Games Workshop reports record first-half results
reported record first-half results on Tuesday, driven by robust revenue growth, significant licensing income, and strong retail performance.
The FTSE 100 company said group revenue for the 26 weeks ended 1 December rose 20.9% year-on-year to £299.5m, supported by a 14.3% increase in core revenue to £269.4m and a licensing revenue surge of nearly 150% to £30.1m.
At constant currency, total revenue increased 23.4% to £305.6m.
Core operating profit grew 17.6% to £98.1m, reflecting solid sales across key markets, while licensing operating profit more than doubled to £28m.
The company attributed its performance to a successful launch of the latest editions of Warhammer: Age of Sigmar and Warhammer 40,000: Kill Team, alongside the release of popular video games such as Warhammer 40,000: Space Marine 2.
Additionally, Games Workshop concluded a significant deal with Amazon for adapting its Warhammer 40,000 universe into films and television series, expected to further capitalize on the company's intellectual property.
Retail and trade sales performed strongly, with core retail revenue growing 11.2% to £62m and trade revenue rising 21.7% to £169.2m.
However, online sales declined by 4.2% to £43m, reflecting an expected normalisation following last year's major product launches.
The firm said it continued to invest in its operations, including expanding its manufacturing and paint production capacity in Nottingham.
Plans for a fourth factory and a new warehouse in Sydney were on track, with the latter expected to be operational in the second half of the year.
Games Workshop declared a dividend of 155p per share, bringing total dividends declared in the 2024/2025 financial year to 420p per share, up from 315p a year earlier.
Looking ahead, the company said it was focussed on sustainable growth and expanding its global presence.
Notable plans included opening its first store in South Korea and expanding its footprint in Japan and North America.
The group reiterated its confidence in the Warhammer brand, bolstered by growing customer engagement, strong retail performance, and ongoing licensing success, positioning it well for continued growth in the second half of the financial year.
"I'm delighted to report our best first half-year performance," said chief executive officer Kevin Rountree.
"A huge thank you to our staff, customers, trade accounts and broader stakeholders for their ongoing support."
At 0915 GMT, shares in Games Workshop Group were down 3.17% at 12,810p.
Reporting by Josh White for Sharecast.com.
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