REG - Games Workshop Group - Half-Yearly Report
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RNS Number : 5980O Games Workshop Group PLC 13 January 2026
GAMES WORKSHOP GROUP PLC
13 January 2026
HALF-YEARLY REPORT
Games Workshop Group PLC ('Games Workshop' or the 'Group') announces its
half-yearly results for the 26 week period ended 30 November 2025.
Highlights
26 weeks ended 26 weeks ended
30 November 2025 1 December 2024
Core revenue £316.1m £269.4m
Licensing revenue £16.0m £30.1m
Revenue £332.1m £299.5m
Revenue at constant currency £334.7m £299.5m
Core operating profit £126.1m £98.1m
£127.1m
Core operating profit at constant currency £98.1m
Licensing operating profit £14.3m £28.0m
Licensing operating profit at constant currency £14.0m £28.0m
Operating profit £140.4m £126.1m
Profit before taxation £140.8m £126.8m
Net increase in cash - pre-dividends paid £112.5m £79.1m
Earnings per share 319.9p 288.9p
Dividends per share declared and paid in the period 225p 185p
Kevin Rountree, CEO of Games Workshop, said:
"I'm delighted to report a record half-year performance. A huge thank you to
our staff, customers, trade accounts and broader stakeholders for their
ongoing support."
For further information, please contact:
Games Workshop Group PLC investorrelations@gwplc.com
Kevin Rountree, CEO
Liz Harrison, Group FD
Investor relations website investor.games-workshop.com (http://investor.games-workshop.com)
General website www.warhammer.com
See the glossary for details on the alternative performance measures (APMs)
used by the Group. Where appropriate, a reconciliation between an APM and its
closest statutory equivalent is provided.
FIRST HALF HIGHLIGHTS
26 weeks ended 30 November 2025 and 1 December 2024:
Revenue and operating profit at actual exchange rates
Core Licensing Total
2025 2024 2025 2024 2025 2024
£m £m £m £m £m £m
Trade 207.4 165.7 - - 207.4 165.7
Retail 64.1 60.8 - - 64.1 60.8
Online 44.6 42.9 - - 44.6 42.9
Licensing - - 16.0 30.1 16.0 30.1
Revenue 316.1 269.4 16.0 30.1 332.1 299.5
Cost of sales (96.6) (87.5) - - (96.6) (87.5)
Gross profit 219.5 181.9 16.0 30.1 235.5 212.0
Operating expenses (93.4) (83.8) (1.7) (2.1) (95.1) (85.9)
Operating profit 126.1 98.1 14.3 28.0 140.4 126.1
Revenue and operating profit at constant currency
Core Licensing Total
2025 2024 2025 2024 2025 2024
£m £m £m £m £m £m
Trade 209.0 165.7 - - 209.0 165.7
Retail 64.6 60.8 - - 64.6 60.8
Online 45.4 42.9 - - 45.4 42.9
Licensing - - 15.7 30.1 15.7 30.1
Revenue 319.0 269.4 15.7 30.1 334.7 299.5
Cost of sales (97.5) (87.5) - - (97.5) (87.5)
Gross profit 221.5 181.9 15.7 30.1 237.2 212.0
Operating expenses (94.4) (83.8) (1.7) (2.1) (96.1) (85.9)
Operating profit 127.1 98.1 14.0 28.0 141.1 126.1
Foreign exchange rates
Our main currency exposures are in respect of the euro and US dollars:
euro US dollar
2025 2024 2025 2024
Rate used for the balance sheet at the period end 1.14 1.20 1.32 1.27
Average rate used for earnings 1.15 1.19 1.34 1.29
INTERIM MANAGEMENT REPORT
Games Workshop and the Warhammer hobby are in great shape.
Strategy
Core business
We have again remained focused on delivering our strategic goal - to make the
best fantasy miniatures in the world, to engage and inspire our customers, and
to sell our products globally at a profit. We intend to do this forever. Our
decisions are focused on long-term success, not short-term gains.
Licensing
Has been as challenging as we thought. We did announce some new licences, more
on that below. Our small dedicated team have also remained focused on
delivering their strategic goal - driving sustainable cash growth exploiting
our intellectual property ('IP') with licensees without doing any harm to the
core business.
Summary
Another record performance from the international team. Well done, a huge
thank you to you all!
We have delivered profitable sales growth in all our core 23 countries and all
our three channels. Sales growth was driven by the release every week of new
miniatures across the whole breadth of our IP, another successful period for
sales of existing products and exciting customer engagement focused on our IP
and the multiple ways to engage in the Warhammer hobby. We also continue to
expand our own stores geographically (slightly slower than we had planned but
I'm sure we will catch up) and our dedicated export team delivered product
range support to our distributors in our 58 export countries. All but a few
continue to deliver like-for-like growth year after year. We thank them all
for their support in helping us supply Warhammer fans with our wonderful range
in all corners of the world.
Our operational plan was delivered exceptionally well, pretty much drama free,
but as always not free from its challenges. All tactical problems to solve…
life's never dull. We continued to design and make the best fantasy
miniatures in the world, improve our stock forecasting and run our
manufacturing and warehousing teams at consistently very high levels versus
their key performance indicators. All with a backdrop, in the UK, of building
our exciting (we are very proud to manufacture all of our fantasy miniatures
in the UK) new Factory 4 - which is only part of the programme of work to
improve our performance across all our factories. We are working tirelessly to
find efficiencies to mitigate additional costs of doing business
internationally. I'm proud to report that I've seen really great teamwork
across the business on this topic.
Tariffs
We reported in the 2025 annual report that new tariffs could impact profit
before tax by c.£12 million in 2025/26. We have incurred c.£6.0 million in
the period reported as a direct consequence of US tariff changes. The impact
on our gross margin has been more than offset by efficiencies, price rises of
c.3.5% on our miniatures and books, more stable commodity prices and lower
stock write offs. Our work is not done - this will remain a key area of focus.
More detail can be seen on the gross margin bridge.
Warehousing capacity
We have concluded how we are going to future-proof warehousing capacity with a
new facility in the UK.
We had great fun signing off on a new capital project to open a Warhammer
World format location in North America. We can't wait to see it open in 2027!
I'll leave it to the team to share updates to our hobbyists through our normal
communications. The best way to stay informed is through subscribing, for
free, to Warhammer-community.com: the gateway for the news on the Warhammer
hobby.
Video Games - licensing income
In the period reported our licensing partners launched Dawn of War -
Definitive Edition and Space Marine - Master Crafted Edition along with
announcements of the following upcoming games - Mechanicus 2, Warhammer
Survivors, Dawn of War IV, and Total War: Warhammer 40,000.
Media
We continue to work on some exciting projects that will bring Warhammer to
screens like never before.
Our live action endeavour is still in development with our partners: Amazon
MGM Studios, Henry Cavill and Vertigo. It is the nature of these things to
take several years, and while we wish we could tie down a release the way we
can with our core business, the reality is that, as with any licensing deal,
delivery is not in our control. We leave it to our partners to manage their
own businesses.
After a successful collaboration with Amazon MGM Studios and Blur for Secret
Level (a high-end animated anthology show), we are now meeting with writers to
determine our next step to continue the momentum gained from that episode.
In the meantime, work is almost complete on a standalone Warhammer Age of
Sigmar episode. Again, for Prime Video.
We will update you further when we have more significant milestones to share.
If you'd like to see how our IP looks in digital form, you can watch our brand
trailers, Warhammer+ content (requires a value for money subscription) or
check out episode five of Secret Level over on Prime Video.
AI
A very broad topic and to be honest I'm not an expert on it. We do have a few
senior managers that are: none are that excited about it yet. We have agreed
an internal policy to guide us all, which is currently very cautious e.g. we
do not allow AI generated content or AI to be used in our design processes or
its unauthorised use outside of GW including in any of our competitions. We
also have to monitor and protect ourselves from a data compliance, security
and governance perspective, the AI or machine learning engines seem to be
automatically included on our phones or laptops whether we like it or not.
