Games Workshop is immediately going out of business ...

That seems to be the silly viewpoint of many former fanboys turned haters out there in the blog-o-sphere/random net.

Due to a decline in revenue vs. Q3 in 2012, that is somewhere around 30%, which is significant ... the prediction of immediate closure of GW has been made.  Not really as far as I can see, but the silly gleeful ranting that is taking place is just that and  right here I have to say it TAKES ONE TO KNOW ONE because I've been doing it off and on for years but I am just sort of past that now.  I see GW with some nostalgia and have moved on to a different kind of gaming.

Again I have been hating on GW for years now and spouted many of the same old rants every other gamer seems to have.  "Finecast," price of their product, lack of support, too much focus on power gaming BS codex creep stuff, FLIERS IN 40K!!, and generally what seems to be a lack of care for the customer (but that last one is just perception based on what I THINK THEY SHOULD DO really their customer service is decent and their models, other than finecast, are top notch).

So given that I can call myself a legitimate GW curmudgeon, former fanboy, former hater, now sort of just indifferent and completely out of the GW hobby, I think things are nowhere near as bleak as some are quickly decrying.  Yet GW perhaps is finally in a place where maybe with a new CEO (hopefully in 2014) and a danger of a further slide of profits, they might look to a new direction.  I highly doubt it though and my guess is they'll be back to making a reasonable profit by Q2 2014. 

Here is the bottom line for GW right now though (they are still paying a dividend!):

Tom Kirby, Chairman and Acting CEO of Games Workshop, said:


"Our costs are well under control and margins remain strong. Cash management is good and our capital expenditure continues as planned. Following the implementation of the structural changes just announced we expect to benefit from the more focussed selling operation across all channels against the background of a materially lower cost base."

 

Highlights: Six months to		Six months to
1 December		2 December
2013		2012
Revenue	£60.5m		£67.5m
Revenue at constant currency*	£59.8m		£67.5m
Operating profit pre-royalties receivable	£6.6m		£10.6m
Royalties receivable	£1.0m		£0.4m
Operating profit	£7.7m		£11.0m
Pre-tax profit	£7.7m		£11.1m
Cash generated from operations	£8.9m		£12.0m
Basic earnings per share	17.7p		25.6p
Dividend per share declared in the period	-		18p