Financial

Half-Yearly Report: 26 Week Period Ended 1 December 2024

20 January 202521 pages11,477 words

Summary

Games Workshop achieved record-breaking financial results for the 26-week period ended December 1, 2024, characterized by substantial growth in both core operations and intellectual property monetization. Total revenue reached £299.5 million, a significant increase from £247.7 million in the prior year, while profit before taxation rose to £126.8 million. This performance was underpinned by a 14.3% rise in core revenue, primarily driven by the Trade channel, which contributed £165.7 million. Licensing income experienced a dramatic surge, rising from £12.1 million to £30.1 million, largely due to the commercial success of the video game Space Marine 2 and the finalization of a major media deal with Amazon for film and television adaptations. Geographic expansion remains a central strategic pillar, with a particular focus on North America and Asia. The company is on track to reach 200 profitable stores in North America by May 2025 and has identified over 30 potential locations for development in Japan over the next five years. While physical retail and trade channels showed robust growth across the UK, Europe, and North America, online sales saw a slight decline of 4.2% against difficult year-on-year comparisons. To support this global scale, capital investment increased to £14.3 million, directed toward expanding manufacturing and warehousing capacity in the UK, North America, and Australia, alongside critical upgrades to IT infrastructure. The financial position remains strong with a net cash balance of £125.8 million, even after the distribution of £61 million in dividends. Despite these record results, the outlook includes careful monitoring of external risks such as potential US tariffs and ongoing cost inflation. Leadership transitions, including the appointment of a new Group Finance Director and Non-Executive Chair, coincide with a period of high digital engagement across community platforms and subscription services. The vertically integrated business model continues to demonstrate resilience, successfully converting increased global demand for the Warhammer brand into significant shareholder value.

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