Hornby plans to take recently acquired Corgi brand to new heights after seeing profits jump almost 20 per cent.Hornby is confident of further growth, after its profits rose 17 per cent to £9 million for the year to March 31st. Sales also experienced an increase of 19 per cent to £55.7 million.
Frank Martin, chief executive, said plans for a re-launch of the Corgi brand are well advanced too, after it was purchased for £7.5 million. He predicts the Corgi business should break even on £7 million of sales to March 2009 and add £4 million of new revenues within the following three years. New products could include Formula One racing cars, earth moving and agricultural models.
"Corgi retailers and collectors are delighted that Hornby has taken over. We are confident that we will quickly rebuild sales, profits and market share," Martin said.
"Notwithstanding the general economic downturn in many of the markets in which we operate, we are anticipating another year of good progress," Neil Johnson, chairman, added.