Sparks commentary - Games Workshop Group

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Sparks - Games Workshop Group

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Games Workshop Group (LSW: GAW) trading ahead of expectations
Published by Russell Pointon

Games Workshop Group has issued a brief update that trading for both core and licensing was ahead of expectations in January and February 2025 and that profit for the year will be ahead of expectations. This follows a comment in the H125 results (to end-November 2024) that core sales in December 2024 had increased by 12%.

Our updated estimates from January 2025 for FY25 assumed a c 2% decline in group revenue in H225, including c 3% growth for core and a more than 70% decline for licensing against a tough comparative in H224, when licensing grew by c 70%. For FY25, the estimate was for c 9% revenue growth, including c 9% growth for core and c 13% growth for licensing.

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