Your hypothesis seems to run contrary to the latest financial report, courtesy of The Times on 16Nov11 (only 6 months ago)!
"Royalties help Games Workshop to soar with the Winged Nazgûls
An endangered species was spotted in the City yesterday: a retailer flying high with good news to deliver.
Royalties at Games Workshop, purveyor of fantasy and sci-fi miniatures for war gamers, rolled in faster than forecast during the six months to June 3.
“Significantly higher” than this time last year, the unexpected increase came thanks to the success of the Space Marine computer game, published by THQ and based on Games Workshop’s figures.
Each of the 1.2 million copies that THQ sold for the Xbox 360, PlayStation 3 or PC between July and September delivered Games Workshop a respectable royalty payment.
Though the precise sum is undisclosed, Charles Hall, head of research at Peel Hunt, the company’s broker, increased his estimate for royalties across 2011 as a whole from £2 million to north of £3 million. More than half of that is likely to be derived from Space Marine.
Games Workshop shares have recovered steadily from their 188¾p nadir in summer 2008 and closed 25p higher at 430p yesterday.
Their resurgence began not long after Mark Wells, a solicitor by training whose retail experience was garnered at Boots and Next, became chief executive in 2007.
Royalties aside, Games Workshop reassured the City that its core business was living up to expectations as well.
That consists of supplying Winged Nazgûls for £36, Tau Crisis Battlesuit Commanders for £18.50 and battalions of other high-margin, recession-resistant metal and plastic figurines to war gamers around the world.