# GW Annual Report 2012-2013



## Zion (May 31, 2011)

Links with some excerpts:

Preliminary Announcement: http://investor.games-workshop.com/wp-content/uploads/2013/07/Preliminary-announcement-2013.pdf


> *PRELIMINARY RESULTS 2013*
> Games Workshop Group PLC (“Games Workshop” or the “Group”) announces its preliminary results for the year ended 2 June 2013.
> 
> *Highlights*
> ...


Annual Report: http://investor.games-workshop.com/...roup-13-combined-FINAL-without-title-page.pdf


> *CHAIRMAN’S PREAMBLE*
> 
> During the year Mark Wells left Games Workshop. After more than ten years, five as chief executive, he has gone to graze in pastures new. His tenure as CEO saw our return on capital increase from around 10% to over 50%. He is a man who truly understands about shareholder value and put that understanding into good practice. Thank you Mark, and good luck.
> 
> ...





> That small increase in sales (3% or so) is a mix of strong performance in our more hobby oriented Forge World and Black Library businesses (our ‘Other businesses’) and the North American region and less good performances in Continental Europe and the UK.
> (...)
> Reported sales increased by 2.7% to £134.6 million for the year. On a constant currency basis, sales were up by 3.5% from £131.0 million to £135.6 million; progress was achieved in North America (+7.8%), Export (+2.3%), Asia (+10%) and in Other sales businesses (+27.2%) while sales in the UK (-1.4%), Continental Europe (-0.3%) and Australia (-4%) were in decline.


So, it looks like GW made money this last 6 months.


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## d3m01iti0n (Jun 5, 2012)

Good for them. Ive been happy with the direction theyve been taking recently. Glad its paying off for them, and hope it means more great product for us.


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## Achaylus72 (Apr 30, 2011)

If reading the report correctly Australia had a net sales loss of 385,000 British Pounds.

2012 was 11,328 x 000 British Pounds
2013 was 10,944 x 000 British Pounds

But a before tax profit of 756,000 British Pounds, so just figuring this out, GW Australia slashed 1,141,000 British Pounds from their operational expenditure, this is shown as for operational expenses for Australia from.

2012 of 6,664,000 British Pounds
2013 of 5,449,000 British Pounds

This is consistant considering that many of GW Australian stores are reducing opening hours and reduction of staff, and converting some stores into one man operations. There is about 77,000 British Pounds that after reading the report that i can't locate, lost in translation.


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## Magpie_Oz (Jan 16, 2012)

Some interesting stuff there.

Thought provoking comments in regards of the change in the computer game market.

I see Oz is in for 4 shops to close and another 4 to open. It will be interesting to see which.

I also see that despite our higher prices, Oz revenue is 10 mill as compared to US at 36 mill, despite the US being more than 10 times our population. 

US Profit is 9% of Revenue where Oz is 7% which indicates the higher overheads in Oz ?

I also see it as significant that nearly half of all revenues are generated by "product and supply" which I am guessing is the supply of stock to resellers. Which seems hardly in line with the notion that GW does not support indies or is somehow restricting their trade.


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## Achaylus72 (Apr 30, 2011)

Magpie_Oz said:


> Some interesting stuff there.
> 
> Thought provoking comments in regards of the change in the computer game market.
> 
> ...


Yeah considering that GW Australia had 385,000 British Pounds Sales Loss, if the report is correct, again meaning that to produce a profit they have slashed and burned their operational outlay to produce a before tax profit of 756,000 British Pounds, meaning that they slashed over 1,215,000 British Pounds from their operational side of things.

Eventually something has to give, they can't continue to gut their operation to counter sales loss.


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## Magpie_Oz (Jan 16, 2012)

Of course the report is correct.

They had a reduction in sales of about 3% but an increase in profits of about the same. 

My guess is the drop in sales was due to an increase in import sales from the US and UK. I think that is what is driving the new supply agreements GW have brought in and the change to the US prices to be closer to the Oz ones on some of the newer kits.

The supply to Australian independent shops isn't shown in the summary it would be interesting to see what their results are.


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## Achaylus72 (Apr 30, 2011)

Magpie_Oz said:


> Of course the report is correct.
> 
> They had a reduction in sales of about 3% but an increase in profits of about the same.
> 
> ...


Would be interesting to see, since they have had so many indies get out for whatever reason over the last few years.


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## Magpie_Oz (Jan 16, 2012)

Achaylus72 said:


> Would be interesting to see, since they have had so many indies get out for whatever reason over the last few years.


