FTSE 100 Live: IMF Upgrades UK Outlook, Stocks Stable, Pound Falls Again

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Games Workshop holds recent gains, China-focused stocks rally

Contribute to Games Workshop. The £3.7 billion hobby company held its ground today after a record set of annual results.

The Nottingham-based company, whose Warhammer fantasy miniatures are sold in more than 5,000 stores worldwide, is worth more than British Land and easyJet as one of the largest stocks in the FTSE 250.

Chief Executive Kevin Rountree said both the business and the hobby are “in good shape” amid the highest sales and earnings figures in three decades as a stock market firm.

Revenue increased by 13.5% to £470.8m and pre-tax profit increased by 9% to £170.6m, while £136.5m of ‘real cash surplus’ was handed over to shareholders.

The next dividend will see 145p a share paid out in September, up from 90p a year earlier. The staff also benefited from this success, each receiving £4,000 in a profit-sharing scheme.

Shares nearly doubled last fall’s level and are still within sight of the 2021 record after falling just 50 points to 11,260p today. Analysts at Peel Hunt have a price target of 12,000p.

The strong performance reflected the broader FTSE 250 Index, which fell by 9.13 points at 19,135.85.

London’s top flight rose 14.09 points to 7,692.68 thanks to gains of 3% and more by mining stocks including Rio Tinto, Anglo American and Antofagasta.

Their strong performance came after China’s Politburo pledged more policy measures to support the country’s ailing economy. It also dropped an earlier statement that “Houses are intended for living in, not for speculation.”

“The language from the official reading falls short of ‘bazooka’-level stimulation but in our view, the message is still clearly positive,” said UBS Global Wealth Management.

Hong Kong’s Hang Seng closed nearly 4% higher on the developments, with property-focused stocks and domestic equities particularly strong.

In London, shares of Prudential rose 25p to 1078.5p and Burberry improved 31p to 2213p, while Fidelity China Special Solutions rose 5p to 217 points as one of the best performing stocks in the FTSE 250 index.

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