Games Workshop has released its financial report for the six-month period ended December 1, 2024. The company has clearly benefited from the successful launch of Warhammer 40k: Space Marine 2.
Warhammer 40k: Space Marine 2
Financial highlights
- According to its half-yearly results, Games Workshop reached £299.5 million ($366.2 million) in revenue in H1 FY24/25, up 20.9% year-over-year.
- Operating profit grew 33.4% year-over-year to £126.1 million ($154.1 million).
- The Core segment generated £269.4 million ($331.2 million) in revenue, up 14.3% compared to the same period last year. Games Workshop made £165.7 million from trade sales, followed by retail (£60.8 million), and online (£42.9 million).
- Licensing revenue was £30.1 million ($36.8 million), up 2.5x compared to the same period last year. The segment’s operating profit increased 152% to £28 million ($34.2 million).
- According to CEO Kevin Rountree, it was Games Workshop’s best half-year performance.
Warhammer 40k: Space Marine 2 drives Games Workshop’s licensing business
Speaking of its licensing revenue, Games Workshop said its H1 earned income increased 4.4x, from £5.9 million ($7.2 million) to £26.1 million ($32 million). Such a rapid growth was mainly due to the success of Warhammer 40k: Space Marine 2.
Developed by Saber Interactive, the game sold over 2 million units at launch, crossing the 4.5 million mark in its first month. As of November 28, it had over 5 million unique players across all platforms.
Another indicator of Space Marine 2’s contribution to Games Workshop’s financial performance is that 98% of its half-year licensing revenue came from PC and console games.
“We recognise that successes like these for Warhammer are not a given in the world of video games,” Games Workshop said in a statement. “Clearly we are looking for the next one. We remain cautious when forecasting royalty income.”
Saber and Games Workshop have yet to announce a continuation of their partnership, but it would be safe to assume that the parties are now at least considering making Space Marine 2 — especially given the game’s worldwide success and the clear hint of a sequel at the end of the game’s story campaign.
PulluP Entertainment, the parent organization of publisher Focus Entertainment, also saw impressive growth in its financial performance following the launch of Space Marine 2. The company’s Q2 revenue soared 331% year-over-year, with sales of new game releases increasing 13x.