Last checked at 13 Sep 2023 07:00
13 September 2023
Hornby Plc ("Hornby" or the "Company")
AGM Trading Statement
Hornby Plc, the international models and collectibles group, is today issuing the following trading statement ahead of the Group's Annual General Meeting:
Trading and Outlook
For the period from the 1 April to 31 August 2023, sales and margins have been better than the previous year and in line with Annual Report forecast of low double digit revenue growth.
As is usually the case in our industry; the outcome for the full year is subject to the sales rate over the key Christmas trading period. Our outstanding order book is strong with new products still to be released. In addition, our new Group Sales Director joined in August, and we expect to see the impact of that change over the coming months. Internet invoiced sales are up 34% on prior year and 88% up on 2021.
Progress has been made in reducing aged stock over the first 5 months of the current financial year, although inventory levels remain high at the end of August, on account of planned stock build ahead of peak Autumn sales. This is expected to unwind over the key Christmas trading period.
We continue to focus on the key initiatives set out in our Annual Report and our expectations for the full year are unchanged.
Further detail will be disclosed in the interim results which are due to be released in November 2023.
Enquiries:
Hornby plc
Olly Raeburn, CEO
Kirstie Gould, CFO 01843 233 500
Liberum
Andrew Godber 020 3100 2222
Edward Thomas
Miquela Bezuidenhoudt