 9%, but licensing revenue dropped to £12 million (2022/23: £14.3 million).
Video games specialist Frontier Developments recently warned that the latest iteration of the Warhammer franchise, Realms of Ruin, had made a disappointing start.
Sales to date have been lower than expected, said Frontier, though were expected to build over time,
Games Workshop said the core business was still going well with revenue from models to be at least £235 million (2022/23: £212.3 million),
Group profits will also be at least £94 million (£83.6 million), with models at £82 million (2022/23: £70.7 million) though here, too, licensing will be lower at £11 million (£12.9 million)
The group said it will up its payout to employees 66% to £2,500 in cash each, costing £7.5 million and up from £4.5 million a year ago.