Summary - Games Workshop Group PLC recorded an 11% year-over-year increase in core revenue for the full fiscal year, driven by demand in its core miniatures business across sales channels and geographies. The company highlighted higher manufacturing and warehouse volumes and improved stock forecasting as key contributors to the performance.
For the period, Games Workshop reported core operating profit of £245.10 million, a rise of 15.7% compared with the prior year. Pretax profit came in at £275.70 million, while underlying earnings per share were reported at £6.24. Total core revenue for the year was £626.80 million.
The group described the results as record group revenue and record profit before tax, attributing the outcome primarily to strong execution in its miniatures business across retail, wholesale and direct channels, and across its geographic footprint. It said a combination of better stock-forecasting processes and record output from manufacturing and warehouse operations supported the sales growth.
Licensing revenue, by contrast, declined over the year. The company said this was expected, noting that the prior year had benefited from a one-off positive product release that lifted licensing receipts.
Looking ahead, Games Workshop said it aims to expand its geographic reach and to grow core sales on a month-by-month basis. To support those goals the company plans further investment in manufacturing and logistics capacity, indicating a focus on scaling physical production and distribution infrastructure.
Key points
- Core revenue rose 11% year-on-year to £626.80 million for the full fiscal year.
- Core operating profit increased 15.7% to £245.10 million; pretax profit was £275.70 million and EPS was £6.24.
- Growth was driven by the miniatures business, supported by improved stock forecasting and record manufacturing and warehouse volumes - sectors impacted include retail, manufacturing and logistics.
Risks and uncertainties
- Licensing revenue can be volatile - the decline reported was linked to the absence of a one-off positive product release that had aided the prior year.
- The company identified replacement of IT systems as a risk to its operational plans; such projects can affect operations if not executed smoothly.
- Supply chain disruptions were cited as a potential constraint on plans to expand manufacturing and logistics capacity.
Games Workshop emphasised operational improvements and capacity investment as the levers for future growth, while explicitly noting the IT and supply-chain challenges that could complicate execution of those plans. The company did not provide additional quantification of investment amounts or a detailed timeline for system replacement in the information released.