Hornby profits to exceed expectations
Further to a positive trading update last month, hobbies group Hornby today (23 April) reported that the group now expects to announce profits in excess of market expectations when it unveils its annual results in June.
In the further statement, the group hailed a combination of drawn down inventories as well as favourable exchange rate as significant factors for the better than expected results. Hornby said that it had also reduced debt to £3.2 million as at 31 March 2010 from £11.8 million a year previously and that cash generation had been strong.
Looking ahead Hornby, whose product range includes Scalextric, Airfix, Humbrol and Corgi, commented that order intake had continued strongly across all its brands but warned that some uncertainty in consumer confidence remained. Hornby anticipates making its annual results announcement on 4 June.
