Games Workshop Delivers Record Half-Year Performance, Core Business Thrives

Games Workshop Group (LON: GAW) has announced a stellar half-yearly report for the 26 weeks ended November 30, 2025, showcasing robust growth across its core business segments.

The company’s strategic focus on producing high-quality fantasy miniatures and engaging its customer base has translated into significant financial gains.

Revenue: Core revenue surged to £316.1 million, a 17.3% increase from £269.4 million in the corresponding period last year. Total revenue, including licensing, reached £332.1 million, up from £299.5 million. At constant currency, total revenue was £334.7 million.

Profit & Margins: Core operating profit jumped to £126.1 million, compared to £98.1 million in the first half of the previous year. The core operating profit to sales ratio increased by 3.5% to 39.9%. Earnings per share rose to 319.9p, from 288.9p.

Cash & Balance Sheet: The company’s cash position remains strong, with a net increase in cash before dividends paid of £112.5 million, compared to £79.1 million. Cash and cash equivalents at the end of the period stood at £171.1 million.

Games Workshop rewarded shareholders with dividends of 225p per share declared and paid in the period, up from 185p. Cash generated from operations is up £36.9 million against November 2024 to £169.4 million.

Driver Breakdown:

• Trade Growth: Trade sales experienced substantial growth of 25.2% at actual exchange rates, driven by strong performance from telesales teams across multiple locations.
• Retail Expansion: Retail sales saw a 5.4% increase, supported by new store openings and a focus on delivering exceptional in-store experiences. The company opened 17 stores.
• Online Performance: Online sales increased by 4.0%, with the Warhammer.com webstore functioning as a crucial platform supporting both retail and trade partners.

CEO Kevin Rountree stated, “I’m delighted to report a record half-year performance. A huge thank you to our staff, customers, trade accounts and broader stakeholders for their ongoing support.”