Hornby PLC Trading Statement and Directorate Change (7835T)
17 October 2017 - 5:02PM
UK Regulatory
TIDMHRN
RNS Number : 7835T
Hornby PLC
17 October 2017
Hornby PLC
("Hornby" or the "Group")
17(th) October 2017
Update on Strategic Review
Following an initial review of the business by Lyndon Davies,
the new CEO, the Board has determined that to maximise the value of
its brands over the long term, the Group will no longer offer for
sale large quantities of stock at a discount.*
In the trading update issued at the AGM on 6 September 2017, the
Board highlighted that the performance in the year to date had been
below expectations. This, coupled with the new approach to
discounting stock, means it is now clear that the shortfall is
unlikely to be recouped in the current year. It is expected that
revenue will be lower and, consequently, there will be a material
impact on profitability in the current financial year.
Lyndon Davies is continuing his review of the business' strategy
and will provide a more complete update with the Group's half-year
results.
Directorate Change
Separately, David Adams, Interim Chairman, has indicated to the
Board of his intention to step down from the Board of Hornby plc,
to take up another appointment. A search for an independent
Non-Executive Chairman is progressing and a further announcement
will be made in due course. David will continue to Chair the Board
in the meantime and will step down after a short handover to a new
Chairman.
David was appointed to the Board as Senior Independent
Non-Executive Director on 9 January 2014 and was appointed Interim
Chairman on 22 June 2017.
Martin George, Senior Independent Director, commented.
"On behalf of the Board I would like to thank David for his
skill and expertise in guiding the business through a period of
significant change and for his invaluable contribution to Hornby
over the last four years."
*(Agreements made before this announcement will be honoured)
Enquiries:
Hornby plc 01843 233500
Lyndon Davies, CEO
David Mulligan, CFO
Liberum 020 3100 2222
Neil Elliot
Neil Patel
Capital Access Group 020 3763 3400
Scott Fulton
Note:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact David Mulligan,
CFO of the Company (responsible for arranging release of this
announcement) on 01843 233 500.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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