Hornby completes phase one of turnaround
Hornby has confirmed that the first stage of its turnaround has now been completed and has progressed in line with its board's plan.
The toy and model specialist has restructured its UK and European operations and has re-engaged with its core independent retailer base as part of a re-positioned sales channel strategy. The company said it has also rationalised its product range which has allowed it to reduce capital expenditure and improve working capital.
In a pre-close statement, Hornby said the year to 31 March was loss making which was in line with expectations. Revenue performance for the full year was slightly ahead of plan, with the fourth quarter showing an improving trend.
Steve Cooke, chief executive of Hornby, said: "I am pleased to report that the first stage of our turnaround plan has been successful and this provides a strong base from which Hornby can build.
“Improving our customer focus has been a key part of the plan and I am particularly pleased that we have now begun to restore our leading position with our core hobby retail customers. Coupled with the considerable improvement in our financial position, I am confident that we have set the group on the right course to generate value for all our stakeholders.”
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