Games Workshop shares slip despite Warhammer sales surge
Games Workshop has dished the cash back to its shareholders after a record-breaking half-year performance driven by a surge in global demand for its Warhammer miniatures.
The £6bn gaming giant – which entered the FTSE 100 in December 2024 – reported a 10.9 per cent increase in revenue, breaking £332m for the half-year ending 30 November 2025.
Growth was powered by the company’s “core” hobby business, which covers the design and sale of its famous plastic figurines. Sales soared 17.3 per cent to £316m.
This helped profit jump 11.3 per cent to £140m, as net cash reached £112.5m paving the way for future expansion.
The report on Tuesday confirmed ongoing investments in a fourth factory in Nottingham and a new paint factory at Easter Park to increase production capacity and efficiency for global demand.
Analysts at Jefferies said: “This reflects extraordinary year-on-year progress.”
They added the growth in revenue was impressive in what was considered an “off-year in the release cycle”.
Despite this, shares still took a hit in early trading falling three per cent to 18,300p.
Games Workshop hikes dividend
The firm paid dividends of 225p per share during the period – a major increase from 185p in the prior half.
The Nottingham-based company said the surge in sales helped offset roughly £6m in tariff-related costs.
But revenue from licensing took a bruising with a steep fall to £16m from £30m previously.
This followed an exceptionally high peak in royalties driven by the launch of the Space Marine 2 video game in the previous cycle.
Dan Coatsworth, head of markets at AJ Bell, said: “This source of revenue is lumpy and unpredictable, falling significantly year-on-year in the period. The much-touted TV and film rights agreement with Amazon is still a decent way off delivering meaningful revenue and cash flow to the business.
“Management recognises the need to balance the licensing opportunities to make sure Games Workshop protects its brands and doesn’t do anything to undermine the devotion of the fans which have made the business such a success story.”
Chief executive Kevin Rountree said the “live-action endeavour” with Amazon MGM Studios remains in development, which could add a major boost to the firm, but warned such deals would take several years to reach fruition.