Games Workshop Group PLC reported a strong half-year performance for the 26 weeks ended 30 November 2025, with record revenue and profit figures. Key highlights include
**Revenue Growth**Total revenue increased by 10.9% to £332.1 million, with core revenue up 17.3% to £316.1 million. This growth was driven by strong performance across all channels: Trade (+25.2%), Retail (+5.4%), and Online (+4.0%).
**Profitability**Operating profit rose to £140.4 million, up from £126.1 million in the same period last year. Core operating profit increased by 29% to £126.1 million, with a core operating profit to sales ratio of 39.9%.
**Licensing**Licensing revenue decreased to £16.0 million due to lower earned income compared to the previous period, which included significant royalties from the launch of *Space Marine 2*.
**Cash Generation**Cash generated from operations increased to £169.4 million, reflecting higher operating profit and working capital changes. The company maintained a strong cash position with £171.1 million in cash and cash equivalents.
**Dividends**Dividends paid during the period totaled £74.2 million, up from £61.0 million in the previous year.
**Strategic Focus**The company remains committed to its long-term strategy of delivering high-quality fantasy miniatures, expanding its global presence, and enhancing customer engagement. Investments in manufacturing capacity, warehousing, and digital content continue to support growth.
CEO Kevin Rountree expressed satisfaction with the results, attributing the success to the dedication of staff, customers, and stakeholders. The company is also advancing its licensing and media projects, including collaborations with Amazon MGM Studios and the development of new video games and live-action content. Despite challenges like tariffs, Games Workshop has mitigated impacts through efficiencies, price adjustments, and cost management.
Overall, the company is well-positioned for continued growth, with a focus on innovation, operational excellence, and maintaining its unique culture.
| Metric | 26 Weeks Ended 30 Nov 2025 (£m) | 26 Weeks Ended 1 Dec 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Revenue | 332.1 | 299.5 | 32.6 | 10.9% |
| Core Revenue | 316.1 | 269.4 | 46.7 | 17.3% |
| Licensing Revenue | 16.0 | 30.1 | (14.1) | -46.8% |
| Operating Profit | 140.4 | 126.1 | 14.3 | 11.3% |
| Core Operating Profit | 126.1 | 98.1 | 28.0 | 28.5% |
| Licensing Operating Profit | 14.3 | 28.0 | (13.7) | -48.9% |
| Profit Before Taxation | 140.8 | 126.8 | 14.0 | 11.0% |
| Net Increase in Cash (Pre-Dividends) | 112.5 | 79.1 | 33.4 | 42.2% |
| Earnings Per Share (pence) | 319.9 | 288.9 | 31.0 | 10.7% |
| Dividends Per Share (pence) | 225 | 185 | 40 | 21.6% |
| Inventories (£m) | 39.9 | 36.3 | 3.6 | 9.9% |
| Cash and Cash Equivalents (£m) | 171.1 | 125.8 | 45.3 | 36.0% |