Games Workshop Group PLC

Latest Results (14.05.2026):

Games Workshop Group PLC — Half‑year (26 weeks) ended 30 November 2025 (first half of financial year 2025/26, covering Q1–Q2 2025/26): the Group posted a record first half with total revenue of £332.1m (up 10.9% at actual FX; £334.7m at constant currency), core revenue £316.1m (+17.3%), operating profit £140.4m and basic EPS 319.9p. Management highlights stronger core sales, improved margins and robust cash generation, while licensing income fell versus the prior year.

Top‑line and profitability

Core revenue rose to £316.1m (+17.3% y/y) and total revenue to £332.1m. Core operating profit was £126.1m (up from £98.1m) and operating profit £140.4m (vs £126.1m). Core operating profit margin increased to 39.9% (up 3.5 percentage points).

Margins — drivers

Core gross margin improved from 67.5% to 69.4%. Management says this was driven by manufacturing/warehousing efficiencies, lower inventory write‑downs, favourable carriage/material costs and a ~3.5% price rise that more than offset c.£6.0m of US tariff costs incurred in the period (c.£12m expected full year impact).

Licensing

Licensing revenue fell to £16.0m (from £30.1m) and licensing operating profit to £14.3m (from £28.0m). The decline reflects lower earned royalty income versus the prior period (notably Space Marine 2 in the earlier period).

Cash generation, balance sheet & returns

Cash generated from operations was £169.4m; net increase in cash pre‑dividends was £112.5m. Closing cash and equivalents were £171.1m. The Group paid £74.2m of dividends in the period (225p per share declared/paid) and says it holds an £85.0m cash buffer. No buybacks or acquisitions are planned.

Working capital & inventories

Inventories were £39.9m (up modestly year‑on‑year) with inventory provisions reduced to 11.9% of gross stock (from 17.7%). Working capital benefited from a reduction in licensing receivables (period end receivables £16.8m vs £47.0m prior year).

Channel & geographic performance

Trade channel led growth (+25.2% at actual FX), Retail +5.4% and Online +4.0%. Group opened 17 stores and closed 12 (575 stores at period end). Strong performance across core 23 countries and expansion into export markets continues.

Capex, manufacturing and projects

Capital expenditure was £15.5m (including £3.7m on Factory 4 construction); Factory 4 (Nottingham) remains on track for completion in summer 2026. Production capacity increases (62 injection moulding machines) and warehouse investments are in progress to future‑proof capacity.

Outlook and management view

Management describes the period as a record half‑year and remains focused on long‑term, profitable growth, IP protection and mitigating tariff/operational headwinds. They report they are not planning M&A or buybacks and expect to continue returning surplus cash as dividends.