Games Workshop profits soar 29.5% to £262.8m

Games Workshop has revealed that its profit-before-tax rose 29.% to £262.8m for the year ended 1 June 2025, on a guidance of £255m.

Alongside this, the company’s revenues rose 205 from £525.7m to £628.7m on a constant currency basis.

The company’s core revenues rose 14% to £565m up from £494.7m while its licensing revenues rose 69% from £31m to £52.5m.

Operationally, Warhammer+ saw its subscriber count grow 32% year-on-year, as Games Workshop continued its investment in platform content. However, there are a number of headwinds on the horizon including the potential impacts of global tariffs.

Mark Lam, non-executive chair, said: “The last year has been a whirlwind at Games Workshop. We delighted our fans, launching terrific new products across our main brands.
We opened new stores and now operate in 24 countries, enlisting hobbyists from all over the world.

“We saw record sales in our core business and a bumper year of licensing income, delivering the best financial results in our company’s history. And all this against a backdrop of major geopolitical uncertainty. We have had to adapt, innovate, and stay true to ourselves.”

He added: “We’ve been in the news a lot this year. I note our promotion to the FTSE 100, but want to stress that it changes nothing. We are Games Workshop, and our mission is to make the best fantasy miniatures in the world, to engage and inspire our customers, and to sell our products globally for a profit. We intend to do this forever.

“Our ‘forever’ ethos is fundamental, we take decisions for the long term, not to make next week’s numbers look good. Our culture is unique, we are a vertically integrated business, and design, manufacture, distribute and sell our fantasy miniatures.”