Hornby on track to make first pre-tax profit in three years
Toy and model specialist Hornby has reported that the group delivered Â“significantly improvedÂ” sales in the last quarter and is on track to make its first pre-tax profit in three years.
As a result, it now expects to achieve full year sales growth of 13% for both the group and the UK business.
In a trading statement, Hornby said: “We are pleased that this has allowed the investment in the business turnaround to continue at the same time as returning to an underlying profit in the region of £1.5 million, which is in line with market expectations. This will be the first year for three years that Hornby has delivered a pre-tax profit.”
Hornby also announced that Nick Stone will step down as group finance director later in the year.
Richard Ames, Hornby chief executive, said: “I would like to thank Nick for his contribution during this phase of the group's recovery. A search has started for his successor and Nick will be involved in the process to ensure a smooth handover. Meanwhile, the business is in good shape as we continue to make encouraging progress with our strategy to drive Hornby's recovery."
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