Hornby PLC Trading Statement (1576M)
10 January 2023 - 6:00PM
UK Regulatory
TIDMHRN
RNS Number : 1576M
Hornby PLC
10 January 2023
Hornby Plc ("Hornby" or "the Group")
Trading Update
Hornby Plc, the international models and collectibles Group, is
today updating shareholders on trading for the period from 1
October 2022 to 31 December 2022.
Business Performance
Group sales for the third quarter covering the key Christmas
trading period were ahead of the same period last year. As a
result, cumulative group sales for the financial year to date are
ahead of last year by 6%. This has been driven by better
availability of stock, price increases, and investment in
e-commerce platforms and digital media. However, these sales
figures are behind budget due to the challenging consumer economic
climate and will impact our full year figures. Order book remains
strong ahead of our 2023 product range releases.
Our direct to consumer sales continue to increase and are 44%
ahead of the same period last year.
Financial Position
Net debt at the end of December 2022 was GBP7.6 million compared
to net debt GBP4.9 million at the end of September 2022. The Group
retains a strong funding position with significant liquidity
headroom available against its existing facilities
Outlook
We remain cautious in our outlook for the full year and beyond
due to a high level of uncertainty around the impact of several
factors on our sales such as inflation and mortgage costs for
consumers but with employment expected to remain high we are
hopeful that the confidence in consumer spending remains.
We are excited about the Group's 2023 product range which
launches today. In particular the Group is launching this month a
new control system for trains utilising Bluetooth(R) technology to
connect to phones or tablets, which will replace traditional
systems in the market.
Our current forecast to year end March 2022 is a modest
underlying loss before tax.
Executive Chairman, Lyndon Davies commented:
"Sales at Hornby continue to grow with a stream of new products
in the pipeline. We look forward to the continued growth in direct
relationships with our customers."
Hornby will announce its preliminary results for the year ended
31 March 2023 in June.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
-ends-
Enquiries:
Hornby plc
Lyndon Davies, Exec Chairman 01843 233 500
Kirstie Gould, CFO
Liberum Capital Limited, Nominated Advisor and Broker
Andrew Godber 020 3100 2222
Edward Thomas
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END
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