TIDMHRN
RNS Number : 9937P
Hornby PLC
24 November 2016
HORNBY ANNOUNCES INTERIM RESULTS
'GOOD PROGRESS WITH TURNAROUND PLAN'
Hornby Plc ("Hornby"), the international hobby products Group,
today announces its interim results for the six months ended 30
September 2016. The Company owns a number of iconic brands
including Hornby, Scalextric, Airfix, Humbrol and Corgi as well as
a number of European model rail brands.
Financial Highlights
-- Group revenue of GBP21.9 million (2015: GBP22.3 million)
-- Underlying Group loss of GBP3.6 million (2015: loss of GBP3.4 million)
-- Statutory loss for the period of GBP4.7 million (2015: loss of GBP4.5 million)
-- Net debt of GBP2.1 million (2015: GBP5.7 million)
-- Refinancing successfully completed with GBP8.0 million
Placing and Open Offer of new shares approved by shareholders on 5
July 2016
Turnaround Plan Progress
-- Structural changes progressing with GBP2.0 million of annualised headcount savings realised
-- Re-engaging core customers in the Independent sales channel
with new term and conditions issued
-- Strategic exit from majority of concessions progressing with
around half closed to date and the remainder to close
post-Christmas 2016
-- Careful allocation of new capital investment this financial
year of GBP1.5 million (2015: GBP4.6 million), with GBP1.0 million
invested in the period
-- 2017 product range focused on smaller number of profitable lines
-- Reduction of stock being carefully managed to avoid
disruption and cannibalisation of underlying business
Steve Cooke, Hornby Chief Executive commented,
"We are making good progress with the Hornby turnaround. We are
delivering the structural changes to reduce business scale and
costs and to streamline the European operating model. We are
currently focussed on the Christmas trading period as well as
ongoing stock reduction initiatives.
"We have listened carefully to our core Independent customers
and responded positively to their concerns with new trading terms
and a commitment to rebuild our relationship with them.
"The Group has traded steadily during the first half of the year
but revenue is expected to decline significantly year on year in
the second half as the planned rationalisation of product lines,
channels and certain international brands takes effect. We remain
confident of meeting the Board's financial targets for this
financial year."
-ends-
Date: 24 November 2016
For further information contact:
Numis Securities
(Nomad & Broker)
Capital Access Oliver Cardigan
Group Paul Gillam
Scott Fulton 020 3763 3400 Tom Ballard 020 7260 1000
Hornby Plc ("Hornby" or "the Group")
INTERIM REPORT FOR THE SIX MONTHSED 30 SEPTEMBER 2016
At our preliminary results announcement on 22 June 2016, we
outlined the Turnaround Plan designed to return the Company to
sustainable profit and cash generation. This followed a thorough
review of the business' operations, which identified that many core
parts of the business were stable, profitable and cash generative
driven by iconic brands with strong market positions. We also
identified areas that required fundamental change. The key elements
of the Turnaround Plan were as follows:
-- Reduce business scale and costs to a profitable level
-- Maintain key UK brands
-- Streamline European operating model and brands
-- Focused product ranges
-- Refine sales channels strategy and substantially exit concessions
-- Careful management of stock down to an appropriate level
Overall we have made good progress with our strategy to deliver
the Plan's objectives but much remains to be achieved to restore
the business back to profitability and positive cash
generation.
Revenue for the six months was GBP21.9 million (2015: GBP22.3
million), a decrease of 2% compared with the previous year. The
underlying operating loss was GBP3.6 million (2015: GBP3.4
million), in line with the Board's expectations.
Net debt for the Group as at 30 September 2016 was GBP2.1
million (2015: GBP5.7 million). The drawdown amount on the GBP10
million UK revolving credit facility as at 30 September 2016
amounted to GBP5.5 million (2015: GBP8.0 million).
At this stage in the Group's turnaround the Board believes it is
not appropriate to recommence paying dividends. No dividend was
paid for the same period last year.
Progress with Turnaround Plan
Overall we are pleased with the progress made to date in
delivery of the Turnaround Plan.
