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Games Workshop is a vertically integrated fandom platform, not just a miniatures manufacturer, with strong core business fundamentals. Core revenue grew 10.9% YoY to £626.8M, with operating profit margin rising to 39.1%, supporting a Buy rating despite licensing volatility. The Warhammer 40,000 new edition and expanded production capacity underpin multi-year growth, while localization offers further upside.

Shares in Games Workshop fell as much as 6.5% on Tuesday after the British miniature wargames ​maker flagged tariff headwinds and higher plastic ‌prices stemming from the Iran war, overshadowing record annual profit.

Games Workshop Group PLC (LSE:GAW) shares fell 5.5% to 19,100p as Warhammer maker reported record annual sales and profit, and news on its Amazon partnership, but saw dividend payments . Revenue increased 6.8% to £659.7 million in the 52 weeks to 31 May, from £617.5 million a year earlier.