Games Workshop traders unwrap early Christmas current

Games Workshop declared a fresh 50p per share dividend on Wednesday as the Warhammer maker’s investors near the end of yet another lucrative year.

The latest handout, set to be paid on 27 March 2026, brings total dividends declared so far in Games Workshop’s financial year to £3.75, up from £2.65 in 2024.

It comes after the group declared a £1 dividend uplift at the end of November when it told shareholders it expects to report core revenue growth of around 15 per cent to at least £310million for the first half. 

Analysts at Peel Hunt said in a note that Games Workshop’s latest dividend declaration ‘gives confidence over continuing strong trading and cash flow’ as such payouts are only paid out of ‘truly surplus capital’.

Games Workshop shares were up 1.7 per cent by late afternoon on Wednesday, bringing 2025 gains to almost 50 per cent.

Games Workshop’s November upgrade came despite weaker revenues from its licensing business, which leverages Games Workshop’s Warhammer intellectual property to strike lucrative deals with partners to produce video games, TV shows and other products.

Games Workshop investors have enjoyed another lucrative year 

The group, which has previously struck deals to have its creations star in TV and film blockbusters for Amazon, expects licensing revenue ‘of not less than’ £16million for the half, down sharply from £30.1 million last year.

However, Peel Hunt analysts pointed to recent developments in the videogame industry that could point to stronger growth ahead.

They wrote: ‘Sega has announced that TW: Warhammer 40,000 is on its way. The trailer has already had >1.3m views, and we expect this to be a highly anticipated release (date TBC).

‘This provides confidence over early Christmas trading, particularly given that the previous dividend was only announced on 20 November. We intend to review our forecasts and target price at the January interims.’