Games Workshop Posts Strong Mid Year Sales, Profit Growth
Games Workshop issued a trading update for the six months to 30 November 2025 reporting core revenue of at least £310 million and profit before tax of at least £135 million, both up on the prior year. The update also showed a fall in licensing revenue to at least £16 million, a detail that matters to fans and retailers because it signals shifts in earnings that can affect product investment and release strategies.
Games Workshop published a regulatory trading update on 20 November 2025 reporting robust growth in core sales and overall profitability for the half year ending 30 November 2025. The Board estimated core revenue of not less than £310 million compared with £269.4 million in the same period a year earlier, and profit before tax of not less than £135 million compared with £126.8 million for 2024 25. The company reported licensing revenue of not less than £16 million, down from £30.1 million in the prior period.
The announcement was issued via the London Stock Exchange Regulatory News Service and will be followed by a fuller half yearly report due for release on 13 January 2026. The update named chief executive Kevin Rountree and group finance director Liz Harrison as company contacts for further information. The figures represent the company s formal regulatory estimate for the six month trading period that covered Games Workshop s critical autumn and pre holiday sales window.
For hobbyists and independent retailers the numbers carry practical implications. Strong core revenue growth points to continued demand for miniatures, boxed sets, and in store sales, and it suggests Games Workshop s retail estate and Online Store remained significant revenue drivers through the period. Higher profit before tax gives the business more room to invest in new model ranges, production capacity, and organized play support that directly affect the community s ability to buy, paint, and play new releases.
The decline in licensing revenue is a notable counterpoint. Licensing income often reflects media tie ins, collaborations, and third party product deals that can broaden Warhammer 40k s public profile and attract new players. A lower licensing figure for the half year could stem from timing differences for contract income or a pause in major external deals, and it is a data point to watch for those tracking the broader expansion of the brand into TV, film, and gaming partnerships.
Games Workshop s scheduled half yearly report on 13 January 2026 will provide more detail on regional sales breakdowns, margin performance, and the drivers behind the licensing swing. Until then hobbyists, retailers, and tournament organizers can read the update as confirmation that the core tabletop business remained strong through a key sales season, while licensing activity showed meaningful year on year variation that may influence the company s outward facing initiatives.
