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Hornby PLC - Margate-based manufacturer of model and hobby products - For the year ended March 31, reports an 68% increase in reported pretax profit to £582,000 from £345,000 the year before, on revenue which grows 11% year-on-year to £53.7 million from £48.5 milli0on.
Hornby attributes revenue growth to an increase in direct sales and the acquisition of the LCD Group in July 2021. Company remains in a turnaround phase, meaning there will not be a dividend payment for the year.
Looking ahead, sales in April and May have been in line with expectations, however only in the second and third quarters of Hornby's current financial year does the company expect the supply chain to be able to support its demand.
‘Our sales increase despite difficulties in the supply chain. The company has ambitious plans for the future, it is an exciting time to be at Hornby,’ says Executive Chair Lyndon Davies.
Current stock price: 32.50 pence, up 8.3% on Thursday
12-month change: down 38%
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