The company has been the subject of many headlines in the national press since it confirmed a profits warning on 10th February 2016.
Full detail of this statement can be found here.
It was further confirmed that its CEO Richard Ames would be leaving the business.
Due to the fluctuation in Hornby’s share price, which dropped from 81.5p on the 10th February to close at 25p on 12th February, no comment was made to trade press.
Nathaniel Southworth, group sales director of Hornby Hobbies, spoke today of the challenges the company is dealing with: “Our requirement to update the financial markets ahead of our March year end has led to a chain reaction of events which have caused concern from all of our key stakeholders. The official statements give the full detail and are now in the public domain. We need to work with all our partners to focus on the incredibly positive show season that we have just completed. Throughout the global trade fairs we have had a phenomenal response to our 2016 product ranges. At Toy Fair we were awarded two Best New Toy Awards for our innovative Scalextric ARC product, and our Top Gun 30th anniversary Corgi model. Our developments in Airfix, Corgi, Hornby and Scalextric garnered many positive consumer press headlines. Our customers openly acknowledged the hard work put into our product development, and we have seen the enquiries increase on a global scale. We recognise as a business we have a challenging period ahead, and we will now work hard to deliver and communicate our progress of multiple opportunities as we move forward.”