Games Workshop conjures solid results alongside HQ expansion plans

Nottingham-based fantasy games manufacturer Games Workshop has posted strong half-year results alongside new expansion plans for its Nottingham HQ.
Core revenue grew by 14.3% to £269.4m, with sales up 16.4% on a constant currency basis to £274.2m.
Trade sales accounted for £169.2m, retail contributed £62m and online sales brought in £43m. Operating profit also saw a boost, rising from £83.4m to £98.1m.
Kevin Rountree, CEO of Games Workshop, said: “I’m delighted to report our best first half-year performance. A huge thank you to our staff, customers, trade accounts and broader stakeholders for their ongoing support.”
The company is further investing in its operations, having secured planning permission for a fourth factory at its Nottingham HQ, scheduled for completion in 2026.
Two additional properties over this six-month period have also been acquired in the area, with the larger Easter Park hoping to enhance paint production capacity this financial year. The second property will provide space for future growth.
The company attributes the increase in manufacturing costs from £900,000 to £13.3m to higher staff costs; as a percentage of core revenue, these costs have decreased from 5.3% to 4.9%.
With cost increases from the UK’s Autumn Budget affecting businesses, the firm has stated that it doesn’t expect a significant impact on its financial performance for the year to May 2025, despite changes to the National Living Wage.
Third-party input costs could rise in 2025/2026 for the manufacturer.
At this stage, no major changes have been confirmed, and the company is waiting for updates on any external tariffs or tax changes.