Games Workshop has posted a 10.9% jump in H1 revenue to £332.1m, compared with £299.5m in corresponding period in 2024.

The retail group, which produces fantasy board games including Warhammer, also posted a rise in operating profit to £140.4m in its H1 trading period, up from £126.1m last year.

Games Workshop was announcing its H1 results covering the 26 weeks to 30 November and suggested that managing the cash tied up in stock had been a key driver of its recent performance. Inventories have increased by £3.6m against November 2024 to £39.9m as the company continued to invest in its offer to maintain a broad range of price points.

The company, which sells through independent retailers as well as through its own stores, had a store count of 424 at the end of November, including 84 in the UK.

Games Workshop CEO, Kevin Rountree, 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.”

Despite the growth figures, the FTSE 100 company’s share price still slipped by over 4% in today’s trading.

Games Workshop did warn that new tariffs could impact its pre-tax profit by an estimated £12m in 2025/26, and the group confirmed that it has incurred £6m in the H1 period as a direct consequence of US tariff changes.

Head of markets at AJ Bell, Dan Coatsworth, added: “There’s no doubt 2025 was a banner year for the fantasy miniatures specialist as it joined the ranks of the FTSE 100 and delivered several upgrades to guidance.

“The latest figures may have been another record set of results, accompanied by a healthy increase in the dividend despite a hit from US tariffs, but a pause for breath in the share price is no major surprise in the circumstances.”

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