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Made in gb
[MOD]
Et In Arcadia Ego





Canterbury

.. gonna do this here rather than news/rumours



PRESS ANNOUNCEMENT

GAMES WORKSHOP GROUP PLC
("Games Workshop" or "Group")

8 June 2015


TRADING UPDATE ON CLOSE OF FINANCIAL YEAR ENDED 31 MAY 2015

Following the close of its 2014/15 financial year Games Workshop provides the following trading highlights:

We expect the Group's profit for the year to 31 May 2015 to be broadly in line with market expectations.

Over the year we have seen modest sales growth, at constant currency, in our core trade and mail order channels. We saw a small decline in our own stores due to continued difficult trading in Continental Europe following our restructuring last year. We saw expected declines in some non-core activities that are grouped with core activities in our reporting. The effect of these non-core activities and the continuing effects of unfavourable exchange rates mean that our reported sales are likely to show small declines in retail (c.5%) and trade (c.3%). Mail order growth was c.5%.

We will provide full and detailed information, including the effects of adverse exchange rates, at the time of our results announcement on 28 July 2015.


http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB0003718474GBGBXSSMM.html?lang=en

This message was edited 1 time. Last update was at 2015/06/08 07:37:24


The poor man really has a stake in the country. The rich man hasn't; he can go away to New Guinea in a yacht. The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all
We love our superheroes because they refuse to give up on us. We can analyze them out of existence, kill them, ban them, mock them, and still they return, patiently reminding us of who we are and what we wish we could be.
"the play's the thing wherein I'll catch the conscience of the king,
 
   
Made in jp
[MOD]
Anti-piracy Officer






Somewhere in south-central England.

"Modest sales growth in ... mail order channels" is of course because of an increasing number of products that are direct order only.

We will have to wait for the full report, but this statement does not give any confidence that the overall figures are going to look good.

I'm writing a load of fiction. My latest story starts here... This is the index of all the stories...

We're not very big on official rules. Rules lead to people looking for loopholes. What's here is about it. 
   
Made in us
Dakka Veteran



South Portsmouth, KY USA

I always love it when they say "in line with market expectations".

Yeah, if the market expects lower sales volumes and increasing prices.

I wonder what these "modest sales growths" are. Perhaps it is only them saying that they saw sales growth where it hadn't been before because there were other sales channels that were selling those products.

Notice they didn't say a "modest sales growth overall". They are making qualified statements for some reason.

I wonder if we will see an overall down trend as we have these last couple of years.

There should be a good reason why their sales have declined in an industry that has seen an aggregate 45% growth over the last three years ( appx 14%-16% each year)

Of course we see that they should be the industry leader yet <strikes deceased equine> they are not.

One day all otiose things shall be gone and they won't have to worry about it.

A "decline in our own stores", da crap does that even mean? Declining sales in their stores or a reduction in the number of stores?

I could see it as fewer sales in their stores due to NOTHING is being done to actually promote their stores!



Armies: Space Marines, IG, Tyranids, Eldar, Necrons, Orks, Dark Eldar.
I am the best 40k player in my town, I always win! Of course, I am the only player of 40k in my town.

Check out my friends over at Sea Dog Game Studios, they always have something cooking: http://www.sailpowergame.com. Or if age of sail isn't your thing check out the rapid fire sci-fi action of Techcommander http://www.techcommandergame.com
 
   
Made in ie
Calculating Commissar




Frostgrave

I think they mean declining sales from their stores.

We saw expected declines in some non-core activities that are grouped with core activities in our reporting


Does that sound like they are going to use that to hide decline in core activities to anyone else? Why not split it out otherwise?

show small declines in retail (c.5%) and trade (c.3%). Mail order growth was c.5%.


Since it's roughly a 33/33/33% breakdown between retail/trade/store, so the store->web thing makes sense (if you're paying retail you may as well pre-order it) and cancels each other out. 3% trade drop is more worrying, less people are buying from FLGS.

Going by the number of traders dropping/reducing GW I'm surprised it's not lower.


I guess all we can tell from this is that they haven't made any miraculous recovery yet and are looking at another decrease in revenue/profits.

This message was edited 1 time. Last update was at 2015/06/08 08:28:50


 
   
Made in gb
Arch Magos w/ 4 Meg of RAM





I was hoping it would be good news for them. Maybe the new AdMech were relased too late in the year to make an impact. I hope with the AdMech and Age of Sigmar though they'll see a sales growth in Q1 and Q2 of this new financial year.

