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Hornby PLC on Wednesday said that it was boosted by first time buyers during Black Friday sales as sales rose in its third financial quarter. The Margate, England-based model train maker said sales were 5% higher year-on-year in the third financial quarter to December 31, comparing the rise to a decline of 1.5% fall in UK non-food sales on a total basis published by the British Retail Consortium over the same period. Hornby highlighted that more than 50% of all Black Friday transactions came from first time purchasers which demonstrated ‘acquisition of new customers to our brands in this key promotional period. Acquiring new customers in these naturally buoyant trading periods is critical for feeding our new customer relationship management programme that drives further purchases over time and we have already seen positive impact since launch in September.’ Hornby said that direct to consumer sales jumped 30% annually. Further, net debt reduced by 7.5% to £13.5 million at the end of December from £14.6 million at the end of September. Looking ahead, the company expects growth in the financial year to March 31, for which it will release results in June. Chief Executive Olly Raeburn said: ‘As outlined in our Interim results to end of September, this is a year of significant strategic, structural and operational change, requiring investment in many areas. We continue to make good progress on our key strategic initiatives and look forward to a return to profitable growth in the next financial year.’ Hornby shares rose 3.2% to 15.99 pence each on Wednesday afternoon in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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