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I bought in yesterday at 43p......thought the...40% fall was overdone...Thankfully bailed at 38P...unbelieveable the drop here in 2 days...Sympathy to all Long Term Holders (If there are any)
Or an Xbox/PS4? Declining market and substantial loss forecast. Amazed the company is still valued at over £11m.
From the latest RNS - who in their right mind would hold shares here at the moment! "As a result of the wider full year loss expected, the company said there was a risk it will breach a covenant of its banking facility in March."
I visited their stand at the Nuremberg Toy Fair two weeks ago and I was not impressed with what I saw, or indeed the attitude of some staff on the stand. They have also recently been dumping stock at slashed prices. But they are doing this for collectible items which ruins the value for anyone who bought previously, and destroys the likelihood of customers buying at normal prices in future. More poor strategy from the management, perhaps driven by desperation. None of the above are good signs at the coal face...
Unimpressed by the management of Hornby. Existing ranges such as parts of Corgi are dying but not killed off. New Thunderbirds range is 5 years too late, or 5 years too early for the next cycle. Just a tale of woe. It was the Chinese supply chain. Now they cannot organise stock in a warehouse. Best avoided now.
Thanks CB for a nice summary Posts like yours from fellow PI make it worth coming onto these boards I did a bit of due diligence before I bought about six weeks ago but jumped in at 104 as it seemed to be a company with ambition Only 5% of my portfolio in here and bought partly for sentimental reasons as Airfix was part of my childhood Now looks like a hold for at least 18 months whilst we get over short term pain of restructuring but don't need money for couple of years anyway Thanks again for info
Bought in here at 104 as it looked like this was a company going places Anyone know why we have had a 15% drop Purely on negative sentiment with no fundamental basis I guess.....?
Was looking to buy today but looks unattractive with a near 5% spread
New leadership, all-time low share price for a decade... I think there are lots of reasons to feel positive. My reservation is that Hornby trains are bought, in large part, by older collectors who grew up with them. Sadly, the reality is that this generation of baby-boomers are dying out and I am not convinced the brand has appeal to the younger generation. US sales look promising, these old British brands always do well in foreign lands. My suggestion: Make a deal with Lego! They have the Midas touch.
As previously announced, Roger Canham will take over from current Chairman Neil Johnson who will retire at the start of February 2013. Nick Stone will be appointed Finance Director after Andrew Morris leaves in February. Hornby said it continues to operate within its banking covenants, which were revised to provide more operational flexibility in December 2012. Net debt as at December 31st 2012 was 3m, down from 5.5m last year.
Looking ahead, the model train maker said it remains confident in the group's strategy. "We recognise that trading conditions in the UK and the rest of Europe continue to be challenging for the foreseeable future. This may constrain sales of our higher ticket Hornby and Scalextric items. However particularly in continental Europe, demand for our model railway products continues to be strong." Incoming Chairman Roger Canham commented: "We are on the way to dealing with the headwinds highlighted in previous trading statements, not least the supply chain challenges. I visited our suppliers in China early in January and believe that the strategy being pursued by the business will result in a much more robust product pipeline as 2013 progresses." "Despite weak consumer spending in our traditional markets, the continuing innovation amongst the core brands, such as the Quickbuild launch and Railmaster app, will place Hornby in a strong position," he added.
Struggling model maker Hornby said sales for the financial year to date remain below the same period last year, as reported in it interim results, but in line with expectations. In November Hornby said it would scrap its dividend following weak half-year results and said it would "approximately break-even" for the financial year after supply chain disruption at one of its largest suppliers in China. Underlying pre-tax profits for the year to March 31st 2013 is also expected to be in line with expectations. Commenting on action taken to mitigate the effects of the supplier causing disruption to its model railway supplies, Hornby said it is now expected to contribute less than 15% of total production in 2013 compared to 35% earlier in 2012. "Despite general weakness in demand, sales of the Corgi and Airfix brands have held up well and shown positive year on year growth," it explained. The group said its remaining London 2012 merchandise has been discounted and the majority has now been sold.
Hornby: Numis shifts target price from 60p to 80p and stays with its hold recommendation.
For the six months ended 30th September revenues were £27m (2011: £28.3m) producing a pre-tax loss of £0.54m compared with a pre-tax profit of £0.96m in the first half of 2011.
"I am confident, as we move forward and the management team focuses on improving Hornby's financial performance, that Nick has the skills and the fresh perspective to add significant value," he said. Stone faces quite a challenge; in November Hornby said it was scrapping its dividend following poor interim results. The firm expects its performance in the current financial year will be "approximately break-even'. It laid the blame for the poor performance mainly on supply chain disruption at one of its largest suppliers in China. Two other reasons given were disappointing sales of London 2012 merchandise and weak demand, particularly in the UK.
