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Model railway group Hornby on track after solid H1
(Sharecast News) - British model railway maker Hornby said it continues to expect low double-digit revenue growth after a solid start to the new financial year. The company, which makes a wide range of models and collectibles for hobby enthusiasts, said sales and margins during the period