Will Games Workshop join the FTSE 100? The blistering rise in the fantasy figurine producer’s share price in recent years has made entrance into the premier league of London’s public market seem a case of when, not if.
The Nottingham-based group has a market capitalisation larger than many longstanding members of Britain’s corporate establishment including Marks & Spencer, Tate & Lyle, the ingredients specialist, and Pennon, the water utility.
Trading figures for the 12 months to May indicate why investors are right to have high expectations of the wargames miniaturist. Revenue leapt 34 per cent, which, thanks to the benefit of relatively fixed costs and a margin boost, translated into an operating profit growth rate of almost twice that. High cash generation
