Hornby has issued a trading statement updating shareholders on the 4th quarter ending 31st March 2021.
Hornby reported that group sales for Q4 were very encouraging, both ahead of budget and showing a significant increase on the same period last year. Cumulative group sales for the financial year ended 31st March 2021 were 28% ahead of the previous year.
In January Hornby had warned of a slow start to the year due to Brexit hold-ups on products sent to Europe and the effects of the pandemic. Now, the better than expected results have prompted the board to comment: “Whilst the Covid-19 pandemic continues to present uncertainty, both Hornby and our suppliers have been able to operate more effectively through the current restrictions than was the case in the first lockdown, as evidenced by the resilient levels of activity seen in the fourth quarter.”
In terms of the company’s financial position, net cash as at 31st March 2021 was £4.7m compared to net cash of £5.4m at the end of March 2020.
Not having been able to attend the usual round of toy fairs during January, Hornby has digitally previewed its latest range announcements to both the trade and the public through various social media platforms. The board said that feedback has been encouraging across the board.
The company, which is starring in its own TV documentary to be aired later this year, has already seen its shares accelerate following the upbeat trading statement. Full year earnings are anticipated to be well ahead of expectations and the £4m reported in the previous year.
More information will be included in the full year results announcement, which Hornby is planning to release in June.