Shares in Games Workshop Group (LSE: GAW) rose more than 3% in early Friday trading, hitting 19,710p, after the Warhammer miniatures maker issued an upbeat full-year trading update that pointed to strong growth in its core business.
The Nottingham-based company said it expects core revenue for the 52 weeks ending 31 May 2026 to come in at no less than £625 million, a rise of more than 10% compared with £565.0 million in the prior year. The update underscored robust demand for its tabletop wargaming products as the Warhammer franchise continues to expand its global fanbase.
Profit before taxation is forecast to be no less than £265 million, edging ahead of the £262.8 million recorded in 2024/25, suggesting the company has broadly maintained its impressive margins despite ongoing cost pressures across the consumer goods sector.
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However, investors will note that licensing revenue is expected to come in at no less than £30 million — a sharp decline from £52.5 million the previous year. Games Workshop attributed no specific reason for the drop in its brief statement, though the company’s licensing arm, which covers video game and media tie-ins around the Warhammer IP, can be subject to timing differences in deal completions and royalty recognition.
The market’s positive reaction reflects relief that core trading more than compensated for the licensing shortfall. Games Workshop said it intends to publish its full 2026 Annual Report on 28 July 2026.
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