Games Workshop Group (GAW) H1 2025 earnings summary

Executive summary

• Achieved record first-half performance with total revenue up 20.9% to £299.5m and profit before tax up 33.2% to £126.8m compared to the same period last year.

• Core revenue grew 14.3% to £269.4m, with strong growth in Trade (+21.7%) and Retail (+11.2%), while Online declined 4.2%.

• Licensing revenue surged 149% to £30.1m, driven by successful video game launches and new media deals.

• Net cash increased to £125.8m, with £61.0m returned to shareholders via dividends.

Financial highlights

• Operating profit rose 33.5% to £126.1m; core operating profit up 17.6% to £98.1m; licensing operating profit up 152% to £28.0m.

• Gross margin decreased to 67.5% (from 69.4%) due to higher inventory provisions and increased animation costs.

• Earnings per share increased 33.2% to 288.9p; dividends per share declared and paid were 185p.

• Cash generated from operations rose to £132.5m, up £15.6m year-over-year.

Outlook and guidance

• Confident in delivering profitable sales growth for the full year, despite cost inflation and potential US tariffs.

• Ongoing investment in manufacturing, IT, and global expansion, including new factories and store openings in Asia and North America.

• No plans for share buybacks or acquisitions; focus remains on organic growth and regular dividends.