Games Workshop Group PLC's (LSE:GAW) performance has been “even better than expected”, according to analysts at Jefferies.
The Warhammer parent company delivered a first-half result ahead of its November guidance. It revealed, with a trading update on Tuesday, core revenue of around £316 million, ahead of guidance of £310 million and first-half profit before tax was £141 million compared with £135 million previously guided.
In response, Jefferies said this came in what it called an “off-year” in the release cycle.
On costs, Jefferies said tariff costs were incurred in the period, though they were more than offset by efficiencies, a 3.5% price increase and lower stock write-offs.
The broker flagged several operational updates. It said Warhammer World US has been signed off. It also said customer engagement tracked positively. MyWarhammer registrations were up 14% and email actives were up 14%. Factory 4 was described as on track for completion in summer 2026.
One negative, Jefferies said some established UK and US stores ended the period with declining like-for-likes, albeit against tough comparisons.
Jefferies reiterated its Buy rating, which comes with a 21,000p target price (compared to today's market price of around 18,790p).