We are allowing those few senior managers to continue to be inquisitive about
the technology. We have also agreed we will be maintaining a strong commitment
to protect our intellectual property and respect our human creators. In the
period reported, we continued to invest in our Warhammer Studio - hiring more
creatives in multiple disciplines from concepting and art to writing and
sculpting. Talented and passionate individuals that make Warhammer the rich,
evocative IP that our hobbyists and we all love.
Structure
The changes we made from the 2nd June have settled in well.
We now deliver through one strategically focused team, the operational board.
The changes have removed complexity, added the additional focus we needed to
give us the best chance of continuing our success and also offered significant
development opportunities for the most senior team at Games Workshop. Three of
the members are now group directors: they are the group finance director, the
group product director and the group operations director. The latter two will
help the board understand the value of our IP and the real challenges of
running a vertically integrated design to manufacture business. The two other
members who are absolutely integral to helping us run Games Workshop are the
operational customer and creative media director and our operational sales
director. There are still a few more changes to deliver, so far so good.
Our new country managers in Japan and Australia have been sharing their
significant experience of our business model and culture with their broader
teams. Both countries have seen performance improvements. We are currently
recruiting two new jobs: a country manager for China and one for South East
Asia. They will join our country managers in Japan and Australia as part of a
new regional management team reporting to our operational sales director. It
was a nice surprise to see China continue to grow without the support of a
'boss'. However, we know through experience that teams need local leadership
to ensure we always do business there aligned with our proven standard terms
and processes.
We are supported by our group company secretary and legal counsel and his team
as well as my executive assistant and her team.
It is worth reminding you of the flat structure we have. We don't believe
having layers of management help us deliver a better performance. Our
operational board members do have significant areas of responsibility. They
are supported, in most cases, by proven senior managers. We have identified a
small number of gaps where we need to fill: a few really exciting
opportunities to offer to some remarkable people.
Our group product director is responsible for Warhammer design studios
(miniatures, books and box games, hobby product, our publishing business -
Black Library, and creative approvals for third party licences). Our
operational customer
and creative media director is responsible for our media efforts, customer
engagement activities: our Warhammer+ and
brand trailers and our global events - he reports to our group product
director. They both ensure any content that is
produced, whether physical or virtual, truly represents our IP. They also
support me in exploiting our IP by managing the licensing team.
The responsibility for our group sales is with our operational sales director.
The group operations director manages the three factories in Nottingham and
our main warehouse facilities in Nottingham, Memphis and Sydney as well as the
service levels at our third party run warehouses in Tokyo and Shanghai. He is
also responsible for our stock forecasting and our merchandising team,
supporting all sales channels. He is also responsible for our IT services.
Our group finance director is responsible for our financial strategy and
planning, risk and cash management, reporting, accounts, people team, legal
and all compliance areas. She is also responsible for the accuracy,
completeness and validation of all the data we use.
Key areas of focus
Culture
We often get asked how we maintain our culture as we grow. It is a constant
area of focus: teaching new members of the international team what's
acceptable and what's not at Games Workshop and occasionally giving feedback
to a few existing team members of our very low tolerance for poor behaviour.
Having a senior team that is ego free managing a team of people that is also
focused on delivering the best outcomes for Games Workshop rather than
themselves, is essential. That means a focus on achieving common goals and
more importantly having self awareness (and understanding of your impact on
others) not just having great skills. A supportive environment where we all
care about others as much as we care about ourselves also helps too. Easy to
say, hard to deliver. If we get it right, and we think we do, we foster
lifelong friendships as well as delivering better financial results.
People
We really care what our staff think about how we run Games Workshop. We aim to
continuously improve how we listen to and support our staff whilst they're all
working hard to deliver our ambitious and demanding operational plans.
We seek their feedback daily through line management interactions and through
our quarterly senior management staff briefing on significant business
updates. This forum allows staff to ask questions of their senior management
team. We are working to ensure this is delivered consistently well across all
departments; if we are honest with ourselves our efforts are not yet reaching
everyone. That's the aim, so more effort is needed.
Our whistleblowing process keeps us honest too. It is actively promoted to
ensure areas where we fall short are brought to our attention and resolved.
During the period reported we improved our sign off processes to ensure a
timely response to any reports.
It is important that we continue to pay our staff a fair wage for their
efforts. This is an ongoing and significant piece of work each year, which
includes ensuring all jobs are regularly benchmarked. Our head of people has
continued to work closely with the operational board on our pay tiers ensuring
they are applied (currently confidentially) with the same level of care and
attention across the business. The Group pays ahead of the UK national living
wage for all UK employees, regardless of age. We also pay at least the local
statutory minimum wage in all countries in which we employ staff. Our life
insurance and in the US healthcare cover is part of our standard remuneration
policies. As we grow our offices internationally we ensure we pay above market
rates in all locations.
We have continued to support lifelong learning and training to develop the
skills needed to enable all our staff to be successful. Since May 2025, we
have added 391 new roles, have had 163 leavers and 125 staff have decided to
cross train and to transfer on to a new job across the business. Our staff
retention rate remains at very high levels.
Our key focus is to ensure
· We create safe, positive and supportive working environments,
· We conduct our business in a socially responsible manner and take
responsibility for ensuring people are treated with respect,
· We create a culture and environment that encourages everyone to
achieve their potential. All staff are encouraged to enhance their personal
and professional development,
· We continue to maintain and develop policies to ensure our staff
operate to high ethical standards. This includes our policy on anti-bribery
and corruption, which is applicable to all employees.
Our global induction process continues our commitment to making sure all new
starters who join Games Workshop around the world receive a positive welcome,
a consistent understanding of who we are and what we do, and an understanding
of our culture. Our culture is built on the principles of honesty, courage,
humility and inclusivity.
Our learning and development offer is translated into six languages to ensure
all our staff can participate fully in all our training, regardless of
country.
Our group wide people plan review every six months allows us to proactively
plan for the future resource needs of the business, mitigate against any
resourcing risks and identify the development needs of our staff. The plan is
critical to making sure that we have the right people, in the right jobs, at
the right time, both now and in the future.
Sharesave
The Group operates an employee sharesave scheme as a means of further
encouraging the involvement of employees in the Group's performance.
Diversity
We continue to look for those with the appropriate attitude and behaviour a
given job requires and for those who are aligned with our principles and who
are quality obsessed.
This also forms part of our approach to encourage diversity, equality and
inclusion among our workforce. All employees have had the opportunity to
undertake unconscious bias training and this is a mandatory part of the
training for all new starters. This has helped to reduce any bias which might
impact our search for the best person for every job. We continue to use a
broad range of advertising platforms to reach a wider pool of candidates with
our recruitment process and ensure our adverts use inclusive language.
Financial performance
Core sales for the month of December 2025 are slightly ahead of those for the
month of December 2024.
For the 26 weeks ended 30 November 2025, at actual exchange rates:
● Core revenue growth (+17.3%) continues across Trade (+25.2%), Retail
(+5.4%) and Online (+4.0%).
● Core gross margin has increased from 67.5% to 69.4%. The additional
cost of new tariffs has been mitigated by manufacturing and warehousing cost
efficiencies achieved on higher sales volumes; a reduction in the charge to
inventory provision (compared to the same period in the prior year) and
favourable carriage rates and material input costs.
%
Core gross margin at 1 December 2024 67.5
Tariffs -1.8
Packaging taxes -0.2
Inventory provision +1.1
Warehouse and production efficiencies +0.7
Design +0.7
Materials savings +0.5
Carriage +0.5
Price rise +0.2
Animation +0.2
Core gross margin at 30 November 2025 69.4
· Core operating expenses are up £9.6 million to £93.4 million. Staff
costs have increased reflecting pay reviews and the investment in new roles.
