Two big pieces of news. First, Mark Wells, the CEO for the last 5 years, has resigned. This is big news as Wells oversaw a number of the biggest changes in GW over that time, namely the move to one man stores and rapid prices increases of up to 50%.
From Games Workshop:
Games Workshop announces that after five years of outstanding service Mark Wells is stepping down as CEO. He leaves on good terms and with our very best wishes.
The board will be seeking to appoint a new CEO in due course. In the meantime, our Chairman, Tom Kirby, will be Acting CEO and Chairman.
Also, Games Workshop released its half yearly results.
HIGHLIGHTS
Revenue £67.5m (2012) £62.7m (2011)
Pre-tax profit £11.1m (2012) £9.5m (2011)
"For Games Workshop to continue to be successful, we need motivated, hard-working managers in all parts of the business who understand Games Workshop’s niche business model, who are aligned with its values and behaviours and are committed to getting things done. The biggest risk for Games Workshop is not having enough of these managers to continue to grow the business globally. This risk is being mitigated by recruiting people who fit with our culture, developing them to fulfil their potential and training them with the skills we need."
More on this later this week.
Loken
Erm...It seems profits are actually up
ReplyDeleteBob
Profits are UP, not down. This is good news! Read it again.
ReplyDeleteIt's not good or bad news really.
ReplyDeleteMore profit (good for GW),less units sold (Bad for GW and the health of the game.)
Less units sold? May I ask where you saw that as I couldn't see it in the report on the investor's page of the GW website.
DeleteBob
Apparently down means up in some areas of the world.
ReplyDeleteDown means that the company did not meet Wall Street expectations.
ReplyDeleteSeriously? I thought there may have been some ground breaking change since this info dropped on BoLS, but if you look carefully (reading the top of the column), you will find that GW profits are indeed up across the board. The only thing that didn't budge was the share value. A simple mistake, never the less embarrassing.
ReplyDeleteThe only profits that went down were licensing, which makes sense since there was no video game money pouring in.
ReplyDeleteThese numbers don't look half bad, really.
So royalties are down but sales have increased to make up for that gap. It looks like for all the doom and gloom people talk about the company is doing fairly well. If last year's profits were down I would agree with this post but since they are not I have to say that the post is extremely inaccurate.
ReplyDeleteYep, I totally blew this! I was in a rush this AM and off to the docs as I threw out my back and that is what you get when you rush shit!
ReplyDeleteBlog updated!
SORRY!
Alec
Revenue grew 7.5%, profits rose almost 17%. GW is doing really well. Also, from what i can tell, earnings per share is couple percentage points above estimates as well.
ReplyDeleteAnyone know what the percentage wise cost increases on product were?
does this mean the prices wont go up next march? :D
ReplyDeleteguess not
(Insert doom-laden Warseerite prophecy of GW's imminent demise and a snarky comment about hubris here)
ReplyDelete