Games Workshop Annual Report - 2013

[Denzark]

Not to mention that those "counterfeit products" are directly referring to the Chapterhouse lawsuit. I wouldn't call Chapterhouse "Poor quality" though.

Not when 'shoite' is easier to type, no.

So, for those who reckoned profits were increasing whilst sales weren't, let's summarise: Sales up an average 2.7% (lows of -1.4% UK, -4% Aus to highs of 7.8% US 10% Asia). Profits before royalty went up by over 25% this year.

Seems fairly healthy, add in recession/credit crunch - and this is not the signs of a company who is peeing people off to the extent they are leaving in drones. It even, dare I say it, looks like a working (I didn't say popular) business model. Who'da Thunk?

[Cap'nSmurfs]

3D printing is not yet a mature technology. It may not be for a decade. They're aware of it, it's just not a pressing issue right now.

Basically from what I read the company is healthy, they know what they're doing, and they're serious about making sure the company is around for the long term. The model they're locked into is one of pursuing sustainable growth based on solid foundations.

Interesting to see the comment about their new videogame strategy. Maybe Warhammer: Total War will ne the last of the big console/PC GW licenses? I hope not, but we'll see how the mobile phone and tablet games do, first.

[Mr.Pickelz]

I would hope that GW continues to support Video Game licenses, they add advertising value to the people outside of the niche tabletop warfare market. As well as revenue of course. Even if it's tablet games or console games, GW shouldn't abandon the possibilities of that market.

[magickbk]

If you've played at a huge regional event, chances are you've played against counterfeit models and never even realized it.

I may have a counterfeit model in my army, and not even know it. I once bought a few spare Cadian special weapons models online that might have been copies. The slottabase tab seemed slightly off. I compared the model to one I already had, that I knew 100% was legit, and it was exact, down to the position of the mold line, but the tab was definitely not the same.

I should say I made this discovery after I received the models, and kept my eye on the seller for a little while looking for funny business, but never saw anything out of the ordinary.

[MajorWesJanson]

Not to mention that those "counterfeit products" are directly referring to the Chapterhouse lawsuit. I wouldn't call Chapterhouse "Poor quality" though.

I would. Tried a couple of things from them. Regretted it.

[Bigred]

I believe this is the first time the Annual Statement has directly addressed both litigation and counterfeiting.

I would assume that means the issues are seen as rising in importance in investor's eyes.

Litigation probably due to the Chapterhouse case.
Counterfeiting probably due to the rising prices of product - and Chinese/Russian counterfeits.

[Mr Mystery]

I believe this is the first time the Annual Statement has directly addressed both litigation and counterfeiting.

I would assume that means the issues are seen as rising in importance in investor's eyes.

Litigation probably due to the Chapterhouse case.
Counterfeiting probably due to the rising prices of product - and Chinese/Russian counterfeits.

I'd imagine the significant growth in the Asian market has caused focus on erm.... Countering counterfeiting.... China is notorious for companies doing knock offs.

[Patrick Boyle]

The royalties section talking about video games is face-palm worthy in its stupidity. They didn't drop because of tablets/phones taking PC/console market share, they dropped because the last console/PC licensed title was Space Marine in 2011. THQ, the previous holders of the 40k license, going down the drain had nothing to do with mobile platforms either, they died because the management was incompetent. I sure as hell better still get a Dawn of War 3(come on, you already sold the Fantasy Battle license to the guys who own Relic now...), and I know I can't be the only person who started buying their plastic crack because of those games.

[Mr Mystery]

What about the real threat/risk of desktop 3D printing? Just ignore that 300lb gorilla I guess.

Generally, the resolution needed for a decent model is out of the grasp of most. It's not suited to mass production for now, and when it does, it will remain cost prohibitive enough for a good while to not worry GW.

[flekkzo]

Reminds me of Best Buy. If GW is on the same trajectory as them, then that is not good at all.

(For the record, I can't go into a Best Buy anymore, someone always comes over and bugs me. Drives me up the walls.)