Hornby suffers £1 million turnover drop

Drop is in the six months to the end of the September
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Model railway firm Hornby has seen turnover fall by £1 million in the six months to the end of the September.

The company has reported an underlying loss of £0.7 million, with turnover for the period standing at £22.5 million, down £1m on last year's figure of £23.5 million.

But the firm believes it is embarking on a positive transformation, with Corgi and Airfix lines doing well.

"The future for Hornby is looking brighter as the transformation we have embarked upon progresses," said Hornby chairman Roger Canham.

"I am confident that this will feed through to a more robust financial performance and deliver value for our shareholders. We also remain on track to meet market expectations for the full year.

"We are encouraged that trading over the last couple of months has been positive and remain focused on managing the reliability of the supply chain which continues to impact model rail product.

"As we approach Christmas, we have a promotional programme in place that is keeping our products at the forefront of consumers' minds.

"Corgi and Airfix are performing well and our new QuickBuild products have been well received. As our model rail supply chain disruption is settled, we are confident we will see a much more robust performance across the group."

reports an underlying loss of £0.7m, up from £0.2m last time. Turnover for the period was £22.5m - down from £23.5m a year ago. - See more at: http://www.stockmarketwire.com/article/4704916/Hornby-sees-brighter-future-despite-fall-in-turnover.html#sthash.XW1IAJip.dpuf

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