Shares in Games Workshop increased by over 11% this morning after the firm forecast a 15% year-on-year revenue increase to £310m for the six months to 30 November.

The FTSE 100 miniature wargames producer is expecting its profit before tax to total £135m, compared to £126.8m recorded in the same period last year.

However, it stated that its licensing revenue is set to drop year-on-year from £30.1m to £16m. Analysts have stated that this is due to a slowdown in royalties following the release of the Warhammer 40,000: Space Marine 2 video game.

The update comes after Games Workshop warned that US tariffs could impact its profits by around £12m in the current financial year.

Investment director at AJ Bell, Russ Mould, said that despite a difficult economic backdrop, the firm is expected to deliver "meaningful growth profit and revenue" in H1.

He concluded: "Games Workshop’s resilience is underpinned by dedicated fans who collect figures and play its games. This success has led to a valuable library of intellectual property, from which it has been able to drive extra revenue. Some may be impatient with the pace of Games Workshop’s efforts to tap into this potential but the company, quite rightly, is protective of its IP and hesitant about agreeing deals which might alienate devotees and tarnish its reputation.

"Longer term, Games Workshop’s tie-up with Amazon giving exclusive rights to produce Warhammer 40,000 film and TV content has the potential to be highly significant, particularly given there is an option to extend these rights across the wider Warhammer universe after the initial projects.

"Not only could this generate an attractive stream of income but it should also boost awareness of Games Workshop’s roster of fantasy worlds and add to its devoted fanbase. However, this is not a story for the near future, with projects likely to take years to bring to fruition."

Games Workshop will publish its H1 yearly report on 13 January.

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