Shares digital

Games Workshop (GAW) – Interims PTP: -£0.2m (£0.1m) Divi n/a (4.9p)

Chairman Tom Kirby might believe that half year figures from the specialist wargaming retailer were encouraging, but few others will agree with him. Sales did grow in a number of the group's markets - here in the UK, the US and Asia Pacific region - but slumped 10% in its key continental European zone. Gross margins also fell, down 100 basis points, leaving operating profits looking pretty threadbare at just £1.1 million against £54.6 million of turnover. Panmure Gordon is forecasting EPS of 6.4p for the full year, leaving plenty of work to do given the 0.4p deficit in the first half.

Shares says: A PE of 27-odd and little hope for return of dividends make the shares look overvalued.

by: John Marshall