(Sharecast News) - Model train set maker Hornby said on Monday that trading over the Christmas period was ahead of last year and that its biggest shareholder, Phoenix UK Fund, has agreed to increase its existing credit facility.
The Scalextric maker said that following the Christmas trading period, sales and margins have continued to be ahead of last year, while new product previews for the coming year to trade and press have been "encouraging" with new nationwide retailers choosing to stock its products.
Following talks with key stakeholders, Phoenix has agreed to lift the amount available under its existing credit facility by £3m to £9m, with unchanged terms. Hornby said the funds will be used "to capitalise on the positive momentum in the business" and increase investment in technology and products for the coming year.
In addition, the group said it was looking into ways to optimise the balance sheet structure for further future investment and growth.
At 1320 GMT, the shares were down 1.1% at 37.60p.
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