Spend on customer engagement increased following investment in our global
events programme and also the phasing of expenditure on brand trailers. Share
based payments includes the charge for the executive share award schemes.
£m
Core operating expenses at 1 December 2024 83.8
Staff costs +4.0
Customer engagement +2.2
New stores +1.5
IT +1.3
Share based payments +1.3
Other +0.3
Group Profit Share Scheme -1.0
Core operating expenses at 30 November 2025 93.4
● Core operating profit is up £28.0 million to £126.1 million and
core operating profit to sales ratio is up 3.5% to 39.9%.
● Licensing revenue has decreased by £14.1 million to £16.0 million,
due to a reduction in earned income during the period, the prior period
included the royalty income earned on the launch of Space Marine 2.
● Licensing operating profit has reduced by £13.7 million to £14.3
million.
● Returns to shareholders - we have paid £74.2 million in dividends
during the period (2024/25: £61.0 million).
● Foreign exchange differences - we don't actively manage foreign
exchange rates and we will continue to report the impact of any gains or
losses on our results.
Inventories
Managing the cash tied up in stock has continued to be a key driver of our
performance. Inventories have increased by £3.6 million against November 2024
to £39.9 million as we continue to invest in our offer to maintain a broad
range of price points. Our forecasting team has delivered a better consistent
performance over the reporting period. As a result, inventory provisions at
the period end decreased to 11.9% of gross stock (November 2024: 17.7%).
Cash generation
Cash generated from operations is up £36.9 million against November 2024 to
£169.4 million. This increase reflects additional operating profit of £14.3
million, and £23.1 million from the respective changes in working capital in
each period. Working capital changes mainly relate to licensing receivables
(reduction of £25.5 million), a result of the high level of earned royalty
income in the prior period.
We have continued to:
● Maintain an appropriate balance sheet to ensure we can withstand any
short-term setbacks. We hold a cash buffer of £85.0 million.
● Fund our own growth - reinvest to grow sustainably and deliver our
strategy.
● Pay regular dividends to our shareholders - we return any 'truly
surplus' cash as dividends, as and when we have excess cash.
● Purchase capital assets - £15.5 million (2024/25: £12.8 million).
Included is the build cost of Factory 4 Nottingham, and investment in
manufacturing facilities and equipment.
● Tax paid - £31.1 million, an increase of £3.8 million on 2024/25.
£m
Cash and cash equivalents at 1 June 2025 132.6
Cash generated from operations +169.4
Lease payments and related interest -7.6
Product development -8.3
Purchase of capital assets -15.5
Tax paid -31.1
Dividends paid -74.2
Other 5.8
Cash and cash equivalents at 30 November 2025 171.1
We are not planning any share buybacks or acquisitions.
Financial review of the period
Revenue
Core revenue
Reported core revenue grew by 17.3% to £316.1 million for the period. On a
constant currency basis, sales were up by 18.4% to £319.0 million; split by
channel this comprised: Trade £209.0 million (2024/25: £165.7 million),
Retail £64.6 million (2024/25: £60.8 million) and Online £45.4 million
(2024/25: £42.9 million).
Trade
Another solid performance. With some of our senior managers supporting our
Systems Improvement Programme (new trade sales system has to be fit for
purpose) it has given us the opportunity to give others a chance to run our
telesales team in Memphis. I'm delighted with the success of the pilot. I
won't embarrass the individuals by naming them, but they have once again shown
the strength in depth we have in our teams. Thank you!
During the period reported Trade achieved significant growth of 25.2% at
actual exchange rates, 26.1% at constant currency rates. The majority of our
sales to independent retailers are made via our telesales teams talking
directly to our trade accounts. Our telesales teams strive to deliver
excellent service from their locations in Memphis, Barcelona, Nottingham,
Sydney, Tokyo, Shanghai, Singapore, Hong Kong and Kuala Lumpur. In the period,
our net number of trade outlets globally increased by c.500 accounts to
c.8,600 (not including over 3,000 major chain outlets stocking some key
recruitment products).
Organic sales growth, particularly geographical spread in our smaller emerging
countries, remains an area of focus in the period ahead. We are delighted that
the Warhammer hobby continues to spread globally.
It's worth repeating; a large number of independent retailers also sell our
products online, meaning our customers have more choice than ever about where
to buy Warhammer. It's also worth reminding you, as we have done in previous
updates, that our success with our independents is not completely in our
control. The viability of these stores is completely dependent on the store
owner and their choices on what to sell. Most are reliant on a mix of other
product lines to maintain that viability e.g. collectible cards and board
games.
Retail
We believe our stores are the best place to start your Warhammer hobby
journey. Our stores are filled with staff who have extensive Warhammer
knowledge, build local communities, and offer Warhammer hobby guidance and
support. It is an essential and unique customer service offer that we are
proud of. Retail finished the period reported with growth of 5.4%. We were a
little disappointed that some of our most established stores with some of our
proven store managers in the UK and US and with some great regional/territory
managers finished the period in like-for-like decline. Yes, they had tough
comparatives, but we all had plenty of time to get together and plan for the
period. I might be being a bit harsh on us, but I know we are way better than
these results.
Store numbers, openings and closures during the period:
Stores at Stores at Single staff stores at Single staff stores at
1 June 2025 Opened Closed 30 November 2025 30 November 2025 1 June 2025
UK 134 3 3 134 84 84
North America 201 3 2 202 160 163
Continental Europe 167 7 4 170 127 125
Australia and New Zealand 48 1 3 46 33 35
Asia 20 3 - 23 20 17
570 17 12 575 424 424
In the period we opened, including nine relocations, 17 stores. They were well
received by our fans. After closing 12 stores our total number of stores at
the end of the period was 575. The performance of each store will be kept
under review and any stores that do not meet our financial model will probably
be closed.
Retail sales in North America are up 2.9% to record levels at £24.9 million.
In the UK Retail is up 2.3% to record levels at £18.0 million. This includes
the sales from our Warhammer World store located at our HQ.
Retail sales in Continental Europe are up 16.2% to record levels too at £15.1
million.
Retail sales in ANZ are down 9.8% to £3.7 million. Our new country manager
has some work to do and I know he's up for the challenge.
In Asia, Japan Retail sales are up 25.0% to £2.0 million. Our two stores in
Singapore and Malaysia have performed ok, still room for improvement. Our
three stores in China performed much better. It highlights again how important
getting all the details right is to running community 'hobby centres'. Our
confidence in our stores in this region selling what we send to them has
improved significantly and so they get more stock.
Our new store openings have continued to follow our low cost model. Managing
rents and shop fits has again been challenging during the period with the
average rent increase at c.2% at constant currency. The average capex at
c.£45,000 has been in line with our low cost financial model. All but a few
of our stores remain profitable at these new levels. Our larger multi person
stores continue to perform within their multi staff model too: our North
America retail team are still looking forward to finding a new location for a
café format store on the east coast.
Ensuring we always recruit great store managers and offer our customers an
exceptional in-store experience remains a priority for us. We have had no
issues during the year recruiting store managers.
Online
Reported Online sales have increased by 4.0% compared to the same period last
year. Excluding digital sales, Online sales increased by 3.9% or £1.2
million. There was an increase of 19.2% (£0.8 million) to £5.2 million of
orders from home and picked up in a Warhammer store (reported in Online).
Our Warhammer.com webstore functions as more than just our B2C online shopping
channel. It fully supports our retail stores and trade partners, acting as a
virtual stockroom portal, allowing us to offer the widest possible Warhammer
range to every customer. We're not precious about where our customers shop -
only that they can do it how they want, wherever they are.
There has been a 13.3% (£1.2 million) increase to £10.4 million in the
period in 'Direct through Trade' (trade account orders processed on the online
platform reported in Trade). There was a 1.9% (£0.1 million) increase to
£7.5 million in the period of sales of products ordered through our in-store
terminals (reported in Retail).
