Hornby full year profits beat expectations

Firm intends to recommend return to payment of a dividend for year ended March 31st 2010.
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Further to its pre-close trading statement, despite a challending year, the firm has reported that the financial year finished even more strongly than expected.

As a result, the group will be reporting profits in excess of market expectations. This is mainly due to a reduction in inventories, purchased at more favourable dollar/sterling exchange rates in previous years.

Cash generation has also been strong and the firm has reduced its debt levels significantly from £11.8 million as at March 31st 2009 to £3.2 million as at March 31st 2010.

In light of this performance, the board intends to recommend a return to payment of a dividend for the year-ended March 31st 2010.

The company remains uncertain in respect of consumer confidence but order intake has continued strongly across all brands.

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