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Link to statement.

(RNS)
RNS Number : 6887D Games Workshop Group PLC 18 September 2008

INTERIM MANAGEMENT STATEMENT

For the period 2 June 2008 to 18 September 2008

and

RESULT OF ANNUAL GENERAL MEETING

Games Workshop Group PLC (the "Group") issued the following interim management statement for the period 2 June 2008 to 18 September 2008 at the close of its AGM held today at 10.00 hours:

"In the three months to 31 August 2008 trading has been broadly in line with the board's expectations.

"The only significant transaction during the period was the renegotiation of the Group's banking facilities, as set out in the annual report for the year ended 1 June 2008, which was published on 28 July 2008."

All resolutions, including special business, considered at the AGM were passed.

I translate that to mean that sales have been reasonable, but a little below budget. If they had exceeded expectations they would have expressly said so, but if they fall short of expectations, but not massively so then they are "broadly in line". At least that's how the corporate spin doctors I have dealt with would have done it.

They'd get a ton more money from me if they'd make a BA FAQ for the new codex. Right now I have NO reason whatsoever to buy the new Marine stuff.

Yes GW, thats a hint. We know you're reading

No need. Blood Angels are not, fundamentally, Space Marines any more than Chaos Marines are.

They are Blood Angels. Same with Dark Angels. This has been so ever since the Mini-Dex died a death.

If you'd like to actually discuss the financial report feel free to in this thread.


Otherwise please refrain from dragging the tread off-topic.

The share price seems to be doing odd things. On the bright side, it has been slowly climbing for 6 months...

I wouldn't touch that stock with a ten foot pole, especially in the current economic climate.

Why not? Just out of interest.

Are public quarterly financials from GW a new thing?

lets hoop they don't make to mutch losses I wane ba abel to play the game for a fuwe more years

looks fairly steady and all things considered state-side, the ability to actually NOT lose money at this point in time is quite a testament to them as a company.

Although looking at the pricing curve for third quarter makes me a bit nauseous.

The stock price,

Is not really relevant. That is for would be owners. But their cash flow, sales and profitability are all very important.

I want them to remain profitable and to gain efficiency in producation so that they can make a profit and give us the slightly eased prricing they have been managing for the last 15 months or so, with the various Apocalypse deals.

Go GW! Prosper!!!!

Honestly I think GW has done very well given Ebay, and the current recession we are in, they've diversified alot over the past few years and continue to do so with WAR just hitting shelves, DOW 2 coming soon and Blood bowl. Plus the Horus Heresy books and new editions coming out every year or so it seems.

I think they continue to draw new people in, maybe not into the hobby but they get people to give them money, so Im sure we will continue to get new stuff at a good rate.

amenzer wrote:Honestly I think GW has done very well given Ebay, and the current recession we are in, they've diversified alot over the past few years and continue to do so with WAR just hitting shelves, DOW 2 coming soon and Blood bowl. Plus the Horus Heresy books and new editions coming out every year or so it seems.

I think they continue to draw new people in, maybe not into the hobby but they get people to give them money, so Im sure we will continue to get new stuff at a good rate.

I concur. I am not sure how much AoBR will help them out or the incoming September price raise on metals. The price of general metals has more than tripled in some parts of the world. That is why GW is raising metal prices and heading more into plastics. In the past week, the American economy has lost approximately 1.2 trillion dollars, the single biggest loss since 1929...lets hope GW isn't affected that much.

For those who are interested in a good baseline understanding of the global economy, GW is a good sample company to follow. It is international and is heavily involved in commodities.

amenzer wrote:Honestly I think GW has done very well given Ebay, and the current recession we are in, they've diversified alot over the past few years and continue to do so with WAR just hitting shelves, DOW 2 coming soon and Blood bowl. Plus the Horus Heresy books and new editions coming out every year or so it seems.

I think they continue to draw new people in, maybe not into the hobby but they get people to give them money, so Im sure we will continue to get new stuff at a good rate.

We're actually not in a recession. A recession occurs when we have 2 quarters with negative growth. That hasn't happened...yet.

To be honest, I think our economy is being hurt by people who benefit from a bad economy saying we have a bad economy. This makes people not spend money, and on top of the housing crunch ( which makes me laugh....the lenders in trouble should be saying I told you so) then all sorts of problems start up.

Which benefits someone politically.

GW US's sales are up, from what I have been told. If the economy were so bad, then people wouldn't be buying expensive toy soldiers. or X Boxes or Wii's etc.

Traditionally the niche hobby market is widely expected to be "recession proof" to an extent, as in times of economic stress people still want to spend money on things that make them feel happy, but where they can do so in small chunks. People move out of expensive ways of making themselves happy and look for relatively cheap ones. So they buy fewer meals at expensive restaurants, and buy more takeaways. They don't buy a new car or plasma telly for £/$000's, but they will still pay £12 for a new box of toy soldiers .

