Hornby links with The Royal Mint for 2012 deal

Firm unveils new Olympics 2012 distribution deal and reports half-year results.
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Following strong interest in Hornby's London 2012 Olympic ranges, the firm has signed an agreement with The Royal Mint, to distribute its range of London 2012 sports collectable coins via our mass market and hobby retailers.

Frank Martin, chief executive, Hornby, commented: "We expect that this agreement will form the basis of a long-term relationship between Hornby and The Royal Mint."

The news came as Hornby announced its half-year results for the six months ended September 30th 2010.

Turnover for the period was up by two per cent year-on-year to £25.5 million. Pre-tax profit was down slightly to £0.5 million (£0.7 million September 30th 2009).

Net debt was reduced to £10.8 million during the period, from £14.7 million of September 30th 2009.

Martin said: “Demand for our products remains strong. Our core ranges of model railways, Scalextric, Airfix and Corgi are all performing well. Hornby is in good financial health and we are pleased that our suppliers have taken steps to increase volumes.

"In addition, we have continued our strategy to diversify our supplier base. We have brought on stream a significant additional source of model railway manufacturing, thus further reducing our dependency on our largest supplier."

Sales in the UK have increased by 12 per cent. The firm says it has continued to experience strong order intake across all brands and distribution channels. Sales direct to the consumer via Hornby's chain of in-store concessions are showing good year-on-year growth.

Hornby's online presence is also growing well. The firm now has an active community of enthusiasts and hobbyists engaging with it online and has stepped up its marketing presence via social networking sites such as YouTube, Twitter and Facebook.

The firm is also confident for the second half of the year.

"The volume of deliveries from our suppliers is increasing as is consumer demand," Neil Johnson, chairman, commented. "The group is well positioned with a strong product line-up that spans a wide range of price points.

"In summary, the group is in good shape. Our financial position is robust and we have exciting opportunities for growth. The 2012 Olympic licence is gathering momentum and we are confident that this will boost the profile of our products dramatically."

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