Bumpy ride for Hornby as Games souvenirs flop
Friday 07 June 2013
Hornby's profits were all but wiped out last year through overstocking London 2012 souvenirs and poor supplies of model trains.
Despite selling almost £5 million of Olympics-based products, the firm had to discount prices heavily as shops failed to re-order models.
That led to a loss of £1.3 million on what executive chairman Roger Canham admitted had been a "disappointing venture into London 2012 branded products". At the same time, Chinese manufacturers failed to supply as much as 30 per cent of the model trains ordered for Hornby's continental markets. Canham said the group has taken measures to spread its orders more widely.
Headline profits fell £4.5 million to just £150,000. After a £2.7 million writedown on the value of its Italian business and £700,000 costs of a management shake-up the pre-tax loss was £3.4 million. The dividend has been scrapped.
But Canham is optimistic that its Airfix Quickbuild kits, the relaunch of the £500-a-time Pocher Lamborghini model, and improving supply chains, give "a robust platform for future growth".
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Now diplomacy has failed, boycotting Israel might be the only way we can protect the people of Gaza
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
Kelsey Grammer forgives the man who raped and murdered his sister in 1975
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...