Games Workshop Posts Record Half-Year as Core Trading Strength Offsets Licensing Dip

Games Workshop (LSE:GAW) delivered record results for the 26 weeks to 30 November 2025, with total revenue increasing to £332.1m from £299.5m a year earlier and operating profit rising to £140.4m from £126.1m. The performance was driven by strong core sales across all 23 core countries and all three main sales channels, more than compensating for a sharp decline in licensing revenue during the period.

Profit before tax advanced to £140.8m, while earnings per share improved to 319.9p. Strong cash generation enabled the group to continue funding dividends while investing further in its operational footprint, including expanded UK manufacturing capacity, upgrades to warehousing infrastructure and early-stage planning for a new Warhammer World flagship location in North America.

Management said the business has so far absorbed around £6m of additional US tariff costs through a combination of efficiency improvements, modest price increases and lower stock write-offs. Alongside this, Games Workshop continues to build out its licensing pipeline, with a growing slate of video game titles and screen projects in development, including live-action and animated collaborations with Amazon MGM Studios. The company also reiterated its cautious approach to artificial intelligence, emphasising the protection of its intellectual property and the importance of human-led creative processes.

Overall, the outlook is underpinned by strong financial performance, resilient core demand and positive corporate developments, although valuation remains elevated and technical indicators suggest the shares may be approaching overbought levels.

More about Games Workshop Group PLC

Games Workshop Group PLC is a UK-based manufacturer and retailer of fantasy miniatures and related products, best known for its Warhammer brand. The group sells globally through trade, retail and online channels and complements its core tabletop gaming business by licensing its intellectual property into video games and media projects, serving hobbyists and wider pop-culture audiences worldwide.