Have they tho' ? Last time I did a count in the White Dwarf (long weekend, raining, wife at work you know how it is) it showed an increase from the same month the previous year.


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## SSG.House (Jul 29, 2013)

When I first got into Warhammer 40k I remember I bought a kit of 30 marines (the cone shaped face shields and bumpy left shoulders) for $50ish. I would love to see some kits that offered a bit more bang for the buck. 

But in the end its about profits and losses and if they took too many losses we would all lose


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## Achaylus72 (Apr 30, 2011)

Magpie_Oz said:


> Have the tho' ? Last time I did a count in the White Dwarf (long weekend, raining, wife at work you know how it is) it showed an increase from the same month the previous year.


September 2011 they had over 135 indies.


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## Achaylus72 (Apr 30, 2011)

SSG.House said:


> When I first got into Warhammer 40k I remember I bought a kit of 30 marines (the cone shaped face shields and bumpy left shoulders) for $50ish. I would love to see some kits that offered a bit more bang for the buck.
> 
> But in the end its about profits and losses and if they took too many losses we would all lose


I remember getting the Assault on Black Reach starter for $85.00AuD


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## Magpie_Oz (Jan 16, 2012)

Achaylus72 said:


> September 2011 they had over 135 indies.


In this month's (August) WD there are 94
In August 2012's there are 65

My White Dwarves prior to that don't have a listing for Oz


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## bitsandkits (Mar 18, 2008)

good for GW, wasnt sure how well they would perform afyer taking such a hit with the computer game royalties.


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## Magpie_Oz (Jan 16, 2012)

bitsandkits said:


> good for GW, wasnt sure how well they would perform afyer taking such a hit with the computer game royalties.


Did you read the bit where they were talking about the changing nature of computer games. It may well turn out that we'll see quite a few more "app" type products from GW.


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## stephen.w.langdon (Jan 1, 2012)

Good to see that they are managing to keep the business running and the lights on,

Ok looking at the percentages for some areas they are down in sales, but have managed to combat this with cost cutting measures, but honestly I don’t know many companies within the UK that have not had to do this over the last few years due to the current economy here.

Hopefully we will see this change and sales start to go back up once consumers start to have more confidence within the market again (not just GW I mean as a whole) I think it is just a waiting game, and GW seem to have found a Business Model that is allowing them to survive while they wait it out.

Here is a question (A little off topic sorry)

Currently GW produces it’s miniatures at Warhammer World in Nottingham and ships out across the world (unless I am mistaken and I often am :laugh: ) what do we as a community think would be the outcome to building a Warhammer World in specific countries and having either Full or even part production for that country only produced there? Also this would act as a kind of Flagship shop for people to go to as an added bonus like they do in Nottingham (let’s say they built one in America and Australia as test models to start)

Sorry as I said a little off topic, but was wondering if this would help with the reduction in prices for the local countries, as well as provide a increase in sales... etc that we would see in these reports or would it be too big a risk that if it failed it could cause them to collapse
(If you think I should move this question someplace else let me know, and I will create a new topic in whatever area people think this should go  )


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## Magpie_Oz (Jan 16, 2012)

stephen.w.langdon said:


> Here is a question (A little off topic sorry)
> 
> Currently GW produces it’s miniatures at Warhammer World in Nottingham and ships out across the world (unless I am mistaken and I often am :laugh: ) what do we as a community think would be the outcome to building a Warhammer World in specific countries and having either Full or even part production for that country only produced there? Also this would act as a kind of Flagship shop for people to go to as an added bonus like they do in Nottingham (let’s say they built one in America and Australia as test models to start)
> 
> ...


GW produces in Uk and the US.

From what I can see no other market is sufficiently large enough to present a viable option as a manufacturing base as the costs of labour etc in a factory are far, far above shipping costs.

The only way I could see another factory becoming viable is if the Asian market takes off in which case the factory would almost certainly be in China. Once a factory is opened in China then the UK/US ones just simply won't be able to compete.


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## humakt (Jan 2, 2008)

The amount of new codexes and army books they are producing this year, I can see them doing well again which is good from a hobby point of view.


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## maddermax (May 12, 2008)

Magpie_Oz said:


> GW produces in Uk and the US.


US production shut down last year apparently, well Plastic kit production anyway.



humakt said:


> The amount of new codexes and army books they are producing this year, I can see them doing well again which is good from a hobby point of view.


