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Hornby returns to profit in H1 as new products boost sales
StockMarketWire.com
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Model railway bran Hornby returned to profit in the first half of the year as revenue jumped by a third, underpinned by the launch of new products.
For the six months ended 30 September 2020, pre-tax profit was £17,000, compared with a loss of £2.5 million year-on-year, as revenue jumped 33% to £21.1 million.
The gross margin for the period was 47%, up from 41% last year, reflecting the increase in direct sales, the end of discounting stock and improved production processes.
'Hornby has moved into profitability, the growing sales and margins built on the back of the introduction of some fantastic new products, new technology and the changing environment,' the company said.
'We are heading into our key Christmas trading period and right now it is hard to tell what the outcome will be for the full year results,' it added.
Story provided by StockMarketWire.com
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