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The company skipped a dividend and will continue to do so for the next couple of years until it has paid Belts Gucci off its 10m debt.

didn't so much give him the role as watch while he took it away from me. We complemented each other very well.

is the imagination that allows them to create the characters but also play the games. Last Hermes Belt Brown And Gold

magic of the games is that each hobbyist can create a force and a set of characters that can fight legendary battle in a different world.

look the whole time towards writing more exciting campaigns and conflicts our players can re enact on the table top.

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´╗┐and Games Workshop boss was hooked

the initial disruption, the business has performed stronger and stronger as the year has gone on.

they collect and paint an army, they are able to imagine striding across the field of battle in that army, taking on alien invaders or fighting superhuman battles against other creatures.

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sales had been declining and our costs were, therefore, too high. We had to reduce our cost base. That meant reducing staffing levels in central departments. We did that by consolidating all our support departments into two centres Nottingham and Memphis, USA and taking people out of the local sales businesses.

Tuesday, Games Workshop published its year end results to June 1. Investors and analysts can give chairman, chief executives and finance directors a fairly unpleasant hour or two as perceived failures are raked over.

said we would complete it by the end of the financial year. We reported then that we had turned the corner in three of our big territories UK, north America and Asia Pacific. The jury was out six months ago. What was nice about last week was that we could tell them we had completed the job reduction programme, had growth in two of our European territories and our gross margins were holding up really well despite cost increases, they started to realise we could deliver results. The big question from investors is when can they receive a dividend for their shareholding.

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better year is due, of course, to our new chief executive Mark Wells. Mark has worked here since the turn of the century and gradually made himself the leader the business needs.

sales declined, we had to exit those stores. Mr Wells firmly believes that Games Workshop has turned the corner and is beginning to put its problems behind it.

Last week, the Lenton company published its year end results. It had been a tough and painful year as the company implemented measures to return the business to profit. Revenues were up 800,000 at 110.3m while a pre tax loss last year of 2.6m was revered into a 1.1m profit.

Mr Wells said: we have to pay off our 10m of debt before resuming dividends. We are estimating two to three years. Tom Kirby, Mark Wells, and finance director Michael Sherwin, have written a 15 year plan for Games Workshop.

three main games are Warhammer, Warhammer 40,000 and Lord of the Rings and their universes are incredibly deep.

keep our hobbyists happy, we just need to explore more in those universes. We can find different ways of playing those games with bigger battles and different scenarios but we don't need to write new games.

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were far more positive than they were six months ago when we were half way through the cost reduction programme.

is also a walking, talking exemplar of the attitudes the attitudes we value so much here. Mr Wells is highly competitive and one senses that his time at Boots was a good training ground for refining his business acumen.

also closed loss making stores which we had opened when sales were at a much higher level and we had gone in on much higher rents than we should have done.

He wrote: have had a better year. Not as good as we would like, not as good as it will be, but better nevertheless.

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The number of major investors in Games Workshop is now down to four.

the vision and direction of the business. I plot and set the course. Mark does all the hard work required to get us there he captains the Gucci Belt Gg

year started when we had to make some very difficult decisions on cost cutting, which meant we lost some people during the year who had been at Games Workshop a long time.

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He said: have growth in North America, the UK, Asia Pacific, Germany and Italy.

The 2,500 strong workforce about 700 are in Nottingham is 300 fewer than last year.

run exciting activities and that is possible because we employ staff who are completely immersed in the two worlds we have created Warhammer and Warhammer 40,000.

Mr Kirby, a former medical student, owns a seven per cent stake in Games Workshop. Something of the flavour of the man can be found in his preamble to the annual report.

relocated the tool room from Wisbech to Nottingham which is now state of the art. It saved us a lot of cost but, more importantly, it allows us to make products more cost effectively than before.

are only two territories in Europe which aren't in growth and that is France and Spain and we expect them to turn later this year. Mr Wells dismisses any thought that the games are losing their popularity.

Last year's loss was a wake up call to the business.

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