They've had a massive year with the launch of 6th and a whole bunch of new codecies and big kits. The fact that the numbers are flat after adjusting for inflation considering all that is kind of interesting. They're not unhealthy as a business and they're not going backwards, but they're not really moving forwards either, even while the rest of the games market is growing.


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## d3m01iti0n (Jun 5, 2012)

Now they need to seriously reconsider their pricing. I have bought an absurd amount of product this year; always adding to my Templars and branching out into Nids and CSM. Of course, I bought it all online. Id be more than happy to deal with GW for reasonable prices.


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## Nordicus (May 3, 2013)

d3m01iti0n said:


> Now they need to seriously reconsider their pricing. I have bought an absurd amount of product this year; always adding to my Templars and branching out into Nids and CSM. Of course, I bought it all online. Id be more than happy to deal with GW for reasonable prices.


You want them to adjust their prices to be cheaper, after they have had a surprise monetary gain, when everyone expected them to loose money? 

How would that make sense businesswise?


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## d3m01iti0n (Jun 5, 2012)

Nordicus said:


> You want them to adjust their prices to be cheaper, after they have had a surprise monetary gain, when everyone expected them to loose money?
> 
> How would that make sense businesswise?


They only reason they gained money is because they jacked prices on everything and doubled their product output. With 6th theyve proved that they can move units when they blast out a new codex and models every month. I promise you the profits via direct sales are coming from GW sheep who have more money than brains, and kids who's parents have more money than brains. The educated consumer is stilly buying, but were going through 3rd party vendors and undercutting GW. This is a direct result of price hikes. The interest is there, the loyalty is not. 

GW's business model is centered around rumor blackouts and impulse buys. But once again, they leave out the educated consumer. I deal with this every day at work. Why would you buy parts from me when you can get the same thing aftermarket or via EBay? Well we warranty our parts. Nobody cares! Do GW models come with a warranty? Didnt think so. Sure we make dumb money, but for every overpriced part or service I sell, I just lost three customers over price.


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## EmbraCraig (Jan 19, 2009)

d3m01iti0n said:


> They only reason they gained money is because they jacked prices on everything and doubled their product output. With 6th theyve proved that they can move units when they blast out a new codex and models every month. I promise you the profits via direct sales are coming from GW sheep who have more money than brains, and kids who's parents have more money than brains. The educated consumer is stilly buying, but were going through 3rd party vendors and undercutting GW. This is a direct result of price hikes. The interest is there, the loyalty is not.
> 
> GW's business model is centered around rumor blackouts and impulse buys. But once again, they leave out the educated consumer. I deal with this every day at work. Why would you buy parts from me when you can get the same thing aftermarket or via EBay? Well we warranty our parts. Nobody cares! Do GW models come with a warranty? Didnt think so. Sure we make dumb money, but for every overpriced part or service I sell, I just lost three customers over price.


Y'know the funny thing about those products you're buying from 3rd party vendors? GW still makes money out of them. They know that plenty of people are buying from 3rd party sellers - that's why they have a whole supplier division set up, and that's why they have a listing of 3rd party stores on their website and in WD every month.

They maybe don't make the same actual 'Sale in £s' figure by selling through their wholesale channel, since retailers get a discount on buying that box, but they also don't pay a lot of the associated costs such as shop staff and rent for the products that are sold that way - that's why sales can drop, but their profits can hold up pretty well. I wouldn't be too surprised if their profit margin was actually better on stuff that they sell in large numbers through big wholesale orders to Wayland etc than it is in most other places - you can be sure the margin isn't bad, though... otherwise the trade discount wouldn't be enough to allow people to operate while selling at a 20% discount under GW's full retail price.


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## Stella Cadente (Dec 25, 2006)

I spent more time giggling at the shit Dim Kirby was saying.


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## Achaylus72 (Apr 30, 2011)

A case in point, i bought a Codex: Dark Angels from a vendor via EBay in Britian for $40.00AUD (Including Postage).

To buy that from my local GW store, i have to buy a bus ticket from my place to the local train station ($2.30), then buy a return train ticket ($11.00), then purchase the Codex ($83.00), then once i get back to my local train station buy a bus ticket home ($2.30).

All told that Codex has cost $98.60, i save $58.00AuD, for that i can get another Codex/Army book, and go out for a slap up dinner.

I love my Warhammer, but i can't justify buying local, not when i can save more than 50% off Aussie shelf prices, from GW and Indie stores, and that is a sad thing because i would love to support my local scene.


