In Nottingham, an army of tiny warriors is on the advance. Space Marines, Weirdboyz, Chaos Knights – and very small paint pots – are grabbing more territory as Games Workshop confirms plans for its fourth factory and buys land for two more to meet demand for its fantasy figurines.

It is the latest win for the designer and maker of miniature wargames – including the hit Warhammer franchise – which joined the FTSE 100 list of the UK’s leading companies shortly before Christmas. Its valuation has more than tripled in the past four years to just over £4.2bn – making it worth more than the airline EasyJet, the property firm British Land and the B&Q owner Kingfisher.

Started 50 years ago by three school friends, Games Workshop enjoyed a boom during the pandemic and has continued to thrive as hobbies and small treats that can be enjoyed at home have benefited from the cost of living squeeze.

It has also benefited from lucrative rights deals: signing up with Amazon last month to adapt its Warhammer 40,000 brand into films and television series and enjoying a big jump in licensing income from the launch of the Warhammer 40,000: Space Marine 2 and Speed Freeks computer games.

The announcement about expanding manufacturing capacity came as Games Workshop reported on Tuesday a 20.9% rise in sales to £299.5m in the six months to 1 December, when profits soared by a third to £127m.

Admitting that it had struggled to keep enough stock of some products on its shelves, the company said it expected to open a new site at Easter Park by July, to expand its production of the paint its fans use to decorate their kit.

It has also secured planning permission for a fourth factory at its headquarters in Nottingham, which will be completed in summer 2026, and another nearby site for future expansion.

Kevin Rountree, the chief executive, said: “It’s fair to say our results were helped by some of the excitement around media and licensing product launches. I’m told by my retail team that we had more people coming into our Warhammer stores in the period. This gave our ambassadors a great opportunity to pass on their love for the Warhammer hobby. They clearly didn’t disappoint.”

He said the group had welcomed “new customers, far and wide, to what we think is the best hobby in the world” with new editions of its Age of Sigmar and Warhammer 40,000: Kill Team games.

Games Workshop began as a mail-order business importing popular fantasy roleplaying and board games, before developing metal miniatures and distributing and publishing the Dungeons & Dragons game in Europe.

The first Games Workshop store opened in Hammersmith in 1978 and the company’s financial success is built on its army of enthusiasts who play tabletop conflict games using its collectible usually handpainted armies. Collecting, assembling and painting the figurines is a large part of the hobby.

The company declared a £50m dividend on Tuesday, taking its total payouts for the financial year to more than £100m. Staff were also paid an £8m share of profits during half year, up from £7.5m a year before.

Adam Vettese, a market analyst at investment platform eToro, said: “Games Workshop’s Warhammer series seems to be the golden goose that keeps laying eggs after reporting their best half-year performance to date.

“Warhammer is more popular than ever and especially now with multiple revenue streams to exploit its popularity, making hay while the sun shines seems to be what the firm is doing.”

However, Rountree said the company was determined not to let success go to its head: “Our business culture is built on a few important values. Key among them is humility. So, while we are very proud of our achievements, we remain grounded, pragmatic and ego free. We know through experience that, at Games Workshop, speculation is unwise and extrapolation is a fool’s game. We will therefore continue to stay focused on managing the business under all scenarios.”