FTSE round-up: Games Workshop, Centrica, Galliford Try and Moonpig

A Warhammer shop in central London. Credit: Peter Dazeley/Getty Images.

A new Games Workshop Group (LSE:GAW) dividend and upgrade for Centrica (LSE:CNA) today provided the blue-chip interest alongside stronger sessions for smaller stocks Moonpig Group Ordinary Shares (LSE:MOON) and Galliford Try Holdings (LSE:GFRD).

The fantasy Warhammer miniatures firm said it is to pay shareholders 85p a share on 21 November, taking the total so far in 2025-26 to 225p against 100p the year before.

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Games Workshop’s dividend announcements are regarded as a good guide to profit trends given that the £4.8 billion-valued company only pays them out of truly surplus capital.

Year-on-year comparisons can be skewed by the timing of dividend announcements, but Peel Hunt said today that the total level shows the company is still performing well.

The broker reiterated a price target of 16,500p and Add recommendation, which compares with today’s level of 14,530p following a rise of 38% in the past year.

Peel Hunt believes the hobby remains in good health, as shown by recent trends for My Warhammer registrations and the number of email subscribers.

The core business performed at the top end of expectations during the 2024-25 year, lifting revenues by 14.2% to £565 million. Royalties from the company’s intellectual property jumped to £52.5 million thanks largely to the Space Marine 2 video game.

In the current year, Peel Hunt said Games Workshop faced a number of headwinds including comparisons against last year’s sizeable contribution from Space Marine 2. Its forecasts also take into account a currency hit of about £10 million and tariffs of up to £12 million.

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The City firm added: “The company recently announced that it will increase pricing by about 4% in October, which should help mitigate cost increases.”

The support for Centrica shares came from Morgan Stanley after its analysts upgraded shares to Overweight and lifted their target price to 210p from 175p previously.

The British Gas owner today rose 6.2p to 169.55p, continuing the strong run since Monday’s deal with US-based X-energy to build a fleet of 12 advanced modular reactors in Hartlepool.

The bank said the shares are well placed to benefit as Centrica grows its contracted earnings and capitalises on nuclear momentum.

In particular, it said recent investments in Sizewell C and Grain LNG show that management is successfully delivering capital-expenditure into value accretive projects. Expectations for 2028 underlying earnings of £1.7 billion are about 18% ahead of the City consensus.

Moonpig neared the top of the FTSE 250 index after the online greetings card firm said a return to growth by Netherlands-based Greetz left the group on track to meet full-year guidance.

It added that strong free cash flow generation is expected to fund both ongoing investment in its growth strategy and returns to shareholders, comprising dividends and a 2026 share repurchase programmes of up to £60 million

As well as the near-term reassurance on trading, Moonpig reiterated mid-term targets of double-digit revenue growth and 25-27% adjusted margin.

UBS has a price target of 360p, noting that a year-to-date fall of 6% for the shares prior to today indicated “a disconnection between core quality and valuation”.

Peel Hunt, which is at 300p, added: “We view this as a solid update, and we have every faith that the company remains well positioned to continue gaining market share.

“We believe real performance will come when forecast momentum becomes positive, but the shares are attractively valued.”

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In the FTSE All-Share, Galliford Try rose 39.9p to 471.4p after the building and infrastructure firm posted a forecast-beating 29% rise in annual pre-tax profits to £45 million.

The results marked a fifth year of sequential growth, with increases in revenue, profit, margin and cash. Galliford also delivered a 3% divisional adjusted operating margin target a year earlier than planned, having improved this figure from 2.5% the year before.

Boosted by the government's commitment to invest in UK infrastructure and affordable housing, the group flagged a confident outlook and “high quality” £4.1 billion order book. The shares have risen by more than 60% in the past year.

Analysts at Berenberg said “Given the strong and growing order book, as well as the continued margin progress, we have increased our earnings estimates and have raised our price target from 510p to 530p.”

Panmure Liberum lifted its price target from 540p to 580p, adding that the group’s margin progress and a reduced share count contributed to an increase in its 2026 and 2027 earnings per share forecasts of 5% and 11% respectively,

Galliford is due to pay a final dividend of 13.5p a share on 5 December, increasing the total for the year by 22.6% to 19p. It also announced a new £10 million share buy back programme.