Warhammer business continues to impress with strong results
Games Workshop, the makers of Warhammer and other hobby games, has published a full-year trading update for the 52 weeks ending 1 June 2025, showing strong results.
Games Workshop is the largest and most successful hobby miniatures company in the world. Based in Nottingham, its major brands include Warhammer and Warhammer 40,000. It also holds a licence for The Lord of the Rings/The Hobbit tabletop battle game.
Its primary business focuses on miniatures and collecting, modelling, painting and playing games with armies of them. These games are played by millions of people all across the world.
The group said that its core revenue is not expected to be not less than £560 million (2023/24: £494.7 million) while licensing revenue is expected to be around £50 million (2023/24: £31.0 million).
Core operating profit is estimated at not less than £210 million (2023/24: £174.8 million) and licensing operating profit is expected to hit £45 million (2023/24: £27.0 million).
The group’s profit before taxation is estimated to be not less than £255 million (2023/24: £203.0 million).
Games Workshop noted that licensing revenue in the period is at a record level, and that it is not expecting this to be repeated in 2025/26. Licensing remains a significant area of focus for the group and includes TV shows, books, and video games.
The group also announced that it will be making cash contributions to staff on the back of these strong results.
“As in the prior year, in recognition of our staff’s contribution to these results, and included in arriving at the PBT estimate above, we will have paid during the year Group Profit Share cash payments amounting to c.£20 million (2023/24: £18 million). These are paid in cash on an equal basis to each member of staff,” it said.
Dividends declared and paid in the year were £171.4 million, 520p per share (2023/24: £138.3 million, 420p per share).
