Key facts
- Games Workshop received a £7.8 million refund on US tariffs.
- The US Supreme Court ruled Donald Trump's initial tariffs illegal.
- The company paid £12 million in tariffs and expects to pay £13 million in new duties.
- Revenue increased 11% to £626.8 million in the year to June.
- Profit grew over 16% during the same period.
Games Workshop has received a £7.8 million refund from the US administration following a Supreme Court ruling that deemed Donald Trump's initial tariffs illegal. The company had initially paid £12 million in import duties to continue trading in the US, one of its largest export markets.
Despite the uncertainty surrounding US trade policy, Games Workshop reported a double-digit increase in sales and profits for the year ending June. Revenue rose 11% to £626.8 million, while profit increased by over 16%. The company noted steady growth in its core miniature and retail divisions, though its smaller licensing arm experienced a 37% contraction.
Kevin Rountree, chief executive of Games Workshop, expressed optimism about the company's current standing and future prospects. However, the company anticipates shouldering approximately £13 million in new import duties, which Donald Trump reintroduced following the Supreme Court's judgment. Games Workshop stated it views tariffs as an inherent part of global business operations rather than an exceptional item.
The situation highlights the challenges British exporters have faced since Donald Trump's re-election, with a 10% tariff imposed on many goods traded with the US. The Supreme Court's February ruling found the initial blanket duties, enacted under a national emergency pretext, to be unlawful, prompting the US administration to issue refunds.