Licensing revenue
Royalty income decreased in the period by £14.1 million to £16.0 million (at
constant currency rates, a decrease of £14.4 million to £15.7 million), of
which 86% is from PC and console game licences. Earned income decreased by
£11.2 million to £14.9 million following the performance of Space Marine 2
in the prior period. The fair value of fixed income on multi year contracts is
recognised in full at the inception of the contract where our performance
obligations have been completed. Fixed income amounts under licensing
contracts were £1.1 million (2024/25: £4.0 million). As at the period end
date we had receivable balances of £12.5 million (2024/25: £30.0 million)
falling due in the year ahead. The total licensing receivables balance at the
period end was £16.8 million (2024/25: £47.0 million).
Total revenue
Total revenue has increased by 10.9% to £332.1 million at actual exchange
rates, at constant currency total revenue increased by 11.8% to £334.7
million.
Design
Our Warhammer Studio remains focused, as always, on designing the best fantasy
miniatures in the world.
We began the year with the formidable 'Space Wolves' for 'Warhammer 40,000'
which set a new record for army box sales - a format specifically designed for
hobbyists who want 'all the new miniatures' in a release.
'Kill Team', the skirmish game set in the 'Warhammer 40,000' universe,
continues to grow in popularity with several of the new box sets selling out
on launch. Disappointing passionate Warhammer hobbyists is never our goal, and
making 'just enough' stock is a constant challenge.
July saw the launch of the new edition of 'Horus Heresy', in support of some
fabulous new miniatures, while November saw us announce 'The Scouring', the
next series of novels in this epic saga.
The highlight for 'Age of Sigmar' was probably the 'Helsmiths of Hashut', a
fresh take on an army from the very early days of Warhammer which was warmly
received by both new hobbyists and those of us old enough to remember the
originals.
'Grand Cathay' the new faction for 'Warhammer: The Old World' received more
wonderful models along with Chinese language books as we continue to provide
localisations for Warhammer across the world.
Finally, as part of the run up to Christmas, we released 'Blood Bowl - Season
3', the latest version of the irreverent game of fantasy football, ahead of
its 40 year anniversary next year.
Manufacturing
Our manufacturing focus has remained, as always, on producing the best fantasy
miniatures in the world.
We have continued to increase our manufacturing capacity; the construction of
our fourth factory in Nottingham is on track for completion in the summer of
2026.
Alongside this, we have redesigned the layout of our existing Factory 2 to
allow more injection moulding machines to be installed. We now have 62
injection moulding machines, up seven in the period reported. We have
completed renovations on our new Easter Park (Nottingham) paint factory with
new office space built and manufacturing infrastructure installed. Our
continuous improvement team has implemented a range of initiatives to improve
our efficiency across all areas of production and tooling.
Our new car park, next door to our component warehouse, has opened adding 90
much needed spaces.
In line with our aim to sell what we make, our merchandising (forecasting)
team has managed stock tightly in the period and this has reduced our excess
stock and reduced our stock write-offs.
Total production costs have increased by £1.8 million to £15.1 million,
mainly due to increased staff costs of £1.5 million; as a percentage of core
sales, production costs have reduced from 4.9% to 4.8%.
Warehousing
Our warehousing, logistics and distribution focus has been driving
efficiencies and improving the service delivered to our customers.
UK
Our Lenton and EMG facilities have delivered increased volumes and helped us
mitigate tariffs through end-to-end efficiencies. To future-proof our service
levels we are in negotiations to secure an additional warehouse facility in
the UK. We will take the opportunity to implement a later generation of
robotics when this site opens in 2027. More details on this project to follow
in the annual report. We have seen less external supply chain disruption than
in previous periods, no strikes or port backlogs to mention, we remain
prepared for when the inevitable next external challenge comes along.
North America
The third shift we expanded earlier in 2025 has become fully embedded and made
a significant contribution to the additional output achieved year to date.
Here too the team has focused on efficiencies and has improved our cost to
sales metrics through a range of continuous improvement initiatives.
Australia
Ten months in, the team that operates our facility in Leppington has performed
very well. With transitional issues addressed the dedicated team is absolutely
focused on improving our customer service for the future.
Total warehousing costs have increased by £1.1 million to £17.1 million,
this includes increases in staff costs of £1.2 million, partially offset by a
reduction of £0.2 million on packaging and consumables; as a percentage of
core sales warehousing costs have reduced from 5.9% to 5.4%.
Service centres
The service centre teams have continued to support the global business;
supporting staff to succeed in their jobs, helping us expand into new
countries as well as guiding us through the significant tax reporting and
returns we do in 40 countries. They work alongside our trade accounts to
manage credit limits across c.8,600 accounts as well as ensuring our 3,600
staff working in 25 countries and c.4,500 suppliers are all paid on time.
IT
We have continued to make progress in our multi year Systems Improvement
Programme (SIP). We achieved a key milestone in the period with the roll out
of our global retail point of sale system in Australia and New Zealand. The
next significant milestone in this programme will be the implementation of
sales order, order management and finance systems in Australia and New
Zealand, this is planned for the second half of this financial year. We are
not complacent; we know the integration of our new solutions will still cause
us disruption. We are better prepared for it.
As previously highlighted, the investment in SIP across the rest of the world
will be completed in the financial year 2028/29. We will continue to use and
support our legacy systems until SIP is complete.
Customer Engagement
We continue to support the recruitment efforts of our sales channels through
engaging, informing and inspiring our global community, and by making new
people aware of Warhammer. We continue to focus our efforts on six of our own
key areas:
Our stores
For decades, the staff in our retail stores have worked cheerfully and
relentlessly to offer great customer service and more importantly recruit ever
more new customers into the Warhammer hobby. Our stores continue to be the
best place to start your hobby journey with us. We continue to offer free
introductory experiences: receive your first model, learn how to build and
paint it, and play an exciting game with store staff. Of our 575 stores, 424
are low cost, 148 are multi person operating extended hours and we have three
café format stores: two in the US and one in Japan. The Warhammer Alliance
schools programme has c.6,600 active school and library clubs signed up
worldwide, supporting young people in improving their engineering, arts, and
maths skills.
Warhammer community
Warhammer-community.com remains the cornerstone of our online presence, and
the best place to come for all the latest news from our Warhammer universes.
We have invested further in our online content, including support for
non-English language markets, to better support the global nature of our
wonderful hobby. This continues to drive more people visiting more often.
My Warhammer
This single login gives access to our webstore and related apps. As at the
period end, we have c.790,000 active users (November 2024: c.695,000). We
define active users as someone who has engaged with us online in the last six
months.
Warhammer+
Our subscription service for Warhammer fans is in its fifth year. Packed with
original animated shows, tutorials and much more, it continues to extend the
ways in which everyone can explore the worlds of Warhammer.
We will continue to invest in the exciting content delivered through
Warhammer+ and it will remain an integral part of our digital offer and how we
share our IP. Subscriber numbers at the period end were c.248,000 (November
2024: c.207,000).
Email
Our email campaigns continue to be one of our most effective methods of
communication. Subscriber numbers, defined as people who opened one of our
emails in the last six months, at the period end were c.720,000 (November
2024: c.629,000). We also continue to see a positive trend of subscribers
opening at least one email a month up 7% on the prior period.
Events
Core to our strategy and our continued success is engaging with our loyal
hobbyists at physical locations. In the period, we have exhibited at or
delivered 15 major events across three continents, putting Warhammer in front
of nearly one million attendees and engaging over 50,000 new customers
directly through gaming demos and paint-and-take experiences. We also
delivered the largest World Championships of Warhammer to date, watched online
by over 1.5 million unique viewers for 16 million minutes, and welcoming
nearly 1,000 participants from 49 countries reinforcing Warhammer's position
as a truly global, unified hobby.
We currently support over 2,000 clubs and independent Warhammer organisers
globally. We look forward to delivering even more in this space in the coming
months, particularly in new and emerging markets.