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## Magpie_Oz (Jan 16, 2012)

You could have stayed at home and had it shipped free to you, saving the $15.60

I'd be interested to see your eBay supplier as the best I can find is $42 + $20 postage. still a saving I guess.


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## Achaylus72 (Apr 30, 2011)

Magpie_Oz said:


> You could have stayed at home and had it shipped free to you, saving the $15.60
> 
> I'd be interested to see your eBay supplier as the best I can find is $42 + $20 postage. still a saving I guess.


Correction the Dark Angels codex was 42.00AuD including delivery.

It was one of those non-descript EBay sellers, the dex itself was 22 pounds plus 3 pounds postage, 25.00 pounds all up and it had only just been listed. It was delivered within 7 days

The cheapest armybook i got was Bretonnians at auction, i won with a bid of 4 pounds and 2 pounds delivery, 6 pounds all up, and 8 days later it arrived. 

You just have to be in the right place at the right time.


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## Magpie_Oz (Jan 16, 2012)

OK yes eBay can deliver you some bargains but I think you really need to compare things that are readily available. Part of the price on GW items from GW shops is the ability to walk off the street and buy them there and then.


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## bitsandkits (Mar 18, 2008)

whats important is that GW managed to make a profit despite everything that is against them doing so, which for a a high street retailer with a niche product is pretty amazing, now you can accept that as a good thing and move on or look for conspiracy theories about price gouging and falling volume sales and sacks full of doom for GW, BUT as before the numbers are therefore everyone to see, slight dip in sales in the UK and EU and some nice results elsewhere, the dip in sales in the UK are likely just stuff that has switched from UK and EU source of sales, to the US and down under, whats good is revenue is up as is profitability, what ever strategy they are using is working and these figures show yet again that GW knows its own business far better than any of the internet forum CEO's who like to tell us how badly they are doing or how the company should do things differently. 

So despite every man and his dog throwing out a kickstarter, despite a drop in royalties and a high profile courtcase and several media beatings over space marines and despite having the most actual genuine competition for sales in its history and the UK economy being still pants GW still managed to make a significant profit.


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## EmbraCraig (Jan 19, 2009)

Stella Cadente said:


> I spent more time giggling at the shit Dim Kirby was saying.


I'll look forward to reading your forward when the company you front announces £20m profits.


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## Bayonet (Aug 13, 2010)

I'm suprised they've done well despite some of the decisions in recent times - I guess this shows that the majority will still buy GW despire those decisions. I'm also happy about is as it hopefully means more quality releases, I'm admittedly one of those that will moan about crap changes but still get my card out each month to buy something from them!


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## Bubblematrix (Jun 4, 2009)

I thought some stuff was being made in China now? larger kits and bulky kits mostly?



Stella Cadente said:


> I spent more time giggling at the shit Dim Kirby was saying.





EmbraCraig said:


> I'll look forward to reading your forward when the company you front announces £20m profits.


Um... he effectively said - "we waste loads of effort in recruitment", there is a reason why companies out there farm this shit out and why there is a fairly universal way of doing things. Yes attitude is very important when recruiting, only a prat would ignore it, but skills are kinda key also - and I don't mean qualifications or experience - I mean skills.

I think Kirby actually meant that they recruit for attitude and skills rather than just qualifications and experience, if not then they are sitting on a bomb of inefficiency.

Still, at present it is working for them, but if true then I just wonder if they would get a whole lot more lean as a company if they sorted that out. Semi-skilled fanboys as your only recruits can make a profitable company pretty shitty quite quickly (although you can pay them less)


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## Nordicus (May 3, 2013)

Bubblematrix said:


> Yes attitude is very important when recruiting, only a prat would ignore it, but skills are kinda key also - and I don't mean qualifications or experience - I mean skills.


Well I don't know - This tactic they use is used in smaller companies usually, as it garners a much higher degree of loyalty in your employees. Seeing as every company invests money and time into every new employee, the gain could be substantual.

Having recruited for my own workplace, I know for a fact that I would do the same. I would recruit someone with the right mindset and attitude and give them the skills needed - Not the other way around. Companies these days have a tendency to only look at the spreadsheet and not at the person directly in front of them. Unfrotunately for them, this also means that people are bouncing from workplace to workplace at a much higher rate than ever before, as loyalty is not something that is sought these days.

GW seems old fashioned in this area, and I have to agree with them. Anyone can get the skillset they need. That can be taught. Attitude and personality cannot. In the end, they just might spend less money on each employee as they stay on for more years and get to be specialists in their area - But also within GW's structure and business model.

