Games Workshop Group (LSE:GAW) reported revenue and profit before taxation at record levels for the 52-week period ended 31 May, compared with the 52 weeks ended 1 June 2025.
The Nottingham-based miniatures and fantasy IP company said the result was driven by another good performance from its core business, which spans its retail, trade and online sales channels alongside separately reported licensing income.
"Games Workshop and the Warhammer hobby are in great shape", said Kevin Rountree, chief executive.
The group's independent retailer network, its Trade channel, grew to 9,100 accounts across 71 countries during the period, up from 8,100 accounts a year earlier.
Games Workshop invested £21.9 million in its Warhammer studio during the year, with a further £7.6 million spent on tooling, mostly for new plastic miniatures, as it continues to fund new product development alongside its record financial performance.
Rountree said the company remains "customer focused" following the record year, thanking staff, trade accounts and licensing partners for their support.
News Intelligence what this means for the company
Games Workshop reported record group revenue and profit before tax for the year to 31 May, with core revenue estimated at not less than £625 million (up from £565 million prior year) and profit before tax at not less than £265 million (versus £262.8 million prior year). The Trade channel expanded to 9,100 independent retailer accounts across 71 countries, up 1,000 accounts year-on-year, while the company invested £21.9 million in studio development and £7.6 million in tooling for new miniatures—demonstrating reinvestment discipline alongside record profitability.
The company has grown core revenue by roughly 10.6% while holding profit nearly flat in absolute terms, suggesting margin compression despite record top-line performance—a dynamic worth monitoring as licensing revenue fell sharply (from £52.5 million to an estimated £30 million minimum). Trade channel expansion and continued capital deployment into product development signal confidence in the Warhammer IP, but the licensing decline warrants scrutiny on media and consumer product momentum.
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