Related Documents
Report
Annual Report 2025
Annual Report 2025 details a landmark financial year for Games Workshop, characterized by record-breaking growth and the company’s promotion to the FTSE 100. For the 2024/25 period, total revenue rose to £617.5 million, with profit before taxation reaching £262.8 million. This performance was driven by a 14.2% increase in core sales—particularly within the trade channel and North American markets—and a near-doubling of licensing operating profit to £49.5 million, bolstered by the exceptional success of the *Space Marine 2* video game. The company continues to leverage a vertically integrated model, expanding its global footprint to 570 retail stores across 24 countries and an independent retailer network spanning 71 nations. To support this growth, significant capital investments are underway, including the construction of a fourth manufacturing facility by 2026 and a comprehensive IT systems overhaul slated for completion by 2029. While navigating macroeconomic challenges such as projected tariff impacts and supply chain disruptions, the Group maintained a robust liquidity position with £132.6 million in cash and distributed a record £20 million in profit-sharing to its workforce. Strategic priorities have shifted toward long-term value alignment, evidenced by a new remuneration policy that introduces share-based compensation for executives and a "Triennial Share Award" linked to revenue and profit targets. Sustainability remains a core focus; despite a rise in total emissions driven by global freight, the company surpassed its 2032 reduction targets for Scope 1 and 2 emissions through facility electrification. Looking forward, the Group is prioritizing internal talent development, digital engagement through Warhammer+, and a potential media partnership with Amazon to further scale the brand's global reach.
Games Workshop GroupAug 2025
Financial
Games Workshop Group PLC Annual Report FY2019
Games Workshop achieved record-breaking financial performance for the 2018/19 fiscal year, with annual revenue surpassing £250 million for the first time. Reaching £256.6 million in sales and £81.3 million in profit before tax, the company demonstrated a third consecutive year of significant growth. This expansion was driven by a 29% increase in the trade channel, particularly within North American and Asian markets, alongside a rising contribution from intellectual property royalties. To sustain this momentum, the company invested approximately £14 million in manufacturing and tooling, including a new production facility in Nottingham and global warehousing upgrades. The strategic focus centered on a centralized business model and high-quality fantasy miniatures, supported by the opening of 40 new retail stores and the addition of 600 trade accounts. Beyond core manufacturing, the company expanded its brand reach through the "Warhammer Story Forge" for animation and a development agreement for an *Eisenhorn* television series. While operating profit rose by 9%, gross margins saw a slight decline to 67.5% due to shifts in product and channel mix, and return on capital adjusted to 100% following substantial capital expenditures. Corporate governance and workforce investment remained central to operations. The workforce grew to 2,110 employees, supported by the UK living wage and a discretionary £1,500 payment to all staff in recognition of exceptional performance. Executive remuneration also saw significant adjustments following external benchmarking, with CEO total pay rising to £1.077 million. Despite increased energy efficiency at headquarters, the company’s carbon footprint rose slightly to 5,240 tonnes of CO2e. Looking forward, the company maintains a strong balance sheet with £29.4 million in cash and no utilized borrowing facilities, confirming financial viability for the next three years while navigating potential economic uncertainties related to Brexit.
Games Workshop GroupAug 2019
Report
Annual Report 2017
Games Workshop achieved record-breaking financial performance during the 2016/17 fiscal year, characterized by a 34% increase in revenue to £158.1 million and a doubling of operating profit to £38.3 million. This growth was balanced across all primary channels—trade, retail, and mail order—and supported by a robust gross margin of 72.4%. North America emerged as the largest geographic market, contributing £57.0 million to the total revenue. The company’s vertically integrated model, centered on its Nottingham manufacturing hub, produced 30 million miniatures and launched over 400 new products, while royalty income from licensed video games like Total War: Warhammer provided high-margin supplementary growth. Strategic priorities focused on long-term stability and cash generation, resulting in a 72% return on capital and a 76% increase in dividends per share. Despite this success, the period involved significant administrative and leadership transitions. Long-standing Chairman Tom Kirby announced his retirement, and the board addressed a technical breach of the Companies Act 2006 regarding an "unlawful dividend" payment of £1.9 million. This was rectified through shareholder resolutions to release directors from liability and treat the payment as a loan offset by future dividends. Operational investments included a major ERP system upgrade and a continued commitment to the UK Living Wage and universal profit-sharing, which saw a £4.9 million discretionary payment to the workforce. Environmental and governance disclosures highlight a reduction in carbon emissions and an 85% waste recycling rate. While the company maintains a conservative "survivalist" fiscal strategy, its strong liquidity position—ending the year with £17.9 million in cash and no debt—underpins its viability as a going concern through the 2020 horizon.
Games Workshop GroupAug 2017
Financial
Half-Yearly Report and Trading Update
Games Workshop maintained a stable pre-tax profit of £6.3 million for the six months ending November 29, 2015, despite a 2.2% decline in reported revenue to £55.3 million. While constant currency sales saw a marginal increase of 0.7% and licensing royalties doubled to £1.5 million, core operating profit decreased by £0.8 million. This decline was primarily driven by unfavorable exchange rate fluctuations and increased capital investment in retail infrastructure. Performance across geographic segments remained mixed, with growth in Trade and Mail Order channels offset by a notable decline in Retail sales, particularly within Continental Europe. The financial position remains supported by a profit of £4.78 million attributable to owners and a slight increase in basic earnings per share to 14.9p. Net cash from operating activities rose to £8.57 million, though total cash and cash equivalents decreased to £7.8 million following the distribution of £6.4 million in dividends. Significant investment in intangible assets continued, with £3.57 million in new additions bringing the net book value to £9.41 million, while contracted capital expenditure commitments were reduced to £867,000. Despite the stable half-year results, a cautious outlook prevails following disappointing sales figures in December. Projections indicate that full-year pre-tax profit is unlikely to exceed £16 million. While the company continues to prioritize shareholder returns and operational investment, the immediate future is tempered by the volatility of the seasonal Christmas peak and the ongoing challenges of maintaining retail momentum in international markets.
Games Workshop GroupJan 2016