Games Workshop’s (GAW) full-year results show a third straight year of record constant-currency sales, profit, cash generation and returns to shareholders, giving further credence to its maddeningly simple strategy of investing in its products and engaging with customers around the world. Given such a performance, it is natural to ask how much further the group has to run. On this, management is circumspect, saying it will “make no promises that we will continue to grow” – but adding somewhat reassuringly that it does not see anything that will get in the way.
The group is not acting as though it is expecting a slowdown. It has agreed a 50 per cent increase in the size of its Memphis, Tennessee, warehousing facility and is moving into a custom-built facility near Nottingham, England, investing £5m in fixtures, fittings and technology in each.