Bye bye Dakkadakka, happy hobbying! I really enjoyed my time on here. Opinions were always my own :-) 
   
Made in au
Hacking Proxy Mk.1





Australia

That feels like a lot of big, meaningless, contradictory words designed to not actually lie, but definitely not give a truthful indication of the state of anything.

 Fafnir wrote:
Oh, I certainly vote with my dollar, but the problem is that that is not enough. The problem with the 'vote with your dollar' response is that it doesn't take into account why we're not buying the product. I want to enjoy 40k enough to buy back in. It was my introduction to traditional games, and there was a time when I enjoyed it very much. I want to buy 40k, but Gamesworkshop is doing their very best to push me away, and simply not buying their product won't tell them that.
 
   
Made in gb
Bryan Ansell





Birmingham, UK

Revenue down £10m on this time last year.

Profit is also around £10m down on the same time frame.

I would like to see the full report when it comes out in July just to see what they consider non core vs core. and what the actual percentages mean.

   
Made in gb
[MOD]
Et In Arcadia Ego





Canterbury

... Suspect the "non -core yet core" might cover the Hobbit/LOTR stream .. ?

The poor man really has a stake in the country. The rich man hasn't; he can go away to New Guinea in a yacht. The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all
We love our superheroes because they refuse to give up on us. We can analyze them out of existence, kill them, ban them, mock them, and still they return, patiently reminding us of who we are and what we wish we could be.
"the play's the thing wherein I'll catch the conscience of the king,
 
   
Made in gb
Lord Commander in a Plush Chair





Beijing

It doesn't sound disastrous though, it's not going to be a huge drop in profits, just another decline they'll bluster through. But they are still blaming the restructuring though. I wonder when that'll get old.
   
Made in ie
Calculating Commissar




Frostgrave

 reds8n wrote:
... Suspect the "non -core yet core" might cover the Hobbit/LOTR stream .. ?


I'm sure it'll cover the magazine as well, the paint ranges and probably the WHW work. But since it's rolled in there's probably no way we'll find out.

This message was edited 2 times. Last update was at 2015/06/08 10:22:43


 
   
Made in gb
Longtime Dakkanaut




It's all about the exchange rates.

greatest band in the universe: machine supremacy

"Punch your fist in the air and hold your Gameboy aloft like the warrior you are" 
   
Made in gb
Lord Commander in a Plush Chair





Beijing

Deadnight wrote:
It's all about the exchange rates.


Is that their excuse for Australia?
   
Made in gb
Longtime Dakkanaut




 Howard A Treesong wrote:
Deadnight wrote:
It's all about the exchange rates.


Is that their excuse for Australia?


Australia? Who cares.

That's their excuse.

greatest band in the universe: machine supremacy

"Punch your fist in the air and hold your Gameboy aloft like the warrior you are" 
   
Made in de
Longtime Dakkanaut





Germany

Deadnight wrote:
It's all about the exchange rates.


Yeah, it's the exchange rates! And the restructuring we did 10 years ago... and... and... did we mention the exchange rates? And the financial crisis? Yeah, that's why we are in decline, but it's only temporal!


Sounds like a lot of whitewashing financial gibberish in the text and a slow, painfull decline in the numbers.

Waaagh an' a 'alf
1500 Pts WIP 
   
Made in au
Hacking Proxy Mk.1





Australia

 Howard A Treesong wrote:
It doesn't sound disastrous though, it's not going to be a huge drop in profits, just another decline they'll bluster through. But they are still blaming the restructuring though. I wonder when that'll get old.

2 years ago?

 Fafnir wrote:
Oh, I certainly vote with my dollar, but the problem is that that is not enough. The problem with the 'vote with your dollar' response is that it doesn't take into account why we're not buying the product. I want to enjoy 40k enough to buy back in. It was my introduction to traditional games, and there was a time when I enjoyed it very much. I want to buy 40k, but Gamesworkshop is doing their very best to push me away, and simply not buying their product won't tell them that.
 
   
Made in ie
Calculating Commissar




Frostgrave

 jonolikespie wrote:
 Howard A Treesong wrote:
It doesn't sound disastrous though, it's not going to be a huge drop in profits, just another decline they'll bluster through. But they are still blaming the restructuring though. I wonder when that'll get old.

2 years ago?


They mentioned some ongoing cost for the restructuring, so it was spread over a few years and they could still be paying that (leases on EU offices for instance).

