Jun 19, 2018

Hornby drops 17% on disappointing sales

Shares in Hornby tumbled 17 per cent after the company said that persistent problems with backlogs and discounting schemes will take some time to resolve under the new management's turnround plan. The maker of Corgi cars, Hornby trains and Scalextric racetracks said its latest sales are weaker than expected, after reporting deepening full-year losses for the year to March 30. Long-term problems will take some time to work through, chief executive Lyndon Davies said. The company's revenue fell 25 per cent to £35.7m in the 12 months to March, taking losses from £9.5m to £10.1m. It issued a profit warning in October last year, following two previous warnings within the span of 18 months four years ago. The Aim-listed company is now pursuing a shift in strategy after Phoenix Asset Management took control last year.

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