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[STEAM] Games Workshop posts yet ANOTHER round of record Warhammer profits - even without Space Marine 2 juicing it up

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On Thursday, Games Workshop dropped a coy trading update onto its corporate website, giving investors a heads-up about the business' profits for the first half of the financial year ahead of the report it plans to publish in January. There is some predictable bad news - in 2024 and 2025, the explosive launch of Space Marine 2 gave the firm its highest licensing revenue ever, but now almost all of that tailwind has gone, and licensing revenues have fallen by almost 50% year on year. Yet core sales of Warhammer and Warhammer 40,000 have more than picked up the slack, and GW is, once again, on track to deliver record-breaking profits.

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