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  1. #21


    Whilst I agree with the general view that the statements are not the greatest, and are sometimes contradictory, it is my new year's resolution to be less cynical so here are a couple of counterpoints:

    1) GW is genuinely a hybrid manufacturing/retail operation in that they produce their own product and then sell it. Imagine which is more credible:
    i) a GW that sells its models wholesale with no dedicated stores of its own
    ii) a GW that doesn't make any Warhammer/40K models of its own, but sells other people's stuff.

    The manufacturing process doesn't really change year to year so naturally there is more news on the retail front.

    2) Concentrating on your core competencies (i.e. the warhammer universe) is solid tactics in a recession, they were already spreading themselves a bit thin with LotR releases so there is no incentive to make any historical figures, where they have no expertise and there is already a separate market.

    And a couple of points where I definitely agree:

    1) To claim that they are insulated from the recession affecting most customer retail operations is either naive or disingenuous, all non-essential discretionary spending (and let's face it, its hard to imagine much that's less essential) is under pressure right now, so of course they are having trouble keeping sales up.

    2) Their dividend comments are all over the place and whilst I think I know what they are trying to say, that they're happy that they're able to pay a dividend but investors shouldn't expect it to be stable or recurring, it's not really a model of clear and concise communication.

    On price rises:

    Has anyone done any long term analysis of where prices were 5 or 10 years ago? Even with straight inflation of 2-5% a year, prices are going to go up. For example, assume a really simple scenario where inflation is 3% for 10 years on a £20 product, that would lead to a current price of about £27.

    Obviously there are some big variations, particularly the metal models, but the core plastic kits don't seem to be running way ahead of this in general.

  2. #22
    Occuli Imperator
    Join Date
    Jul 2009
    Feast of Blades


    beause this thread has actually become popular Im moving it to where it should have been in the first place... The Corporate Wargames discussion thread. I will be doing part two of this post (on the financials themselves) on my blog in a couple days so keep an eye out

    Red text= mod voice
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    Follow my blog!

  3. #23


    Hi all.
    Here are the figures from 2000-2001 for comparison to 2010-2011.

    £78 million.........£92.6 million.

    Operating profit
    £10 million.........£11.2 million.

    £125.7 million.....£126.5 million.(Less after currency flutuiations taken out.)

    Operating profit
    £8,93 million........£16.04 million

    It appears that the increse in revenue 2001 to 2010 is about inline with inflation , about 35% ish.
    However the increase over the same period,in GWs retail price, is about 130%.

    Now this signals a loss in sales volume or increse in inefficiency to me...

    Could you investigate Duke?


  4. #24
    Join Date
    Feb 2011
    Loveland, CO


    You've got great stuff on your blog Duke, but have you thought about looking at the finances for Privateer Press or others for comparison?

  5. #25


    Shoot, I think PP needs to get their production up to keep with demand first.

    Duke-- Are your custodes the Scibor models? If yes, how do you like them?

  6. #26


    I loved the post, Duke!!
    Lord Macragge and wielder of the Ultramar“s Gauntlets

  7. #27


    Yes, very interesting stuff Duke. I'd like to see more.


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