š¢ Results
- Revenue:
Ā£659.7M (+6.8% YoY) ā - Core revenue:
Ā£626.8M (+10.9% YoY) ā - Operating profit:
Ā£275.0M (+5.2% YoY) ā - EPS:
624.0p (+4.9% YoY) ā - Net cash:
Ā£182.9M (+38% YoY) ā - Dividend:
485p/share ā ļø (lower due to weaker licensing income)
š Key Takeaways
- Core Warhammer business continues delivering double-digit growth.
- Record cash position with zero debt and outstanding cash generation.
- Expansion continues with Factory 4 and a new logistics centre.
- Amazon partnership and future licensing deals remain long-term growth drivers.
š¬ Management
CEO Kevin Rountree: Operations remain strong, with a focus on long-term growth, manufacturing expansion, product quality and IP protection, rather than short-term earnings optimization.
ā ļø Watchlist
- Licensing revenue remains volatile.
- Higher capex over the next few years.
- Retail growth is moderating, although stores remain highly profitable.
šÆ Bottom Line
A high-quality quarter that reinforces the long-term investment thesis. The core business is stronger than ever, margins remain exceptional, the balance sheet is pristine, and Games Workshop continues to be one of the highest-quality compounders in the market.