AGM Statement

Hornby PLC

13 September 2023

 

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

 

END