Fantasy miniatures firm Games Workshop (GAW) announced record results for the 1H to November 2025.
Revenue for the period was up 17% to £316 million driven by a 25% increase in international trade sales.
Retail and online sales growth was more modest, and licensing revenue was just £16 million against £30 million previously.
Cost of sales and operating costs rose by around 10%, so operating profit rose by 28% to a record £126 million.
INTERNATIONAL SUCCESS
The firm delivered profitable sales growth in its 23 core countries and all three channels.
Regular weekly releases of new miniatures helped drive demand, with most of the firm’s 58 export markets seeing rising sales.
US tariffs impacted 1H profit by around £6 million, in line with the company’s full-year forecast of £12 million.
Margins were helped, however, by stable input prices, lower stock write-offs and efficiency gains.
MORE CASH RETURNS
Consistent with its policy of returning surplus cash, Games Workshop also announced it would pay a 110p/share dividend in May.
This takes the total payout so far for the 2025/26 financial year to 485p against 420p for the whole of 2024/25.
Stripping out trade sales, 1H underlying growth at Games Workshop was unexceptional which may explain the dip in the shares.
Moreover, the firm admitted licensing from PC and console games had been ‘challenging’ compared to the previous year.
Fans are still waiting for the live action offering with Amazon MGM Studios featuring Henry Cavill, which could go either way.
Studios have a mixed record when it comes to games adaptations, witness the Halo tv series with its mind-bogglingly bad writing.
Read the press release here: https://investor.games-workshop.com/
Read related news here: https://sharesify.com/games-workshop-ups-dividend-again/
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