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Hornby PLC - Margate, England-based model railway maker and retailer - Issues trading statement ahead of Wednesday’s annual general meeting. For the period from the April 1 to end-August, sales and gross profits have been 10% higher than the previous year, although slightly behind internal forecasts due to timing issues driven by shipping delays. Stresses full-year outcome is subject to the sales rate in the run up to the key Christmas trading period. ‘Our outstanding order book is strong with new products still to be released. In addition, D2C invoiced sales are up 11% on prior year and 56% up on the same period in 2022,’ company says. Says whilst inventory levels remain high, on account of planned stock build ahead of peak, total stock holding is 7% lower than the same time last year. Inventory is expected to unwind further over the key Christmas trading period and expectations for the full year are unchanged.
Current stock price: 21.00 pence
12-month change: up 24%
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