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LONDON (SHARECAST) - Hornby reported a big rise in full year profits today and said the new financial year has started well.

The Model Railway and Scalextric maker announced pre-tax profit before goodwill amortisation up 16% to £7.5m during the 12 months to 31 March on turnover 15% higher at £45m.

Hornby said that interest among its core customer base of hobbyists remains strong, giving it protection against a weaker economic climate.

Its mix of distribution channels in the UK means it is not reliant on a few dominant retailers and is able to retain its pricing power, chairman Neil Johnson added.

The first half of the new financial year will see a decrease in pre-tax profit though until sales revenues begin flowing at Italian model railway acquisition Lima in the autumn.

Chief executive Frank Martin said, "The Group has made excellent progress in its strategy to create a broader base to its hobby activities."

"We have reached an important stage in the Group's development and I am convinced that we will be able to repeat the process of re-invigorating the performance of the international markets as we have done in the UK," he added.

[Ed: Good for Hornby

More info:

Net income for the year ended March 31 climbed to 5.16 million pounds ($9.4 million)


"We are conscious that some retailers are reporting the impact of wider economic pressures but the hobby-based characteristics of our products lend resilience in such times and market feedback remains encouraging," Hornby said in a statement.

"We are delighted that in Spain, the largest per capita slot car racing market in the world, we have the exclusive rights to use images of Fernando Alonso, the Spanish Formula 1 star, and Sete Gibernau, the MotoGP motorbike rider, on our slot racing packaging," it added.
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