Games Workshop cheers record year but faces £12m US tariff hit

Warhammer maker Games Workshop has cheered a record year thanks to the continued popularity of its table-top games but warned that US tariffs could wipe £12 million off its profits.

Shares in the company swung higher on Tuesday morning, as investors were buoyed by surging sales.

The Nottingham-based company jumped into the FTSE 100 last year after growing global trade helped to drive a rise in the firm’s value.

Games Workshop saw North American sales rise 14.6% to record levels of £51.7 million for the year to June, as it benefited from more store openings over the year.

However, the company cautioned that it could face higher costs because of new tariff plans from US President Donald Trump’s administration.

“Our current estimate is that if we did nothing, new tariffs could impact profit before tax by around £12 million in 2025/26,” the company said.

It said it plans to deal with the issue in its “normal pragmatic way” and will not change its operational plans “too much”.

Tariff costs are likely to reduce its gross profit margins by around 2% for the year, but the company said it expects to recoup this through efficiencies.

It came as Games Workshop revealed that revenues lifted by 14.2% to £565 million for the year, amid strong demand for core Warhammer 40,000 products and through its licensed IP.

Meanwhile, pre-tax profits jumped by almost a third to £262.8 million for the year from £203 million a year earlier.

The company opened 30 new stores over the past year and shut eight sites to leave it with a portfolio of 570 stores globally.

Kevin Rountree, chief executive of Games Workshop, said: “After a record year, we remain focused on delivering our operational plans and working tirelessly to overcome any significant obstacles that get in the way.

“We will continue to give ourselves the freedom to make some mistakes, constantly working on improvements in product quality and manufacturing innovation.

“Despite our recent successes we will never take our hobbyists’ support for granted.”

Shares in the company were 5% higher as a result.