Trading Statement

RNS Number : 3576X
Hornby PLC
25 April 2023
 

Hornby Plc ("Hornby" or "the Group")

Trading Update

Hornby Plc, the international models and collectibles Group, is today updating shareholders on trading for the 4th quarter ending 31 March 2023.

Business Performance  

After a 3rd quarter sales performance that fell short of expectations, Group sales for the 4th quarter were more encouraging and ahead of the same period last year.

The stronger close to the year, however, did not fully recover the shortfall in performance in the 3rd quarter and, whilst Group sales and gross margins for the financial year ended 31 March 2023 were ahead of the prior year, we remained behind internal budgets for the full-year.

The Group's direct-to-consumer sales continue to increase strongly, at 49% ahead of the same period last year, and our overall performance continues on the positive growth trajectory of recent years.

We expect to report a modest underlying loss before tax this year on account of increased overheads (in an inflationary environment) and as a result of lower than anticipated sales versus budgets.

On 23 January 2023, Olly Raeburn started as CEO and Lyndon Davies became Non-Executive Chairman.

Financial Position

Net debt as at 31 March 2023 was £5.8 million compared to net cash of £3.9 million at the end of March 2022 mainly due to the increased inventories at year end and shortfall in sales.

More information will be included in the full year results announcement.


Outlook

We remain cautious in our outlook due to a level of uncertainty around the impact of several factors on our sales such as inflation, mortgage increases and the rising cost of living for all consumers.

Hornby will announce its preliminary results for the year ended 31 March 2023 in June.

 

-ends-

Enquiries:

 

Hornby plc

Olly Raeburn, CEO  01843 233 500

Kirstie Gould, CFO

 

Liberum Capital Limited, Nominated Advisor and Broker

Andrew Godber    020 3100 2222

Edward Thomas

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTFZGZDKKDGFZG

Companies

Hornby (HRN)
UK 100

Latest directors dealings