I ran some numbers to get an accurate comparison with 2011. Removing a 53rd from the revenue to account for the extra week and removing royalty income to get at their miniature business only) and after inflation (2.84% for the UK with the latest data), GW saw a revenue growth of 0.86%.
And to celebrate their "success" (less than a percent after inflation) they again decided to pay out MORE than they made in dividends.
In the 2011 period, the average price increase was 13.2%. So if you calculate revenue growth compared to price increases, they again lost around 7-8% of their unit sales.
GW is continuing to stagnate. They've figureed out how to squeeze more money out of a declining pool of customers so they can pay their dividends at an unsustainable rate. I have no doubt the major players at GW (Kirby & Wells) will both retire very, very rich, regardless of what happens to GW in the long term.
So why should they change course? Expect another 10%+ price increase in 2013, more stock options exercised and more dividends beyond profit paid out. After inflation growth will probably again be around a percent while their unit sales will probably again fall 5%+.
GW's customer base is stagnating. Available opponents become less numerous with the passage of time. Less people are buying less product and paying more for it. If you're contemplating pouring $1000+ into a new army, perhaps the grass is greener somewhere else?