🟢 Results
- Revenue:
£659.7M (+6.8% YoY) ✅ - Core revenue:
£626.8M (+10.9% YoY) ✅ - Operating profit:
£275.0M (+5.2% YoY) ✅ - EPS:
624.0p (+4.9% YoY) ✅ - Net cash:
£182.9M (+38% YoY) ✅ - Dividend:
485p/share ⚠️ (lower due to weaker licensing income)
📌 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.
💬 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.
⚠️ Watchlist
- Licensing revenue remains volatile.
- Higher capex over the next few years.
- Retail growth is moderating, although stores remain highly profitable.
🎯 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.