NEWS

Hornby “making good progress” with turnaround plan

Published on: 24th November 2016

Hornby PLC has reported a slightly widened loss for the first half of fiscal year 2017, due to higher distribution and other one-off costs.

Hornby-480For the half year ending 30th September, Hornby made a pre-tax loss of £4.7m, compared with a loss of £4.5m a year earlier, on revenue that slipped from £22.3m to £21.9m. .

A statement from Hornby added that significant fluctuations in exchange rates, particularly following the Brexit vote in June, could have a material effect on the group’s future results. The company continues to hedge short-term exposures by establishing forward currency purchases using fixed rate and participating forward contracts up to twelve months ahead. It also said the company plans to increase prices to recover the increased purchasing costs.

Looking forward to the second half of the year, chief executive Steve Cooke said that revenue is expected to decline significantly year on year as the planned rationalization of product lines, channels and certain international brands takes effect. “We remain confident of meeting the board’s financial targets for this financial year,” he added.

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