Games Workshop Secures £7.8 Million Refund on Donald Trump’s Tariffs, but Iran War Threatens Supply Chain
The UK-based company Games Workshop, known for its popular Warhammer series, has managed to secure a £7.8 million refund on Donald Trump’s tariffs. However, the company is facing a new threat to its supply chain with the ongoing Iran war.
Source: assets-prd.ignimgs.com
Games Workshop makes the majority of its revenue from the sale of miniatures, which are painted by fans and used to play various tabletop games, including Warhammer 40,000. The U.S. is a significant market for the company, and when Trump’s tariffs were implemented, Games Workshop was severely impacted.
In its latest financial report, Games Workshop CEO Kevin Rountree stated that the company paid £12 million in new U.S. tariffs during the last financial year. However, following the U.S. Supreme Court ruling that declared Trump’s tariffs illegal, Games Workshop reclaimed £7.8 million of tariffs for the period up to February 2026.
Rountree expressed his surprise at the complexity of the situation, stating, ‘Well, I thought this would be drama-free, how wrong I was.’ He emphasized that the company’s focus on efficiency gains to improve its gross margin has continued, but acknowledges that tariffs are an inherent part of the uncertainty of operating globally.
Games Workshop has implemented various measures to mitigate the impact of tariffs, including price increases and operational changes. The company has also increased its prices for its products to offset the costs of the tariffs.
However, the company is facing a new threat to its supply chain with the ongoing Iran war. Rountree stated that conflicts around the world threaten to disrupt Games Workshop’s supply chain, and that the company is experiencing higher plastic input costs, with a roughly £2 million hit from supply-chain disruption and inflationary pressures linked to volatility in global energy markets.
Despite these challenges, Games Workshop’s profit before tax rose 4.9% to a record £275.7 million for the fiscal year ended May 31, driven by continued growth in the core Warhammer business. Rountree declared, ‘Games Workshop and the Warhammer hobby are in great shape.’
The company’s success is a testament to its commitment to innovation and its ability to adapt to changing circumstances. However, the ongoing uncertainty surrounding tariffs and supply chain disruptions will continue to pose challenges for Games Workshop in the coming months.