Then there's amortized costs for the webstore, and the HQ overhaul. Lots of one-time-expenses to explain away the drop in sales.
   
Made in gb
Wrathful Warlord Titan Commander





Ramsden Heath, Essex

 jonolikespie wrote:
 Howard A Treesong wrote:
It doesn't sound disastrous though, it's not going to be a huge drop in profits, just another decline they'll bluster through. But they are still blaming the restructuring though. I wonder when that'll get old.

2 years ago?


I think it refers to the reshuffling of the European HQ's (branches) back to the UK plus consolidating stores away from hi rent areas, which is still going on here in my part of the world.

How do you promote your Hobby? - Legoburner "I run some crappy wargaming website " 
   
Made in gb
[MOD]
Et In Arcadia Ego





Canterbury

Indeed.


All those new "warhammer" store fronts, logos, uniforms etc etc

The poor man really has a stake in the country. The rich man hasn't; he can go away to New Guinea in a yacht. The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all
We love our superheroes because they refuse to give up on us. We can analyze them out of existence, kill them, ban them, mock them, and still they return, patiently reminding us of who we are and what we wish we could be.
"the play's the thing wherein I'll catch the conscience of the king,
 
   
Made in gb
The Daemon Possessing Fulgrim's Body





Devon, UK

Herzlos wrote:
 jonolikespie wrote:
 Howard A Treesong wrote:
It doesn't sound disastrous though, it's not going to be a huge drop in profits, just another decline they'll bluster through. But they are still blaming the restructuring though. I wonder when that'll get old.

2 years ago?


They mentioned some ongoing cost for the restructuring, so it was spread over a few years and they could still be paying that (leases on EU offices for instance).

Then there's amortized costs for the webstore, and the HQ overhaul. Lots of one-time-expenses to explain away the drop in sales.


They can use those to explain a drop in profit, but there's little they can do to explain the drop in revenue other than the already well trodden "our staff are rubbish, do you have any idea how hard it is to recruit decent people when you offer poor conditions and few benefits?" excuse they've offered before.

We find comfort among those who agree with us - growth among those who don't. - Frank Howard Clark

The wise man doubts often, and changes his mind; the fool is obstinate, and doubts not; he knows all things but his own ignorance.

The correct statement of individual rights is that everyone has the right to an opinion, but crucially, that opinion can be roundly ignored and even made fun of, particularly if it is demonstrably nonsense!” Professor Brian Cox

Ask me about
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Made in us
Posts with Authority






 Mr. Burning wrote:
Revenue down £10m on this time last year.

Profit is also around £10m down on the same time frame.

I would like to see the full report when it comes out in July just to see what they consider non core vs core. and what the actual percentages mean.

Don't worry, I am sure that they will still trumpet 'Woohoo! Dividends!' and get rid of some more of that revenue....

The Auld Grump

Kilkrazy wrote:When I was a young boy all my wargames were narratively based because I played with my toy soldiers and vehicles without the use of any rules.

The reason I bought rules and became a real wargamer was because I wanted a properly thought out structure to govern the action instead of just making things up as I went along.
 
   
Made in gb
Regular Dakkanaut





PRESS ANNOUNCEMENT

GAMES WORKSHOP GROUP PLC
("Games Workshop" or "Group")

We saw expected declines in some non-core activities that are grouped with core activities in our reporting.


I wonder what they could be?

Herzlos wrote:
3% trade drop is more worrying, less people are buying from FLGS.


Could this be attributed from people leaving the hhhoby and selling their stuff on here/ebay/in person?

This message was edited 1 time. Last update was at 2015/06/08 12:28:01


   
Made in us
Fixture of Dakka





TN/AL/MS state line.

Tyron wrote:
PRESS ANNOUNCEMENT

GAMES WORKSHOP GROUP PLC
("Games Workshop" or "Group")

We saw expected declines in some non-core activities that are grouped with core activities in our reporting.


I wonder what they could be?

An excuse for a fall or no change in Core sales.

Black Bases and Grey Plastic Forever:My quaint little hobby blog.

40k- The Kumunga Swarm (more)
Count Mortimer’s Private Security Force/Excavation Team (building)
Kabal of the Grieving Widow (less)

Plus other games- miniature and cardboard both. 
   