Reduce business scale and costs
By focusing on the most profitable and cash generative areas of
our business, the intention is to reduce activity levels in order
to return to profitability. To date changes to the UK business have
realised annualised headcount cost savings of GBP0.8 million, with
changes to the European business realising GBP1.2 million outlined
below. We expect full year revenue to fall by around a quarter
year-on-year as a result of this planned reduction in the scale of
the business.
Maintain key UK brands
All the key UK brands have been retained and we continue to
invest and develop new product lines for the toy and hobby market
across our iconic brands (Hornby, Scalextric, Airfix, Humbrol and
Corgi). This is supported by around GBP1.5m of capital investment
this financial year (2015: GBP4.6 million) into new product tooling
(GBP1.2 million) and enhancing our operational IT systems (GBP0.3
million).
Central to development of the UK brands is a focus on improving
customer service to our core hobby customers through the
Independent sales channel. During the period, we have spent
considerable time visiting and listening to our customers and we
have addressed a number of concerns they have raised by launching
new trading terms and conditions and committing to improving the
relationships we have with them. As part of this commitment to
better support our Independent customer base, Hornby is reducing
the level of promotional activity direct to consumers via the
internet and its own retail operations.
Streamlined European operating model and brands
The Group outlined its intention to focus its European business
on its most profitable model rail brands in order to maintain its
strong market position in international model rail. Despite there
being no tooling capital expenditure in the period, we have
maintained a reduced level of new product releases in the period as
these were funded by capital expenditure from the last financial
year. As a result, we expect that full year revenue from our
international operations will fall by around a third as planned
over the course of this financial year.
The process to centralise the European operations and product
development in the UK is progressing as planned. We expect to
conclude this important step by the end of this calendar year,
resulting in a significant reduction in the cost base of the
European business, realising around GBP1.2 million of annualised
headcount savings. We have expanded the customer and sales support
capability in the UK by recruiting a number of multi-lingual,
skilled individuals in order to provide pan-European service to our
customers.
Focused product range
The Turnaround Plan includes the reduction in the number of
individual product lines by approximately 40% during this calendar
year resulting in active management of approximately 1,400
profitable product lines in the 2017-18 financial year. We remain
on track to deliver this streamlined product range over the coming
year.
We have also reviewed the product range under each brand and we
have started working with our Independent customers to improve how
each range is presented in-store to drive improved sales for both
Hornby and our customers.
Refine channel strategy and exit concessions
We have outlined a plan to exit from the majority of the Group's
concession arrangements because of the poor returns from trading
through this channel. To date around half of the concession sites
have been closed. The remainder will trade through the Christmas
period and close early in the New Year. Negotiations are ongoing
with the concession holders to convert the sales to a firm-sale
arrangement, similar to what we have in place with other
Independent and National customers.
Careful management of stock
We started this financial year with a higher than necessary
level of stock following the failure of the Company to meet sales
expectations last Christmas. We continue to reduce the overall
level of stock progressively whilst at the same time being very
careful not to disrupt underlying sales through existing channels.
Stock at September 2016 was GBP15.0 million (2015: GBP16.8 million)
reflecting the seasonal peak in the build up to Christmas. It is
expected the Group's level of stock will fall from this point over
the remainder of the financial year as we continue to manage down
the level of stock along with the reduced stock resulting from the
exit from concessions.
Other developments
As well as delivering the Turnaround Plan, we have made progress
across a number of important aspects of the business.
Leadership team
Following Steve Cooke's appointment as Chief Executive in April
2016, there has been a period of reshaping of the leadership team
of the business. David Mulligan is now Group Finance Director on a
permanent basis following his interim appointment in May. In the UK
we have appointed an Interim Sales & Marketing director, who is
helping Hornby refocus on a brand-led strategy, strengthening the
marketing and forecasting capability, and driving the effectiveness
of the sales function in re-establishing strong relationships
across our sales' channels.
Impact of exchange rates
The Group purchases goods in US Dollars and sells in Pounds
Sterling, Euros and US Dollars and is therefore exposed to exchange
rate fluctuations. Significant fluctuations in exchange rates,
particularly following the Brexit vote in June, could have a
material effect on the Group's future results. The Group continues
to hedge short-term exposures by establishing forward currency
purchases using fixed rate and participating forward contracts up
to twelve months ahead. In addition, it will be seeking to recover
the increased purchasing costs through price increases alongside
many other businesses in the industry.
