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"Games Workshop, the model figurines manufacturer and retailer, cancelled its interim dividend as it announced a third consecutive half-year of disappointing results.
The group behind orcs, goblins and lizardmen unveiled flat sales of ?54.6m ($107.1m) in the six months to December. The slight erosion of margins to 69.9 per cent pushed the Nottingham-based company to a ?192,000 loss, compared with a ?127,000 profit in the same period of 2006.

Tom Kirby, chairman, issued a contrite note to investors. ?I?m sorry we have not done as well as we should the last two years,? he said. ?We grew fat and lazy on the back of easy success.?

Games Workshop enjoyed rapid growth as a licensee of the Lord of the Rings figures, but struggled when sales of the range flagged after the last film was released.
A broad restructuring was announced following a profits warning last January. More than a dozen unprofitable stores have been closed and the management team in the struggling continental European business was replaced.

The restructuring has not delivered quick results, as Games Workshop lost ?3m in the first six months of 2007. Shares in the group have fallen by more than half in the past 12 months.

Mr Kirby stepped down as chief executive last month, in favour of former head of sales Mark Wells.
He retains his position as chairman.

The ?200,000 loss included a ?600,000 restructuring charge, which was part of a ?6m programme to cut costs throughout the company by reducing overheads. A further charge of about ?1.4m is expected in the next six months.
It is the first time that Games Workshop has cancelled a dividend payment.

?We decided to use that money to finance our cost reduction programme, which will deliver better returns to shareholders in coming years,? said Mr Kirby.

Copyright The Financial Times Limited 2008"