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Games Workshop Delivers Record Half-Year as Core Sales Outpace Licensing Slowdown

Story Highlights
  • Games Workshop posted record half-year revenue and profit, powered by broad-based growth in its core miniature and hobby business despite weaker licensing income.
  • The company is investing in new UK capacity and a North American Warhammer World site while offsetting tariff pressures and expanding media and video game partnerships.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Games Workshop Delivers Record Half-Year as Core Sales Outpace Licensing Slowdown

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The latest announcement is out from Games Workshop ( (GB:GAW) ).

Games Workshop reported record half-year results for the 26 weeks to 30 November 2025, with total revenue rising to £332.1m from £299.5m and operating profit increasing to £140.4m from £126.1m, driven by strong core sales across all 23 core countries and all three primary channels despite a sharp fall in licensing revenue. Profit before tax climbed to £140.8m, earnings per share improved to 319.9p, and the group boosted its cash generation ahead of dividends while continuing to invest in UK manufacturing capacity, future-proofing warehousing, and planning a new Warhammer World flagship location in North America. The company has so far offset around £6m of new US tariffs through efficiency gains, moderate price increases and lower stock write-offs, while also expanding its pipeline of licensed video games and screen projects, including ongoing live-action and animated collaborations with Amazon MGM Studios, and maintaining a cautious stance on AI to protect its intellectual property and emphasise human creative work.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £21000.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Spark’s Take on GB:GAW Stock

According to Spark, TipRanks’ AI Analyst, GB:GAW is a Outperform.

Games Workshop’s strong financial performance and positive corporate events are the most significant factors driving the score. Technical analysis suggests strong momentum but warns of potential overbought conditions. The valuation is relatively high, which slightly offsets the positive outlook.

To see Spark’s full report on GB:GAW stock, click here.

More about Games Workshop

Games Workshop Group PLC is a UK-based manufacturer and retailer of fantasy miniatures and related products, best known for its Warhammer brand. The company sells its ranges globally through trade, retail and online channels, and supplements its core tabletop gaming business with licensing of its intellectual property into video games and media projects, targeting hobbyists and pop-culture audiences worldwide.

Average Trading Volume: 100,502

Technical Sentiment Signal: Buy

Current Market Cap: £6.2B

For detailed information about GAW stock, go to TipRanks’ Stock Analysis page.

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