Highlights
 Revenue
- Revenue at £131.0m (2011: £123.1m)
- Revenue at constant currency* at £130.8m (2011: £123.1m)
 Profit
- Operating profit pre-royalties receivable at £15.6m (2011: £12.8m)
- Operating profit at £19.1m (2011: £15.2m)
- Pre-tax profit at £19.5m (2011: £15.3m)
 Earnings per share of 46.8p (2011: 36.0p)
 Cash generated from operations of £28.0m (2011: £25.8m)
 Dividends per share declared in the year of 63p (2011: 45p)
Mark Wells, CEO of Games Workshop, said:
“Games Workshop has had a good year. We have launched some great new products
including the new Citadel paint range. We have made good progress on all our major
initiatives. This has resulted in an encouraging level of volume growth. We have a strong
management team and excellent staff who are committed to delivering a healthy return on
capital. We have honoured our commitment to distribute genuinely surplus cash to our
shareholders.
只能说WTF……

基本看不懂

分红有点高，在这种环境下面，给这样的分红觉得没必要。不过整体不错，自给自足，在这种不景气的环境下面能做到这个不错了。

GW完全不差钱 赶快再投钱弄部好看点的官方电影啊 比如整个荷鲁斯反乱三部曲甚至六部曲啥的

后续的一些内容
To give you an idea of how well the new Citadel paints were received by Hobbyists, the launch
generated £2.75 million sales of paint in April alone. Of the 2.3 million pots that were dispatched from
Lenton, some 2 million have already been sold. In sales to independent stockists all of the initial batch
of 1,600 display racks sold through and we have had to order a further 600 racks to satisfy demand.
We put a Direct bundle deal on our web store of the complete set of 145 paints priced at £333 and all
1,000 bundles sold out within a few days.
Our manufacturing and supply chain coped very well with the demand for the new Citadel paint range.
By consolidating the bottling and filling operation in Lenton and by having a high quality paint supplier
based in the UK, quality issues have been less than 0.01% and we have delivered a 15% reduction in
cost per unit.
In addition, having all production based in the UK, we have been able to deliver a 99% in stock service
level for retail. This in spite of the fact that we had to re-order some of the paint colours because we
sold through three months‟ worth of stock in three weeks. These re-orders were in the warehouse
within 48 hours.
Following the launch, we have seen core games sales increase in many territories, which suggests
that we have been able to use this launch to improve our recruitment activity. The high take up of the
full size paint racks in sales to independent stockists suggests that the new paint range will be selling
well throughout the year in those accounts. We have also ensured that each of the paints has a
trademark protected name to prevent anyone else from mimicking our colour palette.
All in all, a great example of the power of our vertically integrated niche business model.


What I can say is that we will release some amazing products this year. Products that will surprise and
delight Hobbyists. We plan to do so every month, including December 2012 when we will release our
new Hobbit range to coincide with the film. And... ahh, but that would spoil the surprise. You will just
have to wait and see. You will not be disappointed.

无聊，查了一下我们公司内网，GW竟然是我们的审计客户。。。。