Games Workshop Group
Game Co.34 documents
Documents
Financial106 pages
Annual Report 2026: Games Workshop Group PLC
Games Workshop Group PLC’s 2026 Annual Report details a period of robust financial growth and operational stability, characterized by a vertically integrated, debt-free business model. For the fiscal year ending May 31, 2026, the company achieved record results, with core revenue rising 10.9% to £626.8 million and profit before tax increasing to £275.7 million. This performance was supported by a strong cash position of £182.9 million, which facilitated the distribution of £160.1 million in dividends to shareholders, underscoring the firm’s commitment to consistent returns.
The company’s strategic focus remains on the long-term expansion of its Warhammer intellectual property, supported by significant capital investments in infrastructure, including a new factory and warehouse facility. While licensing revenue experienced a planned decline following the prior year’s major video game launch, the firm continues to cultivate its digital footprint through Warhammer+ and ongoing media collaborations, such as the development of a Warhammer 40,000 animated series with Amazon. Operational resilience is maintained through a conservative capital structure, diversified supply chains, and a rigorous approach to risk management, which includes stress testing against cyber threats and manufacturing disruptions.
Governance and sustainability remain central to the firm’s long-term viability. The board has prioritized internal leadership development and merit-based recruitment, while implementing comprehensive environmental targets, including a commitment to reduce Scope 1 and 2 greenhouse gas emissions by 55% over the next decade. Despite minor challenges in gender diversity metrics and legacy IT system limitations, the company maintains full compliance with the UK Corporate Governance Code. With an unmodified audit opinion from KPMG and a clear strategic roadmap, the firm enters the next period with a stable balance sheet and a focus on maintaining its competitive position in the global hobby gaming market.
- Games Workshop achieved record financial results for the fiscal year ending May 31, 2026, with core revenue rising 10.9% to £626.8 million and profit before tax reaching £275.7 million.
- The company maintains a debt-free balance sheet with £182.9 million in cash, enabling the distribution of £160.1 million in dividends to shareholders.
- Strategic growth is supported by capital investment in new infrastructure, specifically a new factory and warehouse facility to expand the Warhammer intellectual property.
- Licensing revenue declined as expected following a prior-year major video game launch, though the company is actively developing a Warhammer 40,000 animated series with Amazon.
- The firm has committed to a 55% reduction in Scope 1 and 2 greenhouse gas emissions over the next decade as part of its long-term sustainability strategy.
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Games Workshop Group
Report13 pages
Half-Yearly Report: 2014
Games Workshop Group PLC (“Games Workshop” or the “Group”) announces its half-yearly results for the six months to 30 November 2014. Six months to Six months to Revenue £56.5m £60.5m Revenue at constant currency £59.5m £60.5m Operating profit pre-royalties receivable £5.5m £6.6m Royalties receivable £0.7m £1.0m Operating profit ...
- Games Workshop Group PLC reported a 6.6% decline in revenue to £56.5 million for the six months to November 30, 2014, compared to £60.5 million in the prior year, with a constant currency decline of 1.7%.
- Operating profit decreased to £6.2 million from £7.7 million in the previous year, and pre-tax profit also fell to £6.3 million from £7.7 million.
- Basic earnings per share dropped to 14.5p from 17.7p, although a dividend of 36p per share was declared in the period, compared to none in the prior period.
- Retail sales declined by 9.7% (£2.4 million) due to restructuring in North America and Continental Europe, and reduced sales from the Nottingham Visitor Centre; Trade sales also fell by 5.1% (£1.2 million).
- Operating expenses were reduced by £3.2 million, including £2.7 million from retail channel costs and £1.0 million from the Continental European reorganization, resulting in a core business operating margin of 9.8% (down from 11.0% in 2013).
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Games Workshop Group
Report14 pages
Half-Yearly Report and Trading Update: 2015-2016
HALF-YEARLY REPORT AND TRADING UPDATE Games Workshop Group PLC (“Games Workshop” or the “Group”) announces its half-yearly results for the six months to 29 November 2015. Six months to Six months to 29 November 30 November 2015 2014 Revenue £55.3m £56.5m Revenue at constant currency £56.9m £56.5m Operating profit pre-royalties receivable ...
- Games Workshop's pre-tax profit for the year to May 29, 2016, is projected to be no more than £16 million, and December sales were below expectations across the Group.
- Revenue for the six months to November 29, 2015, decreased to £55.3 million from £56.5 million in the prior year, though it increased to £56.9 million at constant currency.
- Operating profit remained flat at £6.2 million for the six months to November 29, 2015, compared to the previous year, but core business operating profit (pre-royalties) fell by £0.8 million to £4.7 million.
- Return on capital declined from 38% in November 2014 to 36% in November 2015, attributed to increased average capital employed and a decline in operating profit before royalties.
- Royalties receivable from licensing significantly increased from £0.7 million to £1.5 million in the period.
