Back on track? Toymaker Hornby's sales in line with expectations as shares rise

 
Imran Khan
Hornby's chief executive said this year will be a period of transition
Hornby's chief executive said this year will be a period of transition (Source: Getty)

Shares in Hornby steamed ahead by as much as 24 per cent in early trading as it said that full year revenues are on track to be in line with expectations.

In a trading update, Hornby said: “As previously announced, revenue is expected to decline by around 20-25 per cent this financial year due to the rationalisation of the business. Group revenue reduced by 25 per cent year on year during the Christmas period and UK revenue was down by 21 per cent, in line with expectations.”

Read more: Has Hornby derailed once again?

Underlying Christmas trading was healthy and we have enjoyed a solid January sales period, it added.

The train set and Scalextric owner has previously suffered from string of profit warnings.

Steve Cooke, chief executive, said:

The current financial year is a period of transition as we reshape and streamline the business. We remain confident of meeting the board's expectations.

Read more: Hornby throws (some) of its toys out of its pram

The hobby maker also owns Airfix, Humbrol and Corgi.

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