Games Workshop has successfully recouped £7.8 million from the US administration after the Supreme Court declared former President Donald Trump's 'liberation day' tariffs unlawful, the company disclosed in its latest trading update.
Tariff Refund from US Supreme Court Ruling
The Nottingham-based Warhammer manufacturer initially paid £12 million in US customs charges to continue transatlantic trade, but recovered £7.8 million following the court decision, which it confirmed on Tuesday. The company now expects to incur approximately £13 million in tariff costs over the coming full year, covering replacement import duties introduced after the ruling.
"I thought this would be drama free, how wrong I was," the company told investors in its full-year trading update. "The continuous hard work on efficiency gains to improve our gross margin has continued. Unlike some companies, we do not consider tariffs as an exceptional item, but rather part of the uncertainty of operating globally."
Financial Performance and Challenges
Despite ongoing US trade policy uncertainty – one of its key export markets – the FTSE 100 figurine maker delivered another year of double-digit growth. Revenue surged 11% to £626.8 million for the 12 months to June, while profit climbed over 16%. The firm highlighted consistent growth in its core miniature and retail divisions, although its smaller licensing arm contracted 37%.
Games Workshop declared a dividend of 485 pence per share, down from 520 pence the previous year. "Games Workshop and the Warhammer hobby are in great shape," said CEO Kevin Rountree, adding it was "exciting times" for the company.
Impact on UK Exporters
The tariff bill underscores challenges faced by British exporters since Trump's re-election. UK exporters were hit with a 10% tariff on almost all US trade, which disproportionately affected Games Workshop but remained lower than tariffs imposed on some other countries. The Supreme Court ruled the first wave of blanket trade duties illegal in February, compelling the US administration to issue refunds. Trump subsequently implemented fresh permanent tariffs on dozens of trading partners, including a 10% duty on all UK exports.
