HORNBY RESULTS: Profits on the rise

Hornby plans to take recently acquired Corgi brand to new heights after seeing profits jump almost 20 per cent.
Author:
Publish date:
Social count:
0
Hornby plans to take recently acquired Corgi brand to new heights after seeing profits jump almost 20 per cent.
5_Pocoyo.jpg

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.

Related

5_Pocoyo.jpg

Hornby on the up

Hornby has reported a 15 per cent increase in sales to £45m for the year to the end of March, with pre-tax profits up 16 per cent to £7.5m.