Total customer engagement operating expenses (excluding the cost of running
our Warhammer stores) have stayed relatively low in line with our core
operational plan. Excluding Warhammer+ animation costs (which are reported in
cost of sales), they have increased by £2.2 million to £6.5 million; as a
percentage of core sales they have increased from 1.6% to 2.1%, due to the
phasing of spend on our animated brand trailers, and increased investment in
our events programme.
Capital investment
In the period reported we invested £15.7 million (2024/25: £14.3 million).
This includes £3.7 million on moulding tools, £3.7 million on Factory 4
construction and £3.4 million on our manufacturing facilities and equipment.
We spent £2.3 million on improvements and maintenance to our Nottingham HQ
site, including car parking facilities and roof repairs. In addition we
continued to invest in our retail stores (£1.0 million), warehouse facilities
(£0.6 million) studio equipment (£0.4 million) and computer equipment,
software and other equipment (£0.6 million).
Risks and uncertainties
The board has overall responsibility for ensuring risk is appropriately
managed across the Group. We continue to take a bottom-up and top-down
approach to managing risks in line with our risk appetite, which ensures the
appropriate escalation and consideration of any emerging risks or changes to
existing identified risks.
Our operational risks are monitored at regular meetings attended by the
operational directors and coordinated by the group company secretary and
general counsel. The operational directors are responsible for managing these
operational risks and the mitigation activities for their areas of the
business.
Our key strategic risks (principal risks) are regularly reviewed by the board,
and are described below. The board considers no fundamental changes are
necessary to the risks as presented in the last annual report.
IP protection
Development and exploitation of our IP is fundamental to our future growth.
Failure to protect our IP erodes our competitive advantage and undermines our
reputation. An IP steering committee, chaired by the group product director,
is in place with oversight of IP compliance processes, and ensures on-going
review of our IP protection resources and capabilities. It is supported by our
specialist legal, IP and archiving teams who work closely together to ensure
IP consistency and correctness, and take timely and appropriate action against
infringements. Our teams work very closely with all of our licensing partners
to ensure their interpretation of our IP is authentic. We thank them all for
their collaborative approach.
Cyber security, data and systems
Our IT systems and the use of third party cloud storage and hosting systems
are critical to our ability to operate, manufacture and distribute our
products to customers. Whilst it is impossible to completely protect ourselves
from the inherent business risk of a cyber attack we continue to focus on
taking reasonable steps to mitigate it. An IT security steering committee,
chaired by the group operations director, governs all our information security
and data privacy risks and mitigation plans, supported by subject matter
experts who advise and support all departments across the business, as
required. In the period reported we have upgraded our UK servers to better
protect our critical systems, increase our resilience, and strengthen our
ability to recover from incidents. Our Security Operations Centre conducts 24
hour monitoring and response management. Cyber risk and data protection
training is compulsory for all employees and our incident management plans are
regularly reviewed by the group operations director.
Global distribution and supply disruption
Our hobby and business operations have increasingly global reach, and we are
dependent on key global distribution suppliers and supply chains. Global
supply chain disruption, instability and increasing environmental legislation
may negatively impact our manufacturing and distribution operations, and our
ability to meet demand and fulfil orders. Business continuity planning is in
place for short term disruption to ensure we can continue trading, but there
is an inherent risk that this may not be possible in all scenarios.
Nevertheless, we undertake on-going reviews of our international supply chain
activity to ensure we react quickly and reduce risk of distribution supplier
failure by working with multiple suppliers.
Loss of key manufacturing and warehousing facilities
As a vertically integrated business, we are dependent on our key manufacturing
and warehousing sites in Nottingham and Memphis in order to manufacture and
deliver products to our customers and run our business. Failure to ensure
continuous supply from our key manufacturing and warehousing facilities due to
physical damage, lack of capacity or IT systems failure or the effect of
climate change could lead to the inability to supply customers. We collaborate
with carefully selected and vetted suppliers to ensure early identification
and rectification of issues or disruption. Our manufacturing risk register and
compliance measures reduce the likelihood of major events and limit their
impact, be that fire prevention or quick recovery from flooding. Our
investment in additional factory and warehouse sites also gives us the
opportunity to spread the risk. Business continuity plans and business
interruption insurance are also in place. Our on-going approved IT programme
is continuing to improve system recovery times. We have a dedicated team that
continues to help us develop a clearer understanding and better mitigation of
climate related risks, as much as we can.
Going concern
After making appropriate enquiries, the directors have a reasonable
expectation that the Group has adequate resources, in light of the level of
cash generation, to continue in operational existence for at least twelve
months from the date of approval of the condensed consolidated interim
financial information. For this reason, they have adopted the going concern
basis in preparing this condensed consolidated interim financial information.
Statement of directors' responsibilities
The directors confirm that this condensed consolidated interim financial
information has been prepared in accordance with IAS 34, 'Interim Financial
Reporting', as adopted by the United Kingdom, and that the interim management
report herein includes a fair review of the information required by DTR 4.2.7
R and DTR 4.2.8 R, namely: an indication of important events that have
occurred during the first six months and their impact on the condensed set of
financial statements, and a description of (i) the principal risks and
uncertainties for the remaining six months of the financial period; (ii)
related party transactions in the first six months and (iii) any changes in
the related party transactions described in the last annual report.
Since the annual report for the 52 week period to 1 June 2025 there have been
the following appointments to the board:
● Neil Tomlinson appointed group operations director with effect from 2
June 2025;
● Max Bottrill appointed group product director with effect from 1
December 2025;
● Nilufer Kheraj appointed non-executive director with effect from 1
January 2026; and
● Randal Casson appointed chair of the Remuneration Committee with
effect from 1 January 2026.
In addition, Kate Marsh, non-executive director and chair of the remuneration
committee stepped down from her position on the board on 31 December 2025. The
nomination committee is continuing the search for a further non-executive
director.
A list of all current directors is maintained on the investor relations
website at investor.games-workshop.com.
Social responsibility
We have a clear plan and agreed priorities. We continue in our commitment to
diversity and inclusion at Games Workshop, we collect data on the ethnicity of
all of our staff.
Sustainability - climate change
We remain committed to delivery of our 2032 scope 1 and 2 carbon emission
target and are pleased to report that, at this stage, we remain firmly on
track. We'll share more detail in the next annual report. Results from our UK
wide in-store sprue recycling scheme have remained successfully in line with
our targets. We have expanded this scheme to Warhammer stores across France
and America in the period reported and are working closely with the
authorities in Germany to gain approval for implementing there too.
Outlook
I'm delighted to report a record first half-year performance. A huge thank you
to our staff, customers, trade accounts and broader stakeholders for their
ongoing support.
