LONDON (ShareCast) - War gaming model specialist Games Workshop swung into the red at the half way stage, although it said the figures were “encouraging”.

The group reported a loss before tax of £192,000 for the six months to 2 December versus a £127,000 profit the year before on revenue unchanged at £54.6m.

“We have re-established constant currency sales growth in the UK, the Americas and Asia Pacific, our gross margins remain strong, and our cost reduction programme is delivering the overhead reductions we expected,” said the company.

“The directors firmly believe that the prospects for the business remain very good,” it added.

Once again, there will be no dividend, with the firm using the cash to finance the ongoing cost reduction programme.

“The board remains confident in the future growth and profitability of the group and will resume paying dividends when appropriate,” it said.

• News Channel