Last checked at 16 Apr 2020 07:00
16 April 2020
Trading Update and Impact of COVID-19
Hornby Plc (the "Group"), the international hobby products group, provides an update on the progress of the Group's new turnaround strategy which was outlined in the 2019 Annual Report and Accounts and the Placing and Open Offer Circular published in February 2020.
Revenue and gross margin for the financial year to 31 March 2020 were ahead of last year and in line with forecasts.
In light of the COVID-19 pandemic, the Board has taken prudent steps to prioritise the safety of our staff, their families and our customers and we are ensuring our compliance with relevant Government directives. The Group has registered to benefit from Government support schemes in countries where it operates, including deferments of taxes and social charges, grants and reliefs and selectively furloughing staff.
It is not possible at this time to give financial guidance on the impact of the COVID-19 virus due to the uncertainty of its duration and impact. Whilst the Group will not be immune to the effect of the virus, it has started the new financial year in a strong position following the completion of the fund raising and the Board is adapting the business to operating in the new environment.
More information on the progress of the turnaround strategy will be included in the full year results announcement, which we are planning to release in June.
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Enquiries:
Hornby plc
Lyndon Davies, CEO 01843 233 500
Kirstie Gould, CFO
Liberum Capital Limited, Nominated Advisor and Broker
Andrew Godber 020 3100 2222
Edward Thomas
Financial PR Advisor
Scott Fulton 07788 144993