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Games Workshop Sets Record Half-Year and Raises Dividend as Shares Dip

Strong Warhammer demand offset a licensing slump alongside a £6m tariff hit.

Overview

  • Half-year revenue rose about 11% to roughly £331m–£333m, with core hobby sales up 17.3% to £316.1m and pre-tax profit reaching £140.8m.
  • An additional 110p payout lifted total declared dividends for the financial year to £4.85 per share.
  • Licensing revenue fell to £16m from £30.1m after last year’s video-game spike, with the Amazon MGM live-action project still in development and not near monetisation.
  • Tariffs in the US reduced profit by about £6m for the period, partly offset by roughly 3.5% price increases and more stable input costs.
  • The company is adding capacity with a fourth factory in Nottingham and a new paint facility at Easter Park, while shares slipped around 2%–3% in early trading.