Games Workshop blasts its way onto the FTSE in style.

Games Workshop’s space marines and chaos lords exploding their way into the FTSE 100? It sounds like a fantasy to those of us who painted its miniatures (badly, in my case) back when they were made of lead and the hobby was a minority – even underground – pursuit.

- JAMES MOORE

But at the next quarterly review, the group will take its place among the big kids thanks to a market value that already has it looking down on the likes of EasyJet, Ocado, B&Q owner Kingfisher and property giant Land Securities.

Its latest trading statement drove a flaming axe through analysts’ forecasts; the licensing side of the business wielded the Warhammer with “not less than” £30m generated in the first six months of the financial year vs £13m last time”.

Of course, there is no licensing without the core wargaming business to drive it. But overall revenues are expected to come in at least 10 per cent higher at £260m, with profits of £120m. Warhammer figures always seemed pricey – as those of us whose parents winced at our purchasing habits can relate – but these margins show there’s solid gold in figures made of plastic.