Hornby pledges to deliver improvement

Published on: 10th April 2014

Hornby has vowed to deliver an improvement in its performance after experiencing losses of £1.2m during the last financial year.

The company said the deficit for the year to the end of last month will be £200k more than expected because of foreign exchange losses. The company’s troubles stem from supply chain issues involving Hong Kong-based supplier Sanda Kan, but with those ties due to be cut from July it expects a “gradual improvement” in its reliability and quality this year.

It said trading in recent weeks has been in line with expectations and that it broke even in the year to March 31st when excluding the foreign exchange impact, which relates to the value of currency held to purchase its products.

Net debt has risen to around £7.3m from £6.5m at the end of December, with the outcome of talks with lenders over new banking facilities due to be revealed at the time of full-year results in June.

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