Warhammer creator Games Workshop has delivered a powerful set of half-year results, reporting a significant surge in profit and announcing major expansion plans for its Nottingham headquarters.
Core Hobby Business Drives Record Performance
The FTSE 100-listed gaming giant saw its turnover rise by 10.9 per cent to over £332 million for the six months ending 30 November 2025. This growth was overwhelmingly driven by its core hobby division, where sales of its iconic plastic miniatures jumped by an impressive 17.3 per cent to £316 million.
This robust revenue performance propelled pre-tax profit upwards by 11.3 per cent to £140 million. The company's financial strength was further underscored by its net cash position, which reached £112.5 million. This solid foundation has enabled the firm to reward shareholders with a substantial dividend of 225p per share, a marked increase from the 185p paid in the prior half-year period.
Investing for the Future in Nottingham
Capitalising on its strong cash generation and global demand, Games Workshop confirmed continued investment in its manufacturing base. The company is progressing with plans for a fourth manufacturing site in Nottingham and a new paint production facility at Easter Park.
This expansion is designed to boost output capacity and operational efficiency to meet the soaring worldwide appetite for Warhammer products. Analysts at Jefferies noted the results reflected "extraordinary year-on-year progress," particularly as the growth was achieved in what is considered an "off-year in the release cycle."
Licensing Dip and Cautious AI Stance
Not all news was positive, as the company's licensing income fell sharply to £16 million from £30 million a year earlier. This decline follows an exceptional surge linked to the *Space Marine 2* video game release. Dan Coatsworth of AJ Bell described this revenue stream as "lumpy and unpredictable," adding that the much-anticipated Amazon TV and film deal is still some way from generating meaningful income.
CEO Kevin Rountree stated the live-action project with Amazon MGM Studios remains in development. In a notable policy statement, the company also outlined a "cautious" approach to artificial intelligence, confirming it does not allow AI-generated content in its design processes and is committed to protecting its intellectual property and human creators.
The sales uplift also helped the Nottingham-headquartered business absorb approximately £6 million in tariff-related expenses, demonstrating the resilience of its core business model. With its manufacturing expansion underway, Games Workshop is positioning itself for continued dominance in the global tabletop gaming market.
