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.