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Investing.com -- Games Workshop shares rose over 5% on Tuesday after the company reported full-year results ahead of guidance, supported by a strong performance in its core operations and an 80% increase in licensing profit.
The British miniature wargames manufacturer reported core revenue of £565 million for the fiscal year, exceeding the previously guided £560 million.
Licensing profit reached £50 million, ahead of the £45 million forecast. Profit before tax stood at £263 million, surpassing the £255 million outlook.
Core operating profit increased 21%, or 26% at constant currency, during the year.
The sharp rise in licensing revenue was largely attributed to the success of the "Space Marine 2" release, though the company did not provide further detail in its latest regulatory statement.
Games Workshop said tariffs could impact profit before tax by approximately £12 million in fiscal 2026.
The company noted that the tariffs are likely to reduce reported gross margin and added that it plans to offset the expected 2 percentage point decline through operational efficiencies.
“While the combination of tariffs, release cycle and the non-repeat of SM2 is likely to lead to a more muted FY26, we think this is relatively well understood by the market. Meanwhile, Core underlying momentum is very strong, underpinning the LT growth outlook,” said analysts at Jeferies in a note.
The company said it expects to open around 35 new stores in fiscal 2026 and stated that the Trade segment is expected to drive most of the growth. It also aims to achieve year-over-year growth in each major market.