Games Workshop Shares Rally: Announces Strong Trading Update

Games Workshop (LON: GAW) has released a trading update for the six months ended November 30, 2025, exceeding expectations and signaling continued strength in its core business.

Markets reacted positively to the news, with the stock rallying in early Thursday trading.

The company projects core revenue of at least £310 million, a notable increase from £269.4 million in the same period last year. Licensing revenue is estimated at a minimum of £16 million, down from £30.1 million in 2024/25. Despite the dip in licensing, the overall performance points to robust underlying demand for Games Workshop’s products.

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Profit before tax (PBT) is forecasted to be not less than £135 million, surpassing the £126.8 million reported in the previous year.

The robust core revenue growth strongly suggests continued consumer demand and effective sales strategies. While licensing revenue has declined, it is still a substantial figure, and overall profit before tax has increased year on year.

Driver Breakdown

• Core Revenue Growth: Indicates strong demand for Games Workshop’s primary products.
• Profitability Maintained: Demonstrates effective cost management despite fluctuations in revenue streams.
• Anticipation for Detailed Report: Markets await the full half-yearly report for a more detailed analysis.

The anticipated release of the full half-yearly report on January 13, 2026, will provide markets with a more granular view of Games Workshop’s financial health. This report will likely contain details on specific drivers of revenue growth, cost management strategies, and future outlook.