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The Business Matrix: Saturday 8 June 2013
Olympics wipe out Hornby’s profit
Overstocking of London 2012 souvenirs and poor supplies of model trains saw Hornby’s profit wiped out last year. Despite selling almost £5m of Olympics-based products, it had to discount prices heavily as shops failed to re-order models. The company scrapped its dividend as it posted a £3.4m loss.
Trade set to boost growth
The UK’s goods trade deficit tumbled £1bn to £8.2bn in April, making it the lowest since January. Including the services surplus, the overall deficit shrank from £3.2bn to £2bn. Net trade knocked 0.1 percentage points off the economy in the first three months of 2013, but could buoy growth in this quarter.
Fullers pride in cider purchase
Fuller, Smith & Turner is looking to expand cider maker Cornish Orchards after buying the business for £3.8m. The London Pride brewer unveiled the deal as it hailed the improved weather for helping to drive recent sales. It posted a 5 per cent rise in profits to £32m for the last financial year.
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