Sales of Warhammer 40k 10th edition made June 2023 Games Workshop’s “new benchmark for sales in one month”, according to the firm’s half year financial report for 2023-24. The report, published on Tuesday January 9, notes “record sales levels” in both UK and North American retail stores, contributing to exceptional revenue, profitability, and shareholder dividends for the period.
Warhammer 40k players won’t be surprised by the impact the 40k 10th edition launch had on Games Workshop’s balance sheet – the Leviathan launch box set was one of the most hotly demanded products of the year, and the influx of new players that it attracted to the game has been visible in clubs and at local stores.
According to the financial report, Games Workshop’s revenue for June-November 2023 was $309 million (£248 million), up from $283 million (£223 million) for the same period in the previous financial year. Sales to independent retailers make up almost 60% of that income, and increased by 12.6% year on year – there are now around 7,000 independent GW stockists worldwide, up around 500 from the previous year, and over 2,000 “major chain outlets” that stock “key recruitment products”.
Sales through GW’s own stores increased by 12.3% in the first half of 2023-24, while GW webstore sales rose 4.9%. The cost of doing business increased as well, with multi-million dollar increases in salaries, employee profit-share, and capital projects.
The firm’s pre-tax profits rose from $105 million (£84 million) to $119 million (£95 million). Shareholders also saw their dividend payouts increase from $68 million (£54 million) to $77 million (£64 million) for the period.
Income from licensing deals is down slightly for the first half of 2023-24. It’s likely to rise in the full annual report at the end of the tax year; GW signed a deal in December with Amazon studios to create Warhammer 40k films and TV series, which isn’t accounted for in the half-year report.
As Wargamer said in our retrospective for Warhammer in 2023, 2023 was a massive year for the Warhammer hobby and for Games Workshop as a whole. These financial results certainly bear that out.
If you’ve come to this article because you’re interested in Games Workshop’s finances, but don’t understand the hobby that generates all that money, check out our guide on “What is Warhammer 40k?” to get a full rundown.