Games Workshop has increased its dividend after a record year for sales, despite taking a hit from President Trump’s tariffs.
The Warhammer maker posted a 10.9 per cent hike in revenue to £332.1million, driven by sales in its core miniatures business.
The vast majority of core revenue came from trade (£207.4million) followed by retail (£64.1million) and online (£44.6million).
This helped to push profit higher, from £126.1million in H1 2024 to £141.million in the first half of 2025.
Once reserved for hobbyists, Warhammer exploded in popularity during the pandemic, and shares have risen over 75 per cent in the past five years.
Warhammer maker Games Workshop has exploded in popularity since the pandemic
Games Workshop has handed shareholders hefty dividend payments in recent years and will increase them once again.
The board declared a dividend of £1.10 per share this morning, taking dividends declared so far in 2025/26 to £4.85 per share.
Kevin Rountree, CEO of Games Workshop, said: ’I’m delighted to report a record half-year performance. A huge thank you to our staff, customers, trade accounts and broader stakeholders for their ongoing support.’
Games Workshop, which was promoted to the FTSE 100 a year ago, also leverages the Warhammer intellectual property to strike deals with partners to produce video games and TV shows.
However, revenue at the licensing business almost halved to £16million after a ‘challenging’ year.
It said its live-action film in partnership with Amazon MGM Studios, Henry Cavill and Vertigo is still in development but ‘it is the nature of these things to take several years’.
‘While we wish we could tie down a release the way we can with our core business, the reality is that, as with any licensing deal, delivery is not in our control. We leave it to our partners to manage their own business.’
Games Workshop also pointed to the £6million hit it incurred ‘as a direct consequence of US tariff changes’.
‘The impact on our gross margin has been more than offset by efficiencies, price rises of c.3.5 per cent on our miniatures and books, more stable commodity prices and lower stock write offs. Our work is not done – this will remain a key area of focus.’
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