Profits down but sales up for Hornby

The firm says new licences will offset any 'short term' weakness in the hobby sector.
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In the 12 months to March 31st Hornby saw its overall group sales rise to £64.4 million, up from £63.3 million in the same period last year. Group pre-tax profits were £3.9 million, down from £4.1 million.

Strong sales in the US and Europe helped offset a UK pre-tax profit drop of around 30 per cent, where Hornby made £3 million versus £4.3 million in 2011. 

Hornby said it is expecting a lift from its London 2012 ranges and, in the past year, the British firm has strengthened its product portfolio with the addition of several licences including Star Wars, Moshi Monsters, Olly the Little White Van and the forthcoming James Bond film, Skyfall.

Chief executive Frank Martin said: "Our ability to broaden our product and distribution base will enable us to mitigate to some extent any short term weakness in our traditional hobby sectors.

"We are expecting good sales performance over the coming months, and the expanded distribution base that we have opened up as a result of London 2012 will stand us in good stead to continue to develop sales beyond the Games."

[Source: BBC, The Telegraph]

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