Hornby profits from return to tradition
Friday 06 December 1996
However, the shares drifted into the sidings with a 7p drop to 244.5p on a cautious Christmas trading statement. Peter Newey, chairman, said: "It must be pointed out that parts of the retail sector have expressed concern regarding the current level of pre-Christmas trading and that demand in January to March of this year was particularly strong because of the sell-through of our products during Christmas 1995 which may not be repeated next year."
The downbeat statement comes just a day after Kingfisher said its Woolworths stores were enjoying healthy toy sales. Mr Newey was speaking as Hornby announced profits of pounds 1.1m in the six months to September compared with pounds 272,000 in the same period last year. They were damaged by losses in former subsidiaries such as the Fletcher speedboat business, which was sold in February.
Hornby's agreement with Nikko to distribute the its radio-controlled model cars has been terminated as the group wants to take control of its own UK distribution. Group sales were down from pounds 13.7m to pounds 13.1m. However, sales of higher-margin railway and Scalextric were 15 per cent above the first half of last year.
Alan Cox is standing down as finance director. He will be replaced by John Stansfield, presently finance director of Hornby Hobbies.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 5 iPhone 5c to be discontinued, no iPhone 6c to replace it
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
Labour leadership: Jeremy Corbyn voters most likely to believe 'world is controlled by a secretive elite'
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...