Games Workshop Group has delivered a trading statement for the FY2025 highlights further progress in revenue growth with the company’s core revenue reaching an estimated £560 million, representing a 13% increase from the previous year’s £494.7 million.
Games Workshop typically release short trading statements. Nonetheless, there is a lot to unpack in the latest installment.
The Nottingham-based manufacturer of table top gaming products has demonstrated increasing demand for its Warhammer games, producing growth across its key revenue streams, with licensing income proving particularly robust.
Licensing revenue surged to approximately £50 million, marking a significant 61% increase from the £31.0 million recorded in 2023/24. However, the company did say it didn’t expect surging growth to be repeated in the year ahead.
The outlook for licesning fees may be behind the 3% decline in shares in early trade on Friday.
Higher revenues are translating through to increase profits. Core operating profit is estimated to be a minimum of £210 million, up from £174.8 million in the previous financial year. Licensing operations contributed approximately £45 million to operating profit, representing a substantial 67% increase from the £27.0 million achieved in 2023/24.
Games Workshop’s profit before taxation is estimated to reach at least £255 million, compared to £203.0 million in the prior year.
Record Licensing Performance
The company has achieved record-breaking licensing revenue during the period, underlining the growing commercial appeal of the Warhammer intellectual property across various media and product categories. However, Games Workshop has cautioned that this exceptional licensing performance is not expected to be replicated in the 2025/26 financial year.
Despite this caveat, the company has emphasised that licensing remains a significant strategic focus, suggesting continued investment in expanding the reach and commercial application of its intellectual property portfolio.
Employee Recognition and Shareholder Returns
In recognition of staff contributions to these outstanding results, Games Workshop distributed approximately £20 million in Group Profit Share payments, up from £18 million in the previous year. These payments are distributed equally amongst all staff members in cash.
Shareholders have also benefited substantially from the company’s performance, with total dividends declared and paid during the year reaching £171.4 million, equivalent to 520 pence per share. This represents a notable increase from the £138.3 million (420 pence per share) distributed in 2023/24.
Games Workshop plans to publish its 2025 Annual Report on 29 July 2025, which will provide comprehensive details of the company’s performance and strategic direction.