So while you may see it as a "waste of effort in recruitment" I see it as a smart strategy in the long run. True, the straight off investment is higher and with less payoff, but in the long run you get a better employee that truly values the company - Not a mercenary who will give his skills to the highest bidder.


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## Magpie_Oz (Jan 16, 2012)

Nordicus said:


> Having recruited for my own workplace, I know for a fact that I would do the same. I would recruit someone with the right mindset and attitude and give them the skills needed - Not the other way around.


Me too. I was the "radical" because I employed people with a great attitude over people with "better" quals and experience. They turned out to be some of the best workers n the organisation.


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## Bubblematrix (Jun 4, 2009)

Magpie_Oz said:


> Me too. I was the "radical" because I employed people with a great attitude over people with "better" quals and experience. They turned out to be some of the best workers n the organisation.


don't mix up skills with qualifications, training and experience - the latter can usually be trained, the former can but can cost loads of time and money and doesn't always work - see corporate companies trying to "train in" leadership to see how badly that can go.

Yes, some skills can be acquired, but some require natural aptitudes to get really good at and you can have all the good attitude in the world, be a loyal and great employee but never obtain them.


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## Stella Cadente (Dec 25, 2006)

EmbraCraig said:


> I'll look forward to reading your forward when the company you front announces £20m profits.


That old BS hey, funny, the company I used to work for made profits in the billions and used it to buy and construct allot of land/buildings, which will make all those billions back.

But hey if people want to employ workers with no skills your welcome, your loss and idiocy, let's see how a new employee handles working with kids with no experience to gain skills doing so, let's see how he paints store models with no experience to gain skills doing so, let's see....well you get my point.


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## Achaylus72 (Apr 30, 2011)

I had overlooked a little piece in the Annual Report.

Sales of units in Australia fell by 7%, this is the fifth (that i can recall) straight year that sales of units has fallen in Australia, this averages out to about 11.5% per annum over the last 5 years.

On the issue that i have spoken to Magpie about Indies, i can recall that when i first got into this hobby that i had 7 indie stores and 4 gaming leagues in my local area, without going to Sydney.

Now there are only 2 indies, and 1 gaming league still going.


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## Nordicus (May 3, 2013)

Achaylus72 said:


> Sales of units in Australia fell by 7%, this is the fifth (that i can recall) straight year that sales of units has fallen in Australia, this averages out to about 11.5% per annum over the last 5 years.


Maybe the stores and carriers got eaten by the elephant sized spiders, 20 meters long snakes, cockroaches with machine-guns and whatever creatures you have roaming in the country I like to refer as "The desert of agonizing pain and horrible deaths".


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## bitsandkits (Mar 18, 2008)

Achaylus72 said:


> I had overlooked a little piece in the Annual Report.
> 
> Sales of units in Australia fell by 7%, this is the fifth (that i can recall) straight year that sales of units has fallen in Australia, this averages out to about 11.5% per annum over the last 5 years.


Really?, thats strange because i distinctly remember last years statement showing almost a £1 million pound year on year increase in sales for down under. plus i get the drop in sales to be around 4% year on year.

http://investor.games-workshop.com/...12/07/Preliminary-announcement-2012-final.pdf

page 14

and in the year before that sales for down under only tracked about a 150k less than 2010 which is less than 2% 

http://investor.games-workshop.com/...ull-Year-Report-and-Accounts-full-25-July.pdf
page 36

Anyway looking at the 5 year summary, GW have gone from a £5 million pound profit to over £21 million, thats steady growth year on year, in a period of serious instability for the entire world economy and the last 5 years are arguably also the five years that GW has seen the most competition from other hobby producers and have really made some genuinely unpopular decisions that have definitely forced some people out of the hobby, but growth like that is proof they knew what they were doing.

Should also point out, sales go up and down, some years you do well some years you dont, but at the end of the day its profit thats important.


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## scscofield (May 23, 2011)

The issue of indies in Oz are more a show of the economy than not. Of course this whole the sky is falling in Oz argument happened last year also. This thread will have another few pages of Chicken Little proclamations then it will putter out until GW releases next years statement. If you look at the thread for last year it is pretty much a mirror of this one.


