Hornby PLC Trading Update and Impact of COVID-19 (8044J)
16 April 2020 - 4:00PM
UK Regulatory
TIDMHRN
RNS Number : 8044J
Hornby PLC
16 April 2020
16 April 2020
Trading Update and Impact of COVID-19
Hornby Plc (the "Group"), the international hobby products
group, provides an update on the progress of the Group's new
turnaround strategy which was outlined in the 2019 Annual Report
and Accounts and the Placing and Open Offer Circular published in
February 2020.
Revenue and gross margin for the financial year to 31 March 2020
were ahead of last year and in line with forecasts.
In light of the COVID-19 pandemic, the Board has taken prudent
steps to prioritise the safety of our staff, their families and our
customers and we are ensuring our compliance with relevant
Government directives. The Group has registered to benefit from
Government support schemes in countries where it operates,
including deferments of taxes and social charges, grants and
reliefs and selectively furloughing staff.
It is not possible at this time to give financial guidance on
the impact of the COVID-19 virus due to the uncertainty of its
duration and impact. Whilst the Group will not be immune to the
effect of the virus, it has started the new financial year in a
strong position following the completion of the fund raising and
the Board is adapting the business to operating in the new
environment.
More information on the progress of the turnaround strategy will
be included in the full year results announcement, which we are
planning to release in June.
-ends-
Enquiries:
Hornby plc
Lyndon Davies, CEO 01843 233 500
Kirstie Gould, CFO
Liberum Capital Limited, Nominated Advisor and Broker
Andrew Godber 020 3100 2222
Edward Thomas
Financial PR Advisor
Scott Fulton 07788 144993
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END
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