FTSE 100 newcomer Games Workshop has dished out a bumper dividend to shareholders
Games Workshop’s Warhammer continues to see global success(Image: )
Games Workshop has rewarded its investors following a stellar half-year performance, fuelled by soaring worldwide appetite for its Warhammer miniatures.
The £6bn gaming powerhouse – which secured its FTSE 100 spot in December 2024 – posted a 10.9 per cent rise in turnover, surpassing £332m for the six months to 30 November 2025.
The momentum came from the firm’s “core” hobby division, encompassing the creation and distribution of its iconic plastic models. Turnover in this segment soared 17.3 per cent to £316m.
This propelled profit upwards by 11.3 per cent to £140m, whilst net cash hit £112.5m, setting the stage for further expansion.
Tuesday’s results confirmed continued investment in a fourth manufacturing site in Nottingham and a new paint production facility at Easter Park to boost output capacity and operational efficiency to meet worldwide demand, as reported by City AM.
Analysts from Jefferies remarked: “This reflects extraordinary year-on-year progress.” They noted the revenue growth was particularly striking given it occurred during what was deemed an “off-year in the release cycle”.
The company distributed dividends of 225p per share during the period – a substantial jump from 185p in the previous half.
The Nottingham-headquartered business said the sales uplift helped absorb approximately £6m in tariff-related expenses.
However, licensing income took a battering, plummeting to £16m from £30m previously. This comes on the heels of an extraordinary surge in royalties following the release of the Space Marine 2 video game in the last cycle.
Dan Coatsworth, head of markets at AJ Bell, said: “This source of revenue is lumpy and unpredictable, falling significantly year-on-year in the period. The much-touted TV and film rights agreement with Amazon is still a decent way off delivering meaningful revenue and cash flow to the business.
“Management recognises the need to balance the licensing opportunities to make sure Games Workshop protects its brands and doesn’t do anything to undermine the devotion of the fans which have made the business such a success story.”
CEO Kevin Rountree stated that the “live-action endeavour” with Amazon MGM Studios is still under development, which could provide a significant lift to the company, but said such agreements would take several years to bear fruit.
Games Workshop added that it was taking a “cautious” approach to the use of AI and does “not allow AI-generated content or AI to be used in our design processes or its unauthorised use outside of Games Workshop including in any of our competitions”. It said: “We have also agreed we will be maintaining a strong commitment to protect our intellectual property and respect our human creators.”