Process improvement
During the period we also reviewed our core business processes
and sought to strengthen them in a number of areas, in particular
the decision making around new product development, product
scheduling and sales forecasting. We have also continued to enhance
our ERP system, which is driving improvements in the quality of
data provision in the business.
People and performance
Just as the business had lost appropriate focus on some of its
key customers, we also recognised that some of the basics of people
management required improvement. Company objectives and newly
created values have been cascaded down to teams and individuals to
provide the necessary framework to ensure that all colleagues are
aligned to deliver the Turnaround Plan.
Property update
On 13 June 2016 the Group disposed of its building in Spain for
consideration of GBP1.0 million. The gain on disposal of GBP0.6
million has been treated as an exceptional item.
Negotiations continue with a preferred bidder with respect to
the sale of the Group's site at Margate.
New product launches
During the period we have continued to release new products
across all our brands. Hornby saw the release of a Limited Edition
Anniversary Pack of the Class 43 British Rail Intercity 125 High
Speed Train celebrating 40 years of the iconic train. Corgi's
60(th) anniversary was celebrated with a special collection of
die-cast models including the BAE Hawk Red Arrows advanced jet
trainer as well as launching a Commemorative Austin Mini in
celebration of the Queens 90(th) Birthday. Scalextric introduced a
number of new sets to its range as well as two additions to the
British Touring Car Championship cars. Airfix launched a number of
exciting military aircraft including the Curtiss P-40B Warhawk
1:48, which was manufactured in the UK.
Refinancing, placing and open offer
The Placing and Open Offer, which was announced on 22 June 2016,
of 29,629,630 new Ordinary Shares at a price of 27 pence each,
raising GBP7.6 million net of costs, was completed on 8 July 2016
with the funds being used to allow the business to pay down
existing debt and to invest in the Turnaround Plan.
Financial performance
Group revenue for the six months to September 2016 of GBP21.9
million was 2% lower than the prior year (2015: GBP22.3 million).
The gross margin for the period was 36% (2015: 41%), which was
lower due to the planned sale of excess stock at lower margin and
adverse sales mix year-on-year.
Underlying overheads reduced year-on-year by 3%. UK distribution
costs increased due to the larger volume of products being handled
through Hersden, following the European logistics reorganisation,
offset by lower R&D costs reflecting the lower level of new
product development going forwards as the number of products are
reduced. Sales and marketing costs reduced by GBP0.8 million
year-on-year due to reduced spend on TV advertising. Admin costs
reduced by GBP0.3 million as a result of the structural changes
made as part of the Turnaround Plan. Foreign exchange gains on
trading transactions in the period totalled GBP1.1 million compared
to losses of GBP0.2 million in the previous year.
Underlying operating loss, before amortisation of intangibles,
charges for net foreign exchange adjustments and other one off
costs, for the six months to September 2016 was GBP3.4 million, in
line with the Board's expectations, compared to a loss of GBP3.2
million for the same period last year. This was due to the year on
year decrease in sales and gross margin noted above.
Exceptional costs during the first half year were GBP1.4 million
(2015: GBP0.9 million) and these included various restructuring
costs together with large one-off costs connected with the
Company's refinancing offset by the gain on the sale of the
property in Spain.
Group loss before tax was GBP4.7 million (2015: loss of GBP4.5
million) and was caused by all of the factors identified above.
Loss per share on an underlying basis was 5.17p (2015: loss per
share of 4.81p) and on a statutory basis a loss per share of 6.89p
(2015: loss per share of 6.30p).
Segmental analysis
Third party sales by the UK business reduced by 2% in the period
and generated an underlying loss of GBP2.8 million compared to
GBP2.3 million loss last year. Sales for the first half of 2016
have been steady and broadly in line with the same period last
year. The International business' sales fell by 2% in the period
and generated an underlying loss of GBP0.8 million (2015: GBP1.1
million loss). Trading was constrained by the supply of
international model rail during the first half following the
changes to production schedules during the early part of this
calendar year.