That's the theory anyhow. GW recent stock price recovery reflects this theory in that the stock market is taking money out of banks, and other similar stocks that are risky in a financial crisis, and looking for somewhere "safer" to place them. Niche hobby stocks like GW are a possible source. GW's sales and profit figures are unlikely to be hugely affected by a recession - or at least they will be less likely to be affected than a less niche company. Or so they believe.

This affect of gaming hobby spending is at least partially born out by the recent results from GenCon Indy. As the world's largest gaming convention it serves as a barometer of gamers appetites, and the fact that attendance grew by 6% over last year, despite the US economy being in trouble, indicates that at least in the US, gaming is more resistant to pressures from an economic downturn than many activities are.

At the AGM yesterday, Tom Kirby explained that quarterly financial statements were a new regulatory requirement. He publicly compared them to expecting a gardener to pull up his flowers to see how well they were growing and expressed his personal opinion that the quarterly statement was a waste of time and effort but that he was legally obliged to issue one, however pointless he felt it was.

My report on the AGM is elsewhere.

R.

I agree with your points that GW is a little more recession proof, but it does affect them, maybe not as much as the porsche dealership down the street but still, the unemployment rate here in the states is what 5.5% or something last time I read. Thats pretty high and everyone suffers. We may not be in a recession yet, but we are in a sore economic state. With that in mind keep up the good work GW.

Whether or not we are in a recession is not known for a while. The reports necessary for people to declare that we were in a recession have not yet been complied, but since they are based on past data, it means that we have to already have been in a recession for people to declare that we are in one. Make sense? Remember that the recession of 2001 was only declared after it was already over.

But Obama said...I'm so confused...(runs and moves to some place not the US)

All praise and glory to the Messiah. He truly is the worlds greatest superstar!

If he says it, it is true.

Scar Weaver wrote:In the past week, the American economy has lost approximately 1.2 trillion dollars, the single biggest loss since 1929...lets hope GW isn't affected that much.

Lets not forget that GW is a British company above all. I understand that the current economic crisis of yours affects the whole world, but I don't think it would affect GW as much than if it was an American company.

amenzer wrote:the unemployment rate here in the states is what 5.5% or something last time I read. Thats pretty high

5.5%'s not high. 8% is high, 10% is high. 5.5%, that's pretty close to full employment as a society can get (you'll never have 0% unemployment). And the most recent read was 6.1%, but I digress....

Scar Weaver wrote:

amenzer wrote:Honestly I think GW has done very well given Ebay, and the current recession we are in, they've diversified alot over the past few years and continue to do so with WAR just hitting shelves, DOW 2 coming soon and Blood bowl. Plus the Horus Heresy books and new editions coming out every year or so it seems.

I think they continue to draw new people in, maybe not into the hobby but they get people to give them money, so Im sure we will continue to get new stuff at a good rate.

I concur. I am not sure how much AoBR will help them out or the incoming September price raise on metals. The price of general metals has more than tripled in some parts of the world. That is why GW is raising metal prices and heading more into plastics. In the past week, the American economy has lost approximately 1.2 trillion dollars, the single biggest loss since 1929...lets hope GW isn't affected that much.

For those who are interested in a good baseline understanding of the global economy, GW is a good sample company to follow. It is international and is heavily involved in commodities.

more than tripelt for some kinds of metal.
I have seen normal tin solders for 50€ for 5 withs is more than dear 5 man box.

and on thank god gw is english not american or thay woud have been broke.

Darrian13 wrote:All praise and glory to the Messiah. He truly is the worlds greatest superstar!

If he says it, it is true.

I EXPECT YOUR VOTE

JOHN McKHORNE CRUSH MIDDLE-CLASS TAX HIKE!!!!

Ah the wonders of photoshop and the politically motivated (and notice the edited upside-down American flag- speaks volumes about her political view)....

Back on topic I don't think anyone can reasonably say that the American economy (recession or not) does not affect GW's health as a company. They are too heavily dependent upon US sales to remain immune.

Jester wrote:JOHN McKHORNE CRUSH MIDDLE-CLASS TAX HIKE!!!!

Deregulate! Deficit! War! Deregulate! Deficit! War! Deregulate! Deficit! War!

/quick and dirty

If you want to talk politics, take it to the Off-Topic forum, folks.

I was going to say for the love of god, someone photoshop a John Mkhorne. But now he is legally required to do an Obamius the Eternal as a counterpoint.

precinctomega wrote:At the AGM yesterday, Tom Kirby explained that quarterly financial statements were a new regulatory requirement. He publicly compared them to expecting a gardener to pull up his flowers to see how well they were growing and expressed his personal opinion that the quarterly statement was a waste of time and effort but that he was legally obliged to issue one, however pointless he felt it was.

My report on the AGM is elsewhere.

R.

I´m going to have to agree with Mr Kirby. The quarterly statements sounds more like a new recipe to generate uncertanty in the markets than a sound way to control them. I´ve seen how certain airlines at the time of negotianting the contracts with the union (usually during fall), refered shamelessly to the results of the 1st quarter if it was a year when Easter fell on april and to the results of the 2nd quarter if it was the other way around.

M.