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## bitsandkits (Mar 18, 2008)

scscofield said:


> The issue of indies in Oz are more a show of the economy than not. Of course this whole the sky is falling in Oz argument happened last year also. This thread will have another few pages of Chicken Little proclamations then it will putter out until GW releases next years statement. If you look at the thread for last year it is pretty much a mirror of this one.


very true, but then again i think this has always been the case, every year we are told that GW's doomsday clock is 3 minutes to midnight for as long as i can remember, I distinctly remember being told that the switch to white metal from Lead would kill GW because people wouldn't pay the higher prices compared to lead, i remember been told that GWs shift to more plastics would kill them off because who wants plastic minis because they don't have the same detail as white metal? (Seriously plastics used to be a joke),sticking with Lord of the rings will kill GW because people want specialist games and nobody plays lord of the rings , dawn of war will kill GW because whose going play table top when they can play on PC.... etc etc

Come to think about it pretty much anything GW has ever done is likely to cause GW to implode if the fans are anything to go by, i cant deny they really dont make much sense as a company, they shouldn't work if you compare them to tried and tested methods of how companies are run and operate, but some how it does work and when they need to, they change and over the years they have constantly proved people wrong when it comes to how to operate a international miniature manufacture and retail business, even now could there closest competitor claim to have increased its profitability inline with GWs success? Hell it seems almost everyone except GW has been forced to look at crowd funding in some way to expand or get launched.

We also never give them any credit when they get it right, but by fuck we hammer them when we think they get it wrong, a good example would be (and im as guilty as anyone for this) digital sales, there was a constant stream of abuse and verbal about releasing ipad only codex and not offering kindle and android versions, yet here they are and we dont even mention them any longer

another case in point, Finecast or as its known Failcast, well news flash folks, they really have ironed out the issues and its as good if not better than metal ( im sure someone will be along any moment to tell me im wrong about this but hey i sell the stuff so the likely hood is i see more finecast a month than you will in your whole life) but again we happily slag the product off to this day and people forget that they really were not fans of metal stuff anyway!,it required pinning and gluing and filling and pinning again and gluing and was heavy and needed pinning and gluing oh and filling and the paint chipped off if you looked at it for too long or the model would nose dive if it was on any surface that was not as level as a snooker table, but hey all that was forgotten when a few too many people had the odd air bubble or thin resin and had to return the model and exchange it for another. 

People will always be knocking GW and they are right to do so if they don't agree with what they do, but right now people on other forums are pulling imaginary numbers and theory's out of there asses trying to explain why GW have shown growth for 5 straight years but how that has some how a bad thing and is at the expense of the hobby,now if GW follows this spell with five years of decline all we will get is "told you so" So GW are dammed if they do well and dammed if they don't.


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## Nordicus (May 3, 2013)

bitsandkits said:


> So GW are dammed if they do well and dammed if they don't.


Bits tells the truth - I agree with his post above


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## Magpie_Oz (Jan 16, 2012)

bitsandkits said:


> very true, but then again i think this has always been the case, every year we are told that GW's doomsday clock is 3 minutes to midnight for as long as i can remember,


I recall in 1980 being told of a company peddling D&D had put out this gaming magazine "White Dwarf" that was worth the 2 month wait to get from Britain but how it would never last .........


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## jigplums (Dec 15, 2006)

its simply not true. value is subjective. if gw reduced all its prices by 10%, all the online retailers would drop prices by 10% as well, as they dont compete on service and mearly on price. therefore you'd still buy online to save a few £'s gw would make less, and the reseller less.

gw didnt put any prices other than paints up this year. therefore comparitively when you take into account inflation prices have dropped around 4%.

how much are you going to buy direct from gw now? 



d3m01iti0n said:


> Now they need to seriously reconsider their pricing. I have bought an absurd amount of product this year; always adding to my Templars and branching out into Nids and CSM. Of course, I bought it all online. Id be more than happy to deal with GW for reasonable prices.


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## Adramalech (Nov 10, 2009)

It's nice to see that GW's prices are finally stabilizing, if nothing else.

Though it'd be nicer to see them go down, even just for something like a black friday sale.

(Can you even imagine how much stock they'd move if land raiders were $55 again?)


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## Stella Cadente (Dec 25, 2006)

GW didn't raise prices except on paints you say?, I think you should take a better look


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## Zion (May 31, 2011)

Stella Cadente said:


> GW didn't raise prices except on paints you say?, I think you should take a better look


I think the point is more that only paints were affected by the yearly price increase. GW re-pricing thing and generally inflating prices of items through releases isn't anything new, it's just more noticeable now with the faster release schedule.


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## bitsandkits (Mar 18, 2008)

just looking at the GW share price, they have gone from about £2.50 a share in 2009 to around £8 this month, they are getting quite close to there LOTR era high.


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