Shares at Games Workshop have reached record highs as the firm announced that it is running "ahead of expectations".

The Nottingham-based firm, which produces miniature wargames, has estimated that its revenue for the six months to 1 December 2024 will be no less than £260m, having reached £235.6m in the same period last year.

It is also expecting licensing revenue of no less than £30m, after reaching £13m in 2023.

Furthermore, its profit before tax is estimated to be above £120m, having reached £96.1m in the same period last year.

As a result of the guidance update, shares increased by more than 16% to 13,650 pence per share. This equates to a near 40% rise in 2024.

Investment director at AJ Bell, Russ Mould, said: "Games Workshop looks to have significant untapped potential in its intellectual property and fantasy worlds. Globally, it has only just begun to explore market opportunities.

"Having staff passionate about games, painting and collecting miniatures is a bonus for its store network. Rather than simply being run by people who just show up to work and perform tasks as requested, the stores are manned by individuals as keen about the subject matter as the customers. That enthusiasm can be infectious and keeps customers loyal and the tills ringing.

"Being vertically integrated, Games Workshop controls everything from design to sales, allowing efficient cost optimisation and pricing control. It continues to be a unique business on the UK market and that has helped it attract a premium valuation."

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