Cooling sales growth, a contraction in the gross margin, and a hefty cut to the dividend might not make many Games Workshop (GAW) shareholders very happy right now. But City analysts weren't perturbed by the miniature maker's latest set of annual results and nor was the market-at-large - the shares barely moved on their release. Adjusted pre-tax profit still came in ahead of broker Peel Hunt's forecasts and underlying trading saw a significant uptick after a disappointing December. This is something chief executive Kevin Rountree echoed: following a sluggish Christmas, a "thorough" review of the group's operations led to "four out of five months of profitable sales growth".
There are a number of new initiatives still to come as well. These include broadening price points across the range, launching new products into new markets and making better use of marketing and merchandising across the business on a global scale. Games Workshop has also overhauled the way it recruits staff, particularly in North America where the business operates 100 stores.