By order of the board
Kevin Rountree
CEO
Liz Harrison
Group FD
13 January 2026
CONSOLIDATED INCOME STATEMENT
52 weeks ended
26 weeks ended 26 weeks ended 1 June 2025
Notes 30 November 2025 1 December 2024 £m
£m £m
Core revenue 316.1 269.4 565.0
Licensing revenue 16.0 30.1 52.5
Revenue 2 332.1 299.5 617.5
Cost of sales (96.6) (87.5) (172.5)
Core gross profit 219.5 181.9 392.5
Licensing gross profit 16.0 30.1 52.5
Gross profit 235.5 212.0 445.0
Operating expenses 2 (95.1) (85.9) (183.7)
Core operating profit 126.1 98.1 211.8
Licensing operating profit 14.3 28.0 49.5
Operating profit 2 140.4 126.1 261.3
Finance income 1.2 1.4 2.9
Finance expenses (0.8) (0.7) (1.4)
Profit before taxation 3 140.8 126.8 262.8
Taxation 4 (35.3) (31.6) (66.7)
Profit attributable to owners of the parent 105.5 95.2 196.1
Basic earnings per ordinary share 5 319.9p 288.9p 594.9p
Diluted earnings per ordinary share 5 319.3p 288.4p 593.5p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
26 weeks ended 26 weeks ended 52 weeks ended
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Profit attributable to owners of the parent 105.5 95.2 196.1
Other comprehensive income
Exchange differences on translation of foreign operations 0.2 0.3 (0.2)
Other comprehensive income for the period 0.2 0.3 (0.2)
Total comprehensive income attributable to owners of the parent 105.7 95.5 195.9
CONSOLIDATED BALANCE SHEET
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Notes
Non-current assets
Goodwill 1.4 1.4 1.4
Other intangible assets 8 24.1 22.0 23.6
Property, plant and equipment 9 72.3 62.9 64.9
Right-of-use assets 10 48.3 45.5 44.0
Deferred tax assets 13.1 14.5 12.3
Non-current receivables 11 6.4 18.1 9.3
165.6 164.4 155.5
Current assets
Inventories 39.9 36.3 39.7
Trade and other receivables 12 54.3 66.4 52.1
Current tax assets 1.4 3.3 3.1
Cash and cash equivalents 171.1 125.8 132.6
266.7 231.8 227.5
Total assets 432.3 396.2 383.0
Current liabilities
Lease liabilities (12.3) (9.8) (11.2)
Trade and other payables 13 (53.6) (50.3) (50.5)
Current tax liabilities (3.0) (6.2) (1.0)
Provisions for other liabilities and charges (0.7) (0.9) (0.9)
(69.6) (67.2) (63.6)
Net current assets 197.1 164.6 163.9
Non-current liabilities
Lease liabilities (37.5) (36.6) (34.0)
Other non-current liabilities (1.3) (0.7) (1.1)
Deferred tax liabilities (2.2) (0.9) (1.6)
Provisions for other liabilities and charges (2.5) (2.0) (1.9)
(43.5) (40.2) (38.6)
Net assets 319.2 288.8 280.8
Capital and reserves
Called up share capital 1.7 1.6 1.6
Share premium account 27.6 23.2 23.4
Other reserves 0.8 1.1 0.6
Retained earnings 289.1 262.9 255.2
Total equity 319.2 288.8 280.8
CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY
Called up Share premium account Other reserves Retained earnings Total
share capital £m £m £m equity
£m £m
At 1 June 2025 and 2 June 2025 1.6 23.4 0.6 255.2 280.8
Profit for the 26 weeks to 30 November 2025 - - - 105.5 105.5
Exchange differences on translation of foreign operations - - 0.2 - 0.2
Total comprehensive income for the period - - 0.2 105.5 105.7
Transactions with owners:
Share-based payments - - - 1.9 1.9
Shares issued under employee sharesave scheme 0.1 4.2 - - 4.3
Deferred tax credit relating to share options - - - 0.7 0.7
Dividends paid to Company shareholders - - - (74.2) (74.2)
Total transactions with owners 0.1 4.2 - (71.6) (67.3)
At 30 November 2025 1.7 27.6 0.8 289.1 319.2
Called up Share premium account Other reserves Retained earnings Total
share capital £m £m £m equity
£m £m
At 2 June 2024 and 3 June 2024 1.6 21.6 0.8 227.4 251.4
Profit for the 26 weeks to 1 December 2024 - - - 95.2 95.2
Exchange differences on translation of foreign operations - - 0.3 - 0.3
Total comprehensive income for the period - - 0.3 95.2 95.5
Transactions with owners:
Share-based payments - - - 0.6 0.6
Shares issued under employee sharesave scheme - 1.6 - - 1.6
Deferred tax credit relating to share options - - - 0.7 0.7
Dividends paid to Company shareholders - - - (61.0) (61.0)
Total transactions with owners - 1.6 - (59.7) (58.1)
At 1 December 2024 1.6 23.2 1.1 262.9 288.8
Called up Share premium account Other reserves Retained earnings Total
share capital £m £m £m equity
£m £m
At 2 June 2024 and 3 June 2024 1.6 21.6 0.8 227.4 251.4
Profit for the 52 weeks to 1 June 2025 - - - 196.1 196.1
Exchange differences on translation of foreign operations - - (0.2) - (0.2)
Total comprehensive income for the period - - (0.2) 196.1 195.9
Transactions with owners:
Share-based payments - - - 1.3 1.3
Shares issued under employee sharesave scheme - 1.8 - - 1.8
Deferred tax credit relating to share options - - - 1.7 1.7
Current tax credit relating to exercised share options - - - 0.1 0.1
Dividends paid to Company shareholders - - - (171.4) (171.4)
Total transactions with owners - 1.8 - (168.3) (166.5)
At 1 June 2025 1.6 23.4 0.6 255.2 280.8
CONSOLIDATED CASH FLOW STATEMENT
26 weeks ended 26 weeks ended 52 weeks ended 1 June 2025
30 November 2025 1 December 2024 £m
Notes £m £m
Cash flows from operating activities
Cash generated from operations 7 169.4 132.5 311.5
UK corporation tax paid (28.3) (25.5) (58.1)
Overseas tax paid (2.8) (1.8) (6.0)
Net cash generated from operating activities 138.3 105.2 247.4
Cash flows from investing activities
Purchases of property, plant and equipment (15.4) (12.5) (24.0)
Purchases of other intangible assets (0.1) (0.3) (0.5)
Expenditure on product development (8.3) (8.4) (16.4)
Interest received 1.3 1.4 2.9
Net cash used in investing activities (22.5) (19.8) (38.0)
Cash flows from financing activities
Proceeds from issue of ordinary share capital 4.3 1.6 1.8
Repayment of principal under leases (6.8) (7.2) (12.3)
Lease interest paid (0.8) (0.7) (1.4)
Dividends paid to Company shareholders (74.2) (61.0) (171.4)
Net cash used in financing activities (77.5) (67.3) (183.3)
Net increase in cash and cash equivalents 38.3 18.1 26.1
Opening cash and cash equivalents 132.6 107.6 107.6
Effects of foreign exchange rates on cash and cash equivalents 0.2 0.1 (1.1)
Closing cash and cash equivalents 171.1 125.8 132.6
The following notes form an integral part of this condensed consolidated
interim financial information.
NOTES TO THE FINANCIAL INFORMATION
1. Basis of preparation
The Company is a limited liability company, incorporated and domiciled in the
United Kingdom. The address of its registered office is Willow Road, Lenton,
Nottingham, NG7 2WS.
The Company has its listing on the London Stock Exchange.
This condensed consolidated interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the 52 week period ended 1 June 2025 were
approved by the board of directors on 28 July 2025 and have been delivered to
the Registrar of Companies. The report of the auditor on those accounts was
unqualified, did not contain an emphasis of matter paragraph and did not
contain any statement under either section 498 (2) or section 498 (3) of the
Companies Act 2006.
This condensed consolidated interim financial information has not been audited
or reviewed pursuant to the Auditing Practices Board guidance on 'Review of
Interim Financial Information' and does not include all of the information
required for full annual financial statements.
This condensed consolidated interim financial information for the 26 week
period ended 30 November 2025 has been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Conduct Authority and with
IAS 34, 'Interim Financial Reporting' as adopted by the United Kingdom. The
condensed consolidated interim financial information should be read in
conjunction with the annual financial statements for the 52 week period ended
1 June 2025 which have been prepared in accordance with IFRSs as adopted by
the United Kingdom.
After making appropriate enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. For this reason, they have adopted the
going concern basis in preparing this condensed consolidated interim financial
information.
This condensed consolidated interim financial information was approved for
issue on 13 January 2026.
This condensed consolidated interim financial information is available to
shareholders and members of the public on the Company's website at
investor.games-workshop.com.
The preparation of interim financial information requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities,
revenues, and expenses. Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial information, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the 52 week period
ended 1 June 2025.
Taxes on income in the interim periods are accrued using the tax rate that
would be applicable to expected total annual earnings.
