Update on Banking Covenants and Trading

RNS Number : 4583T

Hornby PLC

30 March 2016

 

Hornby plc ("Hornby" or the "Group")

UPDATE ON BANKING COVENANTS AND TRADING

Hornby Plc ("Hornby"), the international hobby products group, provides the following update to shareholders. 

The Group announced on 10 February 2016, that the Directors considered there to be a risk that the Group would breach the covenants of its banking facility in March 2016.  The Group is engaged in constructive dialogue with Barclays Bank plc and is pleased to announce that the Bank has agreed to waive the March covenant tests.

The Group confirms that recent trading remains in line with expectations. Sales for the second half of the year to date*, have been down 2% year on year, within which the UK business has been up 4% year on year.

Roger Canham, Executive Chairman of Hornby commented:

"The Group welcomes the continued support from its lender, Barclays.

"Recent trading has been encouraging and the Board is pleased with the positive like for like growth that our core UK business is delivering. 

"We will update shareholders on the continued progress that we are making when we announce our results for the year in June."

* The reporting period above ends on Sunday 27 March. The second half ends on 31 March 2016.

-ends-

Date: 30 March 2016

For further information contact:           

Hornby Plc	01843 233500
Roger Canham, Chairman
Steve Cooke, Group Finance Director
Capital Access Group	020 3763 3400
Simon Courtenay
Harry Rippon
Numis Securities Limited	020 7260 1000
Oliver Cardigan (Nomad)
Tom Ballard

 

END

 

 

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