Games Workshop Group PLC (LON:GAW) shares were up after the company said expects its first-half sales and profits to be ahead of last year, as trading has continued to go well for the retailer.

In a brief trading update, the owner of the wargaming franchise Warhammer said its preliminary estimates of its results for the six months to 1 December 2019 are for sales of not less than £140mln and profit before tax of not less than £55mln.

READ: Games Workshop co-founder launches €100mln fund for gaming sector

The group also said that royalties receivable are significantly ahead of the prior year driven by the timing of guarantee income on signing new licences.

For the half-year to 1 December 2018, the FTSE 250-listed firm reported constant currency revenues of £124.2mln for and operating profits of £40.8mln.

House broker Peel Hunt upped its price target to 5,000p from 4,800p, reiterating the ‘buy’ recommendation, as it increased its forecast by 9% – with full-year profit before tax estimated to be £93mln as opposed to £85mln set out previously.

Shares jumped 19% to 5,354.37p reaching all-time highs on Friday afternoon.

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