The accounting policies applied are consistent with those of the annual
financial statements for the 52 week period ended 1 June 2025, as described in
those financial statements.
Changes in accounting policies
IFRS 18 'Presentation and disclosure in financial statements' will replace IAS
1 'Presentation of financial statements' for the period commencing 31 May
2027, and will require:
- Classification of income and expenses into the following categories:
operating, investing, financing, discontinued operations and income tax. A
newly defined subtotal of operating profit is required, which will be used as
the starting point when presenting operating cash flows within the statement
of cash flows. Net profit will not change.
- Disclosure of management-defined performance measures within a single note.
The Group is in the process of assessing the impact of IFRS 18 with respect to
the above requirements, and in determining how information is grouped in the
financial statements, including for items currently labelled as 'other'.
The Group considers that there are no other new accounting standards,
amendments or interpretations issued by the IASB, but not yet applicable,
which have had, or are expected to have a significant effect on the financial
statements.
2. Segment information
As Games Workshop is a vertically integrated business, management assesses the
performance of sales channels and manufacturing and distribution channels
separately. Share-based payment charges and Group Profit Share Scheme charges
to employees have all been included in core operating expenses.
At 30 November 2025 Games Workshop has two segments, core and licensing:
- Core: the core segment includes all revenue and expenditure relating to the
design, manufacture and sales of our fantasy miniatures and related products.
It also includes the revenue and expenditure related to Warhammer+.
- Licensing: the licensing segment includes all revenue and expenditure
relating to licences granted to external partners.
We provide further information on revenue within the core segment below. The
core segment has been divided into channels as follows:
- Trade: this sales channel sells globally to independent retailers, agents
and distributors. It also includes the Group's magazine newsstand business and
the distributor sales from the Group's publishing business (Black Library).
- Retail: this includes sales through the Group's retail stores, the Group's
visitor centre in Nottingham and global events.
- Online: this includes sales through the Group's global web stores, our
online subscription service (Warhammer+) and digital sales through external
affiliates.
- Design, manufacturing, logistics and operations, which includes costs for:
- the Warhammer Studio (which creates all of the IP and the associated
miniatures, artwork, games and publications);
- the production facilities;
- the warehouses and logistics costs;
- charges for inventory provisions. This includes adjustments for the profit
in stock arising from inter-segment sales; and
- support services (customer engagement, IT, accounting, payroll, personnel,
procurement, legal, health and safety, customer services and credit control)
provided to activities across the Group.
- Group: this includes the Company's overheads.
The chief operating decision-maker, identified as the executive directors,
assesses the performance of each segment based on segmental operating profit.
This has been reconciled to the Group's total profit before taxation below.
The segment information reported to the executive directors for the periods
included in this financial information is as follows:
26 weeks ended 30 November 2025 and 1 December 2024:
Core Licensing Total
2025 2024 2025 2024 2025 2024
£m £m £m £m £m £m
Trade 207.4 165.7 - - 207.4 165.7
Retail 64.1 60.8 - - 64.1 60.8
Online 44.6 42.9 - - 44.6 42.9
Licensing - - 16.0 30.1 16.0 30.1
Revenue 316.1 269.4 16.0 30.1 332.1 299.5
Cost of sales (96.6) (87.5) - - (96.6) (87.5)
Gross profit 219.5 181.9 16.0 30.1 235.5 212.0
Trade (8.1) (6.9) - - (8.1) (6.9)
Retail (37.7) (33.6) - - (37.7) (33.6)
Online (4.7) (4.6) - - (4.7) (4.6)
Design, manufacturing, logistics and operations (31.2) (27.9) - - (31.2) (27.9)
Licensing - - (1.7) (2.1) (1.7) (2.1)
Group (2.8) (2.2) - - (2.8) (2.2)
Share-based payment charge (1.9) (0.6) - - (1.9) (0.6)
Group Profit Share Scheme (7.0) (8.0) - - (7.0) (8.0)
Operating expenses (93.4) (83.8) (1.7) (2.1) (95.1) (85.9)
Operating profit 126.1 98.1 14.3 28.0 140.4 126.1
Finance income 1.2 1.4 - - 1.2 1.4
Finance costs (0.8) (0.7) - - (0.8) (0.7)
Profit before tax 126.5 98.8 14.3 28.0 140.8 126.8
52 weeks ended 1 June 2025:
Core Licensing Total
£m £m £m
Trade 345.7 - 345.7
Retail 128.7 - 128.7
Online 90.6 - 90.6
Licensing - 52.5 52.5
Revenue 565.0 52.5 617.5
Cost of sales (172.5) - (172.5)
Gross profit 392.5 52.5 445.0
Trade (14.8) - (14.8)
Retail (69.3) - (69.3)
Online (8.9) - (8.9)
Design, manufacturing, logistics and operations (59.8) - (59.8)
Licensing - (3.0) (3.0)
Group (6.6) - (6.6)
Share-based payment charge (1.3) - (1.3)
Group Profit Share Scheme (20.0) - (20.0)
Operating expenses (180.7) (3.0) (183.7)
Operating profit 211.8 49.5 261.3
Finance income 2.9 - 2.9
Finance costs (1.4) - (1.4)
Profit before tax 213.3 49.5 262.8
For information, we analyse core external revenue further below:
26 weeks ended 26 weeks ended 52 weeks ended
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Trade
UK and Continental Europe 93.1 74.7 153.0
North America 86.4 69.8 150.6
Australia and New Zealand 11.5 9.6 18.4
Asia 11.9 8.1 16.7
Rest of world 2.9 2.3 4.5
Black Library 1.6 1.2 2.5
Total Trade 207.4 165.7 345.7
Retail
UK 18.0 17.6 37.0
Continental Europe 15.1 13.0 27.7
North America 24.9 24.2 51.7
Australia and New Zealand 3.7 4.1 8.2
Asia 2.4 1.9 4.1
Total Retail 64.1 60.8 128.7
Online
UK 7.9 7.7 17.0
Continental Europe 7.1 6.8 14.0
North America 14.4 13.9 29.7
Australia and New Zealand 1.6 1.5 3.4
Asia 0.5 0.4 0.9
Rest of world 0.4 0.4 0.8
Total Online (excluding digital) 31.9 30.7 65.8
Digital 12.7 12.2 24.8
Total Online 44.6 42.9 90.6
Total core external revenue 316.1 269.4 565.0
The group does not report licensing revenue by geographical location as this
is not representative of the location of end users.
3. Profit before taxation
26 weeks ended 26 weeks ended 52 weeks ended
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Profit before taxation is stated after charging:
Depreciation:
- Owned property, plant and equipment 8.3 7.5 15.5
- Right-of-use assets 6.5 5.8 13.8
Amortisation:
- Owned computer software 0.3 0.3 0.5
- Development costs 7.5 7.8 13.9
- Other intangible assets 0.1 0.1 0.2
Impairment of development costs - 1.2 1.2
Employee and agency staff costs (excluding capitalised salary costs) 75.4 68.0 146.2
Cost of inventories included in cost of sales 37.8 32.4 72.1
Inventory provision creation 3.2 5.9 7.4
Unrealised and realised exchange losses 1.2 0.8 (0.1)
Loss on disposal of right-of-use assets - - 0.1
Loss on disposal of intangible assets - 0.1 0.3
Redundancy costs and compensation for loss of office 0.2 0.1 0.8
4. Taxation
The taxation charge for the 26 weeks ended 30 November 2025 is based on an
estimate of the full year effective rate of 25.1% (2024/25: 25.0%). As the UK
and overseas tax rates are now more closely aligned, the impact of any higher
overseas rates is minimal.
5. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
owners of the parent by the weighted average number of ordinary shares in
issue throughout the relevant period.