Balance sheet
Group inventories increased during the period by 10% from
GBP13.6 million at March 2016 to GBP15.0 million due to seasonal
build-up of stock in the lead up to the busy Christmas trading
period. Good progress has been made with managing down the stock
overhang from the previous financial year with a year-on-year
reduction of GBP1.8 million (11%). Trade and other receivables
decreased by 9% due to the settlement of large sales orders raised
just before the previous year end. Trade and other payables
increased by 15% to GBP8.5 million reflecting the seasonal increase
in purchases relating to new product lines. The net effect of these
factors was a reduction in working capital requirements by GBP0.9
million to GBP18.5 million. Investment in new tooling, new computer
software and other capital expenditure was GBP1.0 million (2015:
GBP2.9 million) reflecting the streamlining of the product range
resulting in lower levels of capital expenditure this year.
Outlook and current trading
The current financial year is a period of transition for the
Group as we reshape and streamline the business. As previously
announced, this is expected to result in full year revenue reducing
significantly year on year.
At the half year, Group revenue was 2% lower than last year,
reflecting the start of the turnaround rationalisation processes
but also proceeds from stock reduction initiatives.
Revenue for the 7 weeks to 20 November 2016 was 22% lower than
the prior year. This was broadly in line with expectations given
the ongoing impact of rationalisation and that there was
significant promotional activity last year which is not being
repeated this year. Overall, we remain confident of meeting the
financial targets set by the Board for this financial year.
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2016
All of the activities of the Group are continuing. The notes on
pages 11 to 18 form an integral part of this condensed consolidated
half-yearly financial information.
BALANCE SHEET
As at 30 September 2016
The notes on pages 11 to 18 form an integral part of this
condensed consolidated half-yearly financial information.
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2016
* Retained earnings includes amounts that are not distributable
including GBP545,000 at 30 September 2016 (2015 - GBP562,000) that
relates to a 1986 revaluation of land and buildings.
The notes on pages 11 to 18 form an integral part of this
condensed consolidated half-yearly financial information.
STATEMENT OF CASH FLOWS
for the six months ended 30 September 2016
The notes on pages 11 to 18 form an integral part of this
condensed consolidated half-yearly financial information.
NOTE TO THE CASH FLOW STATEMENT
for the six months ended 30 September 2016
Cash flows from operating activities
NOTES TO CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL REPORT
1. GENERAL INFORMATION
The Company is a public limited liability company incorporated
and domiciled in the UK. The address of the registered office is
3rd Floor, The Gateway, Innovation Way, Discovery Park, Sandwich,
Kent, CT13 9FF. The Group is principally engaged in the
development, design, sourcing and distribution of hobby and
interactive home entertainment products.
The Company has its primary listing on the Alternative
Investment Market and is registered in England No. 01547390.
This condensed consolidated half-yearly financial information
was approved for issue on 24 November 2016.
This condensed consolidated half-yearly financial information
does not comprise statutory accounts within the meaning of Section
434 of the Companies Act 2006. Statutory accounts for the year
ended 31 March 2016 were approved by the Board of Directors on 22
June 2016 and delivered to the Registrar of Companies. The Report
of the Auditors on those accounts was unqualified, but contained an
emphasis of matter paragraph and did not contain any statement
under Section 498 of the Companies Act 2006.
Forward Looking Statements
Certain statements in this half-yearly report are
forward-looking. Although the Group believes that the expectations
reflected in these forward-looking statements are reasonable, we
can give no assurance that these expectations will prove to be
correct. Because these statements involve risks and uncertainties,
actual results may differ materially from those expressed or
implied by these forward-looking statements.
We undertake no obligation to update any forward-looking
statements whether as a result of new information, future events or
otherwise.
2. BASIS OF PREPARATION
This condensed consolidated half-yearly financial information
for the half-year ended 30 September 2016 has been prepared in
accordance with IAS 34 'Interim Financial Reporting' as adopted by
the European Union. The half-yearly condensed consolidated
financial report should be read in conjunction with the annual
financial statements for the year ended 31 March 2016 which have
been prepared in accordance with IFRSs as adopted by the European
Union.
Going Concern
The Group's forecasts and projections, taking account of
reasonable possible changes in trading performance and current,
commitments, show that the Group should be able to operate within
its banking facilities for the foreseeable future. Accordingly, the
Directors believe it appropriate to prepare the financial
statements of the Group on a going concern basis.
3. ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 31 March 2016, as
described in those annual financial statements with the exception
of tax which is accrued using the tax rate that would be applicable
to expected total annual earnings.
Adoption of new and revised standards
There are no standards, amendments to standards or
interpretations that are both mandatory for the first time for the
financial year ending 31 March 2017 and that have a material impact
on the Group's results, except for IFRS 16 outlined below.
IFRS 16 will replace the current guidance under IAS 17 and will
have a significant impact on the accounting by lessees in
particular. Under IAS 17, lessees were required to make a
distinction between a finance lease (on balance sheet) and an
operating lease (off balance sheet). IFRS 16 will require lessees
to recognise a lease liability reflecting future lease payments and
a 'right-of-use asset' for virtually all lease contracts. The
adoption of IFRS 16 will have a material effect on the Hornby plc
financial statements by grossing up assets and liabilities by
approximately GBP1 million.
Estimates
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing this condensed consolidated half-yearly financial
report, the significant judgements made by management in applying
the Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the consolidated
financial statements for the year ended 31 March 2016.
Financial instruments
The Group's activities expose it to a variety of financial
risks: market risk (including currency risk, cash flow interest
rate risk and price risk), credit risk and liquidity risk.
The condensed consolidated half-yearly financial report does not
include all financial risk management information and disclosures
required in the annual financial statements, and should be read in
conjunction with the Group's annual financial statements as at 31
March 2016.
There have been no changes in the risk management policies since
year end.
The Group's financial instruments, measured at fair value, are
all classed as level 2 in the fair value hierarchy, which is
unchanged from 31 March 2016. Further details of the Group's
financial instruments are set out within note 8 of this half-yearly
report as required by IFRS 13.
4. SEGMENT INFORMATION AND EXCEPTIONAL COSTS
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of the Company that
makes strategic decisions.
Operating profit of each reporting segment includes revenue and
expenses directly attributable to or able to be allocated on a
reasonable basis. Segment assets and liabilities are those
operating assets and liabilities directly attributable to or that
can be allocated on a reasonable basis.
Management has determined the operating segments based on the
reports reviewed by the Board (chief operating decision-maker) that
are used to make strategic decisions.
The Board considers the business from a geographic perspective.
Geographically, management considers the performance in the UK,
USA, Spain, Italy and rest of Europe. Although the US segment does
not meet the quantitative thresholds required by IFRS 8, management
has concluded that this segment should be reported, as it is
closely monitored by the chief operating decision-maker.
5. TANGIBLE AND INTANGIBLE ASSETS AND GOODWILL
The additions comprise new product tooling (GBP890,000),
property, plant and equipment (GBP55,000) and intangible assets -
computer software (GBP40,000).
The Group has performed impairment reviews for goodwill as at 30
September 2016 and consider the carrying value of the assets held
to be recoverable. The discount rates and key assumptions used
within the assessment at 30 September 2016 have remained consistent
with the impairment reviews conducted in March 2016.
At 30 September the Group had a clear intention to sell certain
land and buildings held by the Company and remain in a sales
process for the site therefore these assets have been classed as
current assets under IFRS 5.
The commitments relate to the acquisition of tooling as part of
property, plant and equipment.
6. SHARE CAPITAL
At 31 March 2016 the Group had 54,953,574 ordinary 1p shares in
issue with nominal value GBP549,535 and following the new ordinary
share issue on 8 July 2016 has, at 30 September 2016, 84,583,204
ordinary 1p shares in issue with a nominal value of GBP845,832
(2015 - GBP549,535).
No employee share options were exercised during the first half
to 30 September 2016 (2015 - GBPnil).
7. BORROWINGS
At 30 September 2016 the UK had a GBP10,000,000 revolving credit
facility expiring December 2019 (2015 - GBP10,000,000) that
attracts interest at 3.5% above Libor. (2015 - 2.9% above
Libor).
In the period to 30 September 2016 loan repayments were
GBP188,000 (2015 - GBP21,000).
The drawdown amount on the revolving credit facility amounted to
GBP5,500,000 (2015 - GBP8,000,000) and is included within net bank
overdrafts above.
