Apr 9, 2019

Hornby faces another year of losses on supply woes

Toy maker Hornby reported a fall in revenue and another year of losses as it continued to be plagued by persistent supply backlogs. The maker of Corgi cars, Hornby trains and Scalextric racetracks said on Tuesday that revenue for the 12 months ended March 31 would be lower than the previous year's £35.7m due to issues in its supply chain dating back to 2017. Still, the group reported a "Significantly lower" loss compared to the previous year's £9.9m, in line with the board's expectations despite reduced product availability and lower sales in the first half of the year. "We are rebuilding trust with our customers and suppliers," Hornby said in a trading update ahead of the release of its full results in June. Hornby on Tuesday said a new strategy under Phoenix Asset Management, which took control in 2017, is beginning to show results, and flagged that underlying margins have improved and a reduction in overheads has continued.

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