Last checked at 6 Sep 2017 10:03
Hornby PLC
("Hornby" or the "Group")
6th September 2017
Further progress with Turnaround Plan
AGM Trading Statement and Appointment of Nominated Adviser and Broker
Hornby Plc, the international models and collectibles group, today issues the following trading update ahead of the Group's Annual General Meeting.
Trading update
Current trading for this financial year to date has been behind the Board's expectations in part due to softer market demand over the summer months and increased competition in the important UK Independent channel. In addition, as previously indicated, some new product releases have moved into the second half of the year and there has been a reduction in the amount of promotional activity and discounted stock being offered to the market, which was a feature of the comparative period last year.
It is expected that trading this year will be more heavily weighted to the second half than last year due to the relative timing of the new product releases year-on-year and to the significant stock reduction in the first half of the previous financial year.
Whilst the Group still has the important Christmas trading period to come and significant opportunities remain to improve trading performance there is a risk that the shortfall in performance to date may not be recovered fully over the remainder of the financial year.
Appointment of Nominated Adviser and Broker
The Board of Hornby today announces the appointment of Liberum Capital Limited as the Company's Nominated Advisor and Broker with immediate effect.
Enquiries:
Hornby plc 01843 233500
Steve Cooke, CEO
David Mulligan, CFO
Liberum 020 3100 2222
Neil Elliot
Neil Patel
Capital Access Group 020 3763 3400
Scott Fulton
Note:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact David Mulligan, CFO of the Company (responsible for arranging release of this announcement) on 01843 233 500.