From tabletop to top line

Games Workshop Group (GAW) is a vertically integrated designer, manufacturer and distributor of fantasy miniatures and tabletop games, which have high customer loyalty. A combination of improved product innovation, engagement with customers, enhanced geographic distribution and leveraging its intellectual property (IP) into other media via third-party licensees has driven strong rates of revenue growth. A relentless focus on costs has delivered a step change in profitability and cash generation and an enviable return on capital that has consistently been well above 100% for its core non-licensing business. In addition to impressive rates of growth, shareholders are rewarded with a favourable distribution policy under which management ret...