Hornby issues fresh profit warning

Helen Cahill
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The firm's interim chairman is moving on (Source: Getty)

Hornby issued a fresh profit warning today after failing to pick itself up after the poor trading period it experienced this summer.

In a statement this morning, Hornby said its summer sales would have a "material impact" on profits this year because the firm did not expect to plug the shortfall over the coming months.

The toy maker also said today that it would stop offering its stock at discount prices, a strategy the company said would protect the brand. The business has made the move as part of a review conducted by its new chief executive Lyndon Davies.

Read more: Toy company says Teletubby bye-bye to finance director

Hornby said in September that its performance in the year had not met expectations, sending its shares down by 15 per cent in the minutes after the announcement.

Today the Kent-based firm also said its interim chairman David Adams was departing, and that the company was starting a search for an independent non-executive chairman.

Adams was appointed interim chairman in June, but is leaving the firm to "take up another appointment", Hornby said today.

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