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By Rob Baer | July 30th, 2022 | Categories: Age of Sigmar Articles & News, Finance, Games Workshop, Miniature Wargaming News & Rumors, Warhammer 40k Articles & News
Games Workshop is in trouble, as licensing saved them once again from a drop in revenue and profits after two years of insane growth!
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The Games Workshop Investor page just released a deep financial summary breakdown of revenue, costs, and profits for their fiscal year, which ended May 29th, 2022.
However, this also shouldn’t be a shocker as the COVID boom is slowing, and things are returning to pre-COVID numbers and trends. Well, amid a general feeling of contempt by their customer base for years of broken promises, price increases, and paywalls.
The revenue in 2019-20 went up an insane amount, as with most gaming companies! In 2020-21 the revenue increased by 40 million pounds (about 54 million USD), which is quite impressive- followed by an increase of nearly 84 million pounds (about 116 million USD), which is just wild.
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The profit for the year also followed suit, hitting an impressive 60 million increase, so they did increase costs some, but man, that is some serious profit. The earnings per share also went up by about 85%. So, all in all, quite the two-year run for GW.
After a record performance last year, Black Library, our novel publishing division, struggled in the face of global supply disruption with many key new releases arriving later than planned. Underlying sales continue to grow, especially in the digital space, with sales of electronic and audio books exceeding those of physical for the first time ever.
The sales for Black Library are actually down by £.7 million, which is a big deal when the previous year’s revenue was only £2.3 million.
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As you can see, the number of stores went down in the UK by three; however, many businesses also experienced similar closings in 2022.Is Games Workshop Stock Worth it Now?
It is no shocker that they couldn’t keep up the insane growth from the previous years, but the slowdown seems to be official (and quite possibly permanent) now.
Luxury limited offerings from Black Library seem not to be consumed as much now; no official update on Warhammer plus seems pretty suspicious. Sales growth has also slowed to a crawl as big-ticket box sets sit on store shelves months after release.
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With all the macroeconomic indicators saying we may be headed into bad times financially and pressure from 3d printing and competitors’ gains around them, the outlook for Games Workshop in both the near and short term is not very good if they keep going about things the same way…
True, that can be said for many companies out there, but as we have shown almost weekly here, Games Workshop’s constant missteps have created a lot of ill-will from the public and their customers.Will Games Workshop Survive This Downturn?
Well, sure. It just feels like Games Workshop needs some sort of reset on the rules bloat (for 40k especially) and price, or all these other games and companies will keep creeping closer and taking more of Games Workshop’s precious market share…
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Slow growth can be fixed if Games Workshop pivots and changes how they do business, specifically with its product mix and apps that have been plagued by mismanagement and technical issues since the beginning.
Here are more articles on the issues that Games Workshop is facing now as its profits and revenue are slowing to a crawl, and investors have taken notice:
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