Apr 7, 2017
Hornby shares rocket as turnround builds up steam
Shares in struggling model maker Hornby jumped 10 per cent on Friday after it announced it had completed the first stage of the turnround plan it began last June. Steve Cooke, who took over as chief executive last year, said the past 12 months had been a "Challenging time for all of Hornby's employees" but that the group now had "a strong base from which Hornby can build". Former chief executive Richard Ames, recruited in 2014 from bookmakers Ladbrokes, lasted just two years in the job after presiding over the worst trading day in the toymaker's history in February last year. With the restructuring now complete, Hornby said that revenue performance for the year to March 31 was slightly ahead of the board's expectations, with "The fourth quarter showing an improving trend". Hornby said it was "Focused strongly on improving cash flow" and that as of March 31 it had net cash of £1.1m, which was "Ahead of management's expectations", compared with net debt of £7.2m at the same time last year.
Related companies
Make a complaint about Hornby by viewing their customer service contacts.