26 weeks ended 26 weeks ended 52 weeks ended
30 November 2025 1 December 2024 1 June 2025
Profit attributable to owners of the parent (£m) 105.5 95.2 196.1
Weighted average number of ordinary shares in issue (thousands) 32,982 32,955 32,963
Basic earnings per share (pence per share) 319.9 288.9 594.9
Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit
attributable to owners of the parent and the weighted average number of shares
in issue throughout the relevant period, adjusted for the dilution effect of
share options outstanding at the period end.
26 weeks ended 26 weeks ended 52 weeks ended
30 November 2025 1 December 2024 1 June 2025
Profit attributable to owners of the parent (£m) 105.5 95.2 196.1
Weighted average number of ordinary shares in issue (thousands) 32,982 32,955 32,963
Adjustment for share options (thousands) 61 57 78
Weighted average number of ordinary shares for diluted earnings per share 33,043 33,012 33,041
(thousands)
Diluted earnings per share (pence per share) 319.3 288.4 593.5
6. Dividends
Dividends of £28.0 million (85 pence per share), £18.2 million (55 pence per
share), and £28.0 million (85 pence per share) were declared and paid in the
26 weeks to 30 November 2025. Further dividends of 100 pence per share and 50
pence per share were declared on 21 November 2025 and 17 December 2025
respectively, to be paid after the signing of these accounts.
Dividends of £33.0 million (100 pence per share) and £28.0 million (85 pence
per share) were declared and paid in the 26 weeks to 1 December 2024. A
further dividend of 80 pence per share was declared after the period end on 18
December 2024.
7. Reconciliation of profit to cash generated from operations
26 weeks ended 26 weeks ended 52 weeks ended
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Profit before taxation 140.8 126.8 262.8
Finance income (1.2) (1.4) (2.9)
Finance costs 0.8 0.7 1.4
Operating profit 140.4 126.1 261.3
Adjustments for:
Depreciation of property, plant and equipment 8.3 7.5 15.5
Depreciation of right-of-use assets 6.5 5.8 13.8
Impairment of intangible assets - 1.2 1.2
Loss on disposal of right-of-use assets - - 0.1
Loss on disposal of intangible assets - 0.1 0.3
Amortisation of capitalised development costs 7.5 7.8 13.9
Amortisation of other intangibles 0.4 0.4 0.7
Share-based payments 1.9 0.6 1.3
Exchange movements - 1.7 0.2
Changes in working capital:
-(Increase)/decrease in inventories (0.2) 5.9 2.5
-Increase in trade and other receivables (excluding licensing receivables) (5.9) (8.3) (9.2)
-Decrease/(increase) in licensing receivables 6.9 (18.6) 5.2
-Increase in trade and other payables 3.2 2.1 4.6
-Increase in provisions 0.4 0.2 0.1
Cash generated from operations 169.4 132.5 311.5
8. Other intangible assets
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Net book value at beginning of period 23.6 22.8 22.8
Additions 8.4 8.7 16.9
Disposals - (0.1) (0.3)
Amortisation charge (7.9) (8.2) (14.6)
Impairment - (1.2) (1.2)
Exchange differences - - -
Net book value at end of period 24.1 22.0 23.6
9. Property, plant and equipment
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Net book value at beginning of period 64.9 56.5 56.5
Additions 15.6 14.0 24.2
Disposals - - -
Depreciation charge (8.3) (7.5) (15.5)
Exchange differences 0.1 (0.1) (0.3)
Net book value at end of period 72.3 62.9 64.9
10. Right-of-use assets
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Net book value at beginning of period 44.0 46.1 46.1
Additions 10.2 5.5 12.9
Disposals - - (0.1)
Depreciation charge (6.5) (5.8) (13.8)
Exchange differences 0.6 (0.3) (1.1)
Net book value at end of period 48.3 45.5 44.0
11. Non-current receivables
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Licensing receivables 4.3 17.0 7.9
Other receivables 2.1 1.1 1.4
Total other non-current receivables 6.4 18.1 9.3
Licensing receivables represents amounts in respect of guarantee instalments
due in more than one year.
12. Trade and other receivables
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Trade receivables 22.4 18.7 17.5
Prepayments and accrued income 13.9 12.0 12.9
Licensing receivables 12.5 30.0 16.4
Other receivables 5.5 5.7 5.3
Total trade and other receivables 54.3 66.4 52.1
13. Trade and other payables
30 November 2025 1 December 2024 1 June 2025
£m £m £m
Trade payables 9.7 8.7 13.3
Other taxes and social security 4.9 4.6 3.6
Other payables 13.6 17.6 12.8
Accruals 16.7 10.8 13.4
Deferred income 8.7 8.6 7.4
Total trade and other payables 53.6 50.3 50.5
14. Seasonality
The Group's monthly sales profile demonstrates an element of seasonality
around the Christmas period with increased sales in the month of December.
15. Commitments
Capital expenditure contracted for at the balance sheet date but not yet
incurred is £6.4 million (2024/25: £5.2 million), of which £4.0 million
(2024/25: £1.9 million) relates to tangible fixed assets and £2.4 million
(2024/25: £3.3 million) relates to intangible fixed assets.
16. Related party transactions
There were no related party transactions during the period.
GLOSSARY
Alternative Performance Measures (APMs)
APM definitions Closest equivalent IFRS measure Reconciliation to closest IFRS measure where applicable
Core revenue Revenue Core revenue is reconciled to revenue in note 2 to the financial statements.
Direct sales made of our core products to external customers, through the
Group's network of retail stores, independent retailers and online through the
global web stores
Core gross profit Gross profit Core gross profit is reconciled to gross profit in note 2 to the financial
statements.
Core gross profit is core revenue less all related cost of sales
Core operating expenses Operating expenses Core operating expenses are reconciled to operating expenses in note 2 to the
financial statements.
Operating expenses relating to the core business of selling directly to
external customers
Core operating profit Operating profit Core operating profit is reconciled to operating profit in note 2 to the
financial statements.
Core operating profit is core revenue less all related cost of sales and
operating expenses
Licensing revenue Revenue Licensing revenue is reconciled to revenue in note 2 to the financial
statements.
Income relating to royalties earned from third party licensees
Licensing gross profit Gross profit Licensing gross profit is reconciled to gross profit in note 2 to the
financial statements.
Licensing gross profit is licensing revenue less any related cost of sales
Licensing operating expenses Operating expenses Licensing operating expenses are reconciled to operating expenses in note 2 to
the financial statements.
Operating expenses relating to the licensing segments
Licensing operating profit Operating profit Licensing operating profit is reconciled to operating profit in note 2 to the
financial statements.
Licensing operating profit is licensing revenue less all related cost of sales
and operating expenses
Revenue at constant currency Revenue These are calculated by converting underlying revenue, core operating profit
and licensing operating profit amounts at local currency values for the
current period at the prior period average exchange rate.
Core operating profit at constant currency Operating profit
Licensing operating profit at constant currency Operating profit
Amounts for current and prior periods, stated at a constant exchange rate.
2025 2024
Actual Impact of FX Constant currency Actual
£m £m £m £m
Revenue 332.1 2.6 334.7 299.5
Core operating profit 126.1 1.0 127.1 98.1
Licensing operating profit 14.3 (0.3) 14.0 28.0
Cash generated - pre dividends paid Net increase in cash and cash equivalents Net increase in cash-pre dividends paid can be calculated by taking the net
increase in cash and cash equivalents (2025/26: £38.3m, 2024/25: £18.1m) and
Movement in cash in the period before any payments of dividends are taken into adding back the dividends which have been paid in the period (2025/26:
account £74.2m, 2024/25: £61.0m).
Cash generated - pre dividends paid
Movement in cash in the period before any payments of dividends are taken into
account
Net increase in cash and cash equivalents
Net increase in cash-pre dividends paid can be calculated by taking the net
increase in cash and cash equivalents (2025/26: £38.3m, 2024/25: £18.1m) and
adding back the dividends which have been paid in the period (2025/26:
£74.2m, 2024/25: £61.0m).
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