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Games Workshop boosts dividend amid profit and sales strength

14th Jan 2025 09:30

(Alliance News) - Games Workshop Group PLC on Tuesday hailed its "best" half-year performance but said US tariff risks were uncertain and cost inflation "constant".

The Nottingham, England-based manufacturer of miniature wargames said pretax profit rose 33% to GBP126.8 million in the 26 weeks to December 1 from GBP95.2 million a year prior.

Revenue increased 21% to GBP299.5 million from GBP247.7 million. Within this core revenue rose 14% to GBP269.4 million from GBP235.6 million and licensing revenue more than doubled to GBP30.1 million from GBP12.1 million.

Shares in Games Workshop, which was promoted to the FTSE 100 in December, were 2.6% lower at 12,890.00 pence each in London on Tuesday. The wider FTSE 100 was up 0.2%.

Core gross margin decreased to 67.5% from 69.4% reflecting increased animation and design costs, and higher inventory charges.

Core sales for the month of December 2024 are estimated to be up 12%, the firm said, its best December, with all channels performing well.

Chief Executive Kevin Rountree said it was "our best first half-year performance".

Rountree said the business does not expect any "material impact" on financial performance for the year to May 2025 following the UK's autumn budget.

However, he suggested this may drive third party input cost increases in 2025 and 2026.

"We are also facing constant cost inflation which we will continue to actively manage as part of the day job," he added.

Regarding possible US tariffs, Rountree commented: "We are awaiting confirmation, like everyone else, on the timing and magnitude of any US tariffs before we can confirm the impact on our net cash generation and other financial metrics."

Rountree said the six months had seen the successful launch of the new edition of Age of Sigmar and the launch of the new edition of Warhammer 40,000: Kill Team which continued the firm's momentum.

Games Workshop declared a dividend of 155 pence per share taking the year-to-date total to 420p per share, up from 315p per share a year ago.

By Jeremy Cutler, Alliance News reporter

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Copyright 2025 Alliance News Ltd. All Rights Reserved.

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