8. FINANCIAL INSTRUMENTS
The following tables present the Group's assets and liabilities
that are measured at fair value at 30 September 2016 and 31 March
2016. The table analyses financial instruments carried at fair
value, by valuation method. The different levels have been defined
as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
- Inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices) (Level
2).
- Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (Level
3).
There were no transfers or reclassifications between levels
within the period. Level 2 hedging derivatives comprise forward
foreign exchange contracts and an interest rate swap and have been
fair valued using forward exchange rates that are quoted in an
active market. The fair value of the following financial assets and
liabilities approximate their carrying amount: Trade and other
receivables, other current financial assets, cash and cash
equivalents, trade and other payables and bank overdrafts and
borrowings.
Fair values are determined by a process involving discussions
between the Group finance team and the Audit Committee which occur
at least once every 6 months in line with the Group's reporting
dates.
9. TAXATION
The tax expense is recognised based on management's latest
estimate of the estimated full year forecast effective tax rate
determined for each territory. Due to the expected incidence of
profits in the second half of the year in each entity, the rate for
the full year is expected to be in line with the interim rate.
10. LOSS PER SHARE
Loss per share attributable to equity holders of the Company
arises from continuing operations as follows:
11. DIVIDS
No interim dividend has been declared for the interim period
ended 30 September 2016 (2015 - GBPnil).
12. CONTINGENT LIABILITIES
The Company and its subsidiary undertakings are, from time to
time, parties to legal proceedings and claims, which arise in the
ordinary course of business. The directors do not anticipate that
the outcome of these proceedings and claims, either individually or
in aggregate, will have a material adverse effect upon the Group's
financial position.
13. RELATED-PARTY TRANSACTIONS
Key management compensation amounted to GBP1,266,000 for the six
months to 30 September 2016 (2015 - GBP1,573,000). Key management
include directors and senior management within the organisation.
For the period to 30 September 2016 there was a decrease in the
salaries compared to the same period last year because of the
changes made to the management of the European businesses in
2015.
30 September 30 September 31 March
2016 (unaudited) 2015 (unaudited)
2016
(audited)
GBP'000 GBP'000 GBP'000
Salaries and other short-term
benefits 1,234 1,213 1,780
Other pension costs 61 166 172
Share-based payments (29) 194 18
Redundancy and compensation
for loss of office - - 544
_______ _______ _______
1,266 1,573 2,514
======= ======= =======
Before appointment as Managing Director of Asia and a Director
of Hornby Hobbies Limited, a subsidiary of Hornby Plc, Bharat Ahir
provided consultancy services to the Group. 28One, not to be
confused with companies of a similar name, which is owned by Bharat
continues to support the business in relation to providing ongoing
support to manage product delivery and Hornby Hobbies has been
invoiced and paid GBP99,798 (2015 - GBP37,000) in relation to these
services to 28One since 1 April 2016. No outstanding payments
remained payable to 28One as at 30 September 2016 (2015 - GBP nil).
Hornby Hobbies Limited continues to use these services on an
ongoing basis. There are no other related-party transactions.
14. RISKS AND UNCERTAINTIES
The Board has reviewed the principal risks and uncertainties and
have concluded that the key risks continue to be market conditions,
delivery of the Turnaround Plan, exchange rates, supply chain,
product compliance and liquidity. The disclosures on pages 11 and
12 of the Group's Annual report for the year ended 31 March 2016
provide a description of each risk along with the associated impact
and mitigating actions. The issues surrounding supply chain,
liquidity, exchange rates and market conditions are covered in more
detail within the interim management report itself. The Board will
continue to focus on risk mitigation plans to address these
areas.
15. SEASONALITY
Sales are subject to seasonal fluctuations, with peak demand in
the October - December quarter. For the six months ended 30
September 2016 sales represented 39% of the annual sales for the
year ended 31 March 2016 (2015 - 38% of the annual sales for the
year ended 31 March 2015).
By order of the Board
Steve Cooke David Mulligan
Chief Executive Group Finance Director
24 November 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKNDBOBDDKDB
(END) Dow Jones Newswires
November 24, 2016 02:00 ET (07:00 GMT)
Hornby (LSE:HRN)
Historical Stock Chart
From Apr 2024 to May 2024
Hornby (LSE:HRN)
Historical Stock Chart
From May 2023 to May 2024