Hornby has announced a new Finance Director as the struggling model maker aims to get up a head of steam going into 2013. Nick Stone will join the company on 14th January from software and consultancy group KBC Advanced Technologies where worked as FD for 11 years. Andrew Morris, the current FD, will leave Hornby during the first quarter of 2013 following an agreed handover period to join a privately owned pharmaceutical business. Chief Executive Frank Martin said Stone brought with him a thorough understanding of working at a strategic level within a number of quoted PLCs, particularly those with international operations.
Rns, looks like is a directors buy £24,000 worth. Nice to see someone linked in to the company has faith enough to put their hand in pocket for a few shares at this price http://www.investegate.co.uk/hornby-plc-(hrn)/rns/holding(s)-in-company/201211191123164405R/ Regards & GLTA + DYOR
X Divi date 21st Nov, they confirmed the payment of the 2p for the 21st December, so still time to take advantage of the nearly 3.5% Divi ! I have faith in the company sorting itself out, Frank Martin says he has a coherent strategy and I believe him, they have reduced debt massively and Barclays are keen to offer them revised facilities. So, I am not saying they are a model company (couldnt resist) they are having issues, but have things in place to resolve them. The Divi is a chance of a short term return while waiting for the supply issies etc in China to sort themselves out. This may be in hand now the government has changed - who knows where the damn or bottle neck was / is in sorting out the problems over there. They could now be well on the way to it being sorted. That obviously will have a big material effect on their fortunes.... this is of course all IMHO of course Regards & GLTA + DYOR
Interims:- " The full year dividend for the year to 31 March 2012, due to be paid on 21 December 2012 will be paid as announced. In view of the difficult trading outlook for the full year, the Board is not proposing to pay an interim dividend (2011-dividend paid 1.7p). It is the Board's intention that future dividend payments should be resumed as soon as trading performance allows."
observation/not advice and DYOR: where is "new normal" EBIT for HRN? Perhaps around £4m? If so, difficult to justify EV much greater than £20-25m given risks here (plan and execution). So current EV>£25m is taking too much on trust (and/or giving brand too great a value) Best of luck, all
Character Group, a toys and games company, has issued a profits warning for the financial year ending August 31st 2013. It said: "Whilst sales in September were on budget, October sales showed a steep decline. The group now considers that it will fall materially short of its budgeted sales to Christmas and therefore will not be in a position to achieve the market forecasts for the financial year ending August 31st 2013." It added: "although we are now expecting the first half results of the current financial year to be disappointing, we remain optimistic that overall, with Character's stable of established branded ranges and stronger new product line up, supported by encouraging initial reactions and feedback from our customers both domestically and internationally, trading will generate stronger sales in the 2013 calendar year as a whole and provide a much improved trading position as we move into the 2014 financial year."
blimey, someone else on here now as well.... Hi Mulledwine, our paths have crossed on a few shares - I think MWA and BYOT to name a couple? When you read the bit about banking and net debt reduction etc it shows what a strong company, with of course good cash generation, it is... So as per my posts before, at this price linked in to the divi, it is just a steal. All IMHO of course Regards & GLTA + DYOR
HORNBY RELEASES INTERIM RESULTS Hornby Plc ("Hornby"), the international hobby products group, has today announced its interim results for the period ended 30 September 2012. Hornby owns a number of model railway and slot car brands, Airfix models, Humbrol paints and Corgi die cast models. Frank Martin, Chief Executive of Hornby, commented, " The business is undoubtedly facing short-term challenges. However we have a coherent strategy to continue to drive the business forward. " I am pleased that Roger Canham is joining the group. I am sure that with his experience he will bring enthusiasm and drive that will strengthen the team."
Outlook We enter the second half of the year focussed on managing the supply chain challenge that has now come to a head. For a number of years, Group performance has been periodically constrained as a result of problems with our largest supplier in China. Our dependence on that supplier has already been significantly reduced. This process will continue as our new suppliers increase their capacities and our largest supplier continues to work through its rationalisation process. Against this background we have redoubled our efforts in innovation and product development, building on our core brand strengths and also extending our reach based on newly developed technologies. At the same time we are implementing a rigorous cost control regime in order to align overheads more closely with our future business. In conclusion, whilst we face some significant short term challenges, we are working hard to address these and in doing so, establish a base from which the Group can grow more securely in the future.