Made in es
Pulsating Possessed Chaos Marine





 Bottle wrote:
I was hoping it would be good news for them. Maybe the new AdMech were relased too late in the year to make an impact. I hope with the AdMech and Age of Sigmar though they'll see a sales growth in Q1 and Q2 of this new financial year.


Keep dreaming lol.

The press announcement doesn't say much. I'd expect the report to continue the trend of slow decline in both sales and profits.

Progress is like a herd of pigs: everybody is interested in the produced benefits, but nobody wants to deal with all the resulting gak.

GW customers deserve every bit of outrageous princing they get. 
   
Made in us
Potent Grey Knight Librarian





Fort Worth, TX

 Howard A Treesong wrote:
It doesn't sound disastrous though, it's not going to be a huge drop in profits, just another decline they'll bluster through. But they are still blaming the restructuring though. I wonder when that'll get old.


It'll get old when the interns overseeing the GW part of the portfolio at the big investment firms pass the report on up to drop GW's shares.

"Through the darkness of future past, the magician longs to see.
One chants out between two worlds: Fire, walk with me."
- Twin Peaks
"You listen to me. While I will admit to a certain cynicism, the fact is that I am a naysayer and hatchetman in the fight against violence. I pride myself in taking a punch and I'll gladly take another because I choose to live my life in the company of Gandhi and King. My concerns are global. I reject absolutely revenge, aggression, and retaliation. The foundation of such a method... is love. I love you Sheriff Truman." - Twin Peaks 
   
Made in ie
Calculating Commissar




Frostgrave

Tyron wrote:
Herzlos wrote:
3% trade drop is more worrying, less people are buying from FLGS.


Could this be attributed from people leaving the hhhoby and selling their stuff on here/ebay/in person?


I think it's more likely because FLGS's can't stock as much stuff and other games are more tempting. GW's sales through 3rd parties are continuing to drop as more 3rd parties give up on GW. As the other companies are growing GW is getting less shelf space in more indies, with some dropping them entirely.

So it's definitely down to people leaving the HHHhobby, but I don't think much to do with the 2nd hand trade.
   
Made in gb
Lit By the Flames of Prospero





Rampton, UK

Seems pretty much standard for a UK based business in this climate, It shows nothing to worry about as far as I am concerned.
   
Made in pt
Tea-Kettle of Blood




 Rayvon wrote:
Seems pretty much standard for a UK based business in this climate, It shows nothing to worry about as far as I am concerned.


What climate is that? The climate where miniature wargame sales have been growing by double digits for more than 3 years in a row?
   
Made in gb
Bryan Ansell





Birmingham, UK

Herzlos wrote:
Tyron wrote:
Herzlos wrote:
3% trade drop is more worrying, less people are buying from FLGS.


Could this be attributed from people leaving the hhhoby and selling their stuff on here/ebay/in person?


I think it's more likely because FLGS's can't stock as much stuff and other games are more tempting. GW's sales through 3rd parties are continuing to drop as more 3rd parties give up on GW. As the other companies are growing GW is getting less shelf space in more indies, with some dropping them entirely.

So it's definitely down to people leaving the HHHhobby, but I don't think much to do with the 2nd hand trade.


A lot of product is now Direct only even some formerly core product. New releases aside (and I'm not sure how many of those are available for Independents) there must be some issues with making up an order focusing on an ever narrowing product line.

   
Made in gb
The Daemon Possessing Fulgrim's Body





Devon, UK

 Rayvon wrote:
Seems pretty much standard for a UK based business in this climate, It shows nothing to worry about as far as I am concerned.


You're going to have to qualify that a lot.

Especially as you seem to be making some fairly fundamental assumptions based on no actual figures. Remember, last year, "broadly in line with management expectations" equated to double digit drops in revenue and profit.

We find comfort among those who agree with us - growth among those who don't. - Frank Howard Clark

The wise man doubts often, and changes his mind; the fool is obstinate, and doubts not; he knows all things but his own ignorance.

The correct statement of individual rights is that everyone has the right to an opinion, but crucially, that opinion can be roundly ignored and even made fun of, particularly if it is demonstrably nonsense!” Professor Brian Cox

Ask me about
Barnstaple Slayers Club 
   
Made in ie
Calculating Commissar




Frostgrave

 Rayvon wrote:
Seems pretty much standard for a UK based business in this climate, It shows nothing to worry about as far as I am concerned.


How do you explain the growth of, well, everyone else in the gaming industry (including Warlord/Perry/Mantic/Renedra who are all local to Nottingham)?
   
 
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