NEWS

Hornby reported to be weathering the pandemic well

Published on: 20th April 2020

A February shareplacing and strong demand for Airfix kits amongst locked-down families have placed the company in a ‘strong position’. 

Hornby, the owner of Airfix, Corgi and Scalextric, has said it started the new financial year in a ‘strong’ position after raising £15m through a share placing in February.

Revenue and gross margin for the year to 31st March were said to be ahead of last year and in line with forecasts. The company said it could not provide guidance for the year, however, due to uncertainty amid the coronavirus pandemic. Hornby shares rose 2% to 31p at the opening bell on Thursday.

Hornby is also enjoying a surge in sales of Airfix kits, as families in lockdown seek creative ways to keep boredom at bay. A newspaper clipping shared on LinkedIn by Tim Mulhall, chief operations officer at Hornby, suggests that current demand is rivalling the levels usually only seen at Christmas. Model kits for Spitfires, Messerschmitt 109s, Harriers and Vulcans are selling most strongly, while Humbrol paints are also being snapped up.

In a statement, the company has said it is complying with coronavirus safety measures and has applied to receive state support in countries where it operates. 2020 marks Hornby’s centenary year; the brand, which has been producing model locomotives since 1920, is celebrating with a range of anniversary products created to celebrate each decade of the last century.

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