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Games Workshop Group
Report15 pages
Half-Yearly Report: 2016-2017
Games Workshop Group PLC (“Games Workshop” or the “Group”) announces its half-yearly results for the six months to 27 November 2016. 27 November 29 November Revenue £70.9m £55.3m Revenue at constant currency £62.7m £55.3m Operating profit pre-change in accounting estimates and royalties receivable £9.7m £4.7m Impact of change in accounting estimates ...
- Games Workshop Group PLC reported significant growth for the six months to November 27, 2016, with total revenue increasing to £70.9m from £55.3m in the prior year, and operating profit more than doubling to £13.8m from £6.2m.
- Profit before tax for the period surged to £13.8m, up from £6.3m in the previous year, while basic earnings per share more than doubled to 34.0p from 14.9p.
- The company experienced sales and profit growth across all channels, with Trade revenue increasing to £29.3m (actual rates) from £22.4m, Retail to £29.2m from £21.5m, and Mail Order to £12.4m from £11.4m.
- A change in accounting estimates for amortisation of development costs and depreciation of moulding tools, effective May 30, 2016, positively impacted operating profit by £0.8m for the six months to November 27, 2016.
- Cash generated from operations saw a substantial increase, rising to £19.6m from £8.6m in the comparable period, and dividends per share declared increased to 25p from 20p.
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Games Workshop Group
Report16 pages
Half-Yearly Report: 2017
Games Workshop Group PLC (“Games Workshop” or the “Group”) announces its half-yearly results for the six months to 26 November 2017. 26 November 27 November Revenue £108.9m £70.9m Revenue at constant currency £108.6m £70.9m Operating profit pre-change in accounting estimates and royalties receivable £33.4m £9.7m Impact of change in accounting estimates ...
- Games Workshop Group PLC reported record sales and profit for the six months to November 26, 2017, with revenue increasing by 53.6% to £108.9 million (from £70.9 million in 2016) and operating profit soaring by 181.2% to £38.8 million (from £13.8 million in 2016).
- This strong performance translated into significantly higher earnings per share, which rose from 34.0p in 2016 to 97.6p in 2017, and a substantial increase in dividends declared, from 25p to 61p per share.
- Growth was broad-based, with sales and profit increasing across all regions and channels, including a 71% rise in online shop sales and a 22% increase in digital publication sales through Apple, with new distribution channels like Amazon and Audible also launched.
- The company's focus on its 'Warhammer Hobby' and continuous improvement of its miniatures range, combined with effective cost management, contributed to these record financial results and strong cash generation (£41.2 million from operations).
- Games Workshop also saw significant growth in its Trade segment (up 63.5% to £47.96 million) and Mail Order segment (up 71.2% to £21.28 million) in external revenue for the period.
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Games Workshop Group
Report15 pages
Half-Yearly Report: 2018-2019
Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the six Six months to Six months to 2 December 2018 26 November 2017 Revenue £125.2m £109.6m Revenue at constant currency £124.2m £109.6m Operating profit pre- royalties receivable £35.3m £34.5m Royalties receivable ...
- Games Workshop Group PLC reported a significant increase in revenue for the six months to December 2, 2018, reaching £125.2 million, up from £109.6 million in the same period last year.
- Operating profit and pre-tax profit also saw growth, rising to £40.8 million for the six months to December 2, 2018, compared to £38.1 million in the prior year.
- Basic earnings per share increased to 100.8p from 96.0p, and the dividend per share declared in the period rose to 65p from 61p.
- Trade segment revenue experienced substantial growth, increasing from £48.0 million to £61.4 million, while Retail revenue grew from £39.6 million to £42.6 million.
- Cash generated from operations decreased to £36.0 million from £41.2 million, primarily due to increased investment in working capital.
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Games Workshop Group
Report78 pages
Annual Report 2019
Revenue 256,574 221,304 Revenue at constant currency 255,295 221,304 Operating profit - pre-royalties receivable 69,834 64,702 Royalties receivable 11,365 9,617 Operating profit 81,199 74,319 Profit before taxation 81,296 74,270 Cash generated from operations 88,776 82,332 Earnings per share ...
- Games Workshop Group PLC reported a strong financial performance in 2019, with revenue increasing to £256,574,000 from £221,304,000 in 2018, and operating profit rising to £81,199,000 from £74,319,000.
- The company achieved a third consecutive year of record constant currency sales, profit, cash generation, and returns to shareholders, driven by its core business of producing and selling fantasy miniatures.
- Earnings per share grew to 202.9p in 2019 from 184.3p in 2018, and dividends per share declared in the year increased significantly to 155p from 126p.
- Cash generated from operations also saw a healthy increase, reaching £88,776,000 in 2019 compared to £82,332,000 in 2018.
- Despite the positive financial results, the company's return on capital decreased from 120% in 2018 to 100% in 2019, primarily due to an increase in average capital employed.
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Games Workshop Group
Report16 pages
Half-Yearly Report: Six Months to 1 December 2019
Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the six Six months to Six months to 1 December 2019 2 December 2018 Revenue £148.4m £125.2m Revenue at constant currency £145.6m £125.2m Operating profit pre-royalties receivable £48.5m £35.3m Royalties...
- Games Workshop Group PLC reported record sales and profit for the six months ending December 1, 2019, with revenue increasing by 19% to £148.4 million (16% at constant currency) and operating profit rising to £59.2 million from £40.8 million in the prior year.
- Profit before taxation increased by £17.8 million to £58.6 million, and basic earnings per share grew to 145.9p from 101.3p.
- Licensing income (royalties receivable) significantly increased by £5.2 million to £10.7 million, including £6.2 million from new license contracts, compared to £1.6 million in the previous year.
- Sales growth was observed across all channels: Trade (£76.1 million), Retail (£45.3 million), and Online (£24.2 million).
- The company declared dividends of 100p per share during the period, including a new dividend of 45 pence per share, and invested £5.7 million in capital projects.
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Games Workshop Group
Report17 pages
Half-Yearly Report: 29 November 2020
Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the six Six months to Six months to 29 November 2020 1 December 2019 Revenue £186.8m £148.4m Revenue at constant currency £188.2m £148.4m Operating profit - pre-royalties receivable £83.3m ...
- Games Workshop Group PLC reported significant growth for the six months to November 29, 2020, with revenue increasing to £186.8m from £148.4m in the prior year, and operating profit rising to £92.0m from £59.2m.
- Profit before taxation for the period reached £91.6m, up from £58.6m, and basic earnings per share grew to 226.1p compared to 145.9p in the previous year.
- Sales growth was strong across all channels, with trade sales up 33%, online sales up 87%, and retail sales broadly following government lockdown rules, contributing to a 26% overall sales increase.
- The company achieved a 75% gross margin, a 6% increase, driven by higher volumes, and maintained a controlled cost-to-sales ratio of 28% (excluding group profit share and discretionary bonus), down from 36% in 2019.
- Manufacturing output increased by 30% compared to the same period last year, with the new Warhammer 40,000 launch breaking production volume records, and the company is expanding its manufacturing capacity with a new factory nearing completion and securing additional land.
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Games Workshop Group
Report20 pages
Half-Yearly Report: 2022-2023
Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the 26 week period to 27 November 2022. 26 weeks to 26 weeks to 27 November 2022 28 November 2021 Core revenue £212.3m £191.5m Licensing revenue £14.3m £20.1m Revenue ...
- Games Workshop Group PLC reported a half-yearly revenue of £226.6m for the 26 weeks to 27 November 2022, an increase from £211.6m in the prior year, with core revenue growing to £212.3m from £191.5m.
- Operating profit decreased to £83.6m from £88.5m in the previous year, and profit before taxation also saw a decline to £83.6m from £88.2m.
- Licensing revenue significantly decreased to £14.3m from £20.1m, largely due to a high level of guarantee income on multi-year contracts recognized in the prior year.
- The company's net increase in cash before dividends paid rose substantially to £68.1m from £41.4m, and dividends per share declared increased to 165p from 100p.
- Core sales growth was observed across Retail (+9.8%) and Trade (+3.4%), with a slight decline in Online sales (-0.5%) on a constant currency basis.
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Games Workshop Group
Report20 pages
Half-Yearly Report: 26 Weeks to 26 November 2023
Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the 26 week period to 26 November 2023. 26 weeks to 26 weeks to 26 November 2023 27 November 2022 Core revenue £235.6m £212.3m Licensing revenue £12.1m £14.3m Revenue ...
- Games Workshop Group PLC reported record half-yearly revenue of £247.7m (up from £226.6m in the prior period) and profit before taxation of £95.2m (up from £83.6m) for the 26 weeks to 26 November 2023.
- Core revenue grew by 11.0% to £235.6m, with growth across Retail (+12.3%), Trade (+12.6%), and Online (+4.9%).
- Core gross margin increased significantly from 64.2% to 69.4%, primarily due to reduced inventory provision charges and lower carriage costs.
- Dividends per share declared and paid in the period increased to 195p, up from 165p in the previous comparable period.
- The company's cash and cash equivalents increased to £111.3m as of 26 November 2023, up from £90.2m at 28 May 2023.
Games Workshop Group
Report21 pages
Half-Yearly Report: 2024–2025
Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the 26 week period ended 1 December 2024. 26 weeks ended 26 weeks ended 1 December 2024 26 November 2023 Core revenue £269.4m £235.6m Licensing revenue £30.1m £12.1m Revenue £299.5m £247.7m Revenue at cons...
- Games Workshop Group PLC reported its best first half-year performance for the 26 weeks ended December 1, 2024, with total revenue reaching £299.5m, up from £247.7m in the prior year.
- Operating profit significantly increased to £126.1m for the 26 weeks ended December 1, 2024, compared to £94.5m in the same period last year, with profit before taxation at £126.8m.
- Core revenue grew by 14.3%, driven by strong performance in Trade (+21.7%) and Retail (+11.2%), although Online revenue decreased by 4.2%.
- Licensing revenue saw substantial growth, increasing from £12.1m to £30.1m, with licensing operating profit rising from £11.1m to £28.0m.
- Earnings per share rose to 288.9p for the 26 weeks ended December 1, 2024, up from 216.9p in the previous year.
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Games Workshop Group