Yep. That is the anecdotal evidence in my area too. Some have quit 40K but most are splitting their time and finances between it and other games. Since these are not people of leisure who can afford to buy everything and every new game that comes along, it logically follows that every dollar spent on one of the other games is not spent on 40K. The doggedly stubborn attitude some demonstrate in regards to admitting that the competition is up and running is a very odd way of looking at things. I found the argument that since their transactions are not public, they could be in any horrible state very entertaining. The exact opposite is true. Private companies do not have the deep pockets to call upon that Corporations do, and thus when you see steady growth in such a company you can rest assured they took that money from increasing profits or their lenders took their increasing profits into consideration in loaning them expansion funds. *Remember that this is a niche industry and lenders in general aren't going to fork out cash to a company whose liquidation of assets isn't likely to recoup their losses. You can, thus, assume that private companies making a strong, growing showing are doing well enough.
The issue, for some here at least, is admitting that Games Workshop can make mistakes, or has ever made a mistake. When I hear people going to the ends of the Earth to try and find justifications or explanations for things I have to question their objectivity. It makes me think there is more at work than they merely being died in the wool fan-boys. I just take their posts with a grain of salt and a heavy helping of humor. There is very little I can say that will make them look more foolish than they do themselves. They tend to switch back and forth between a fawning Smeagol and a hissing Gollum providing a rather interesting show.
"Smeagol loves the Precious yes, Games Workshop was my birthday present... yessss... with the Precious all things are possible...."
"You DARESSSS insult the precious! We will makes it squeal!"
All humor aside, the days when Games Workshop could count on a monopoly are over. This is, in part, due to technology. The means to create and manufacture quality models is out there and spreading fast. That genie is already out of the bottle as far as industry is concerned, and it won't be too much longer before we get it as private citizens too. New companies don't have to play catch up and pay the dues Games Workshop did to get where they are today. Technology is saving them them those steps. Games Workshop has also proven there is a market for the product. This means more people will get into it, particularly as the costs for starting up and competing have gone down. The writing is on the wall and Games Workshop must (and will) eventually adapt to the new paradigm. It is odd that they clearly wish to be dragged into it kicking and screaming, but that has often been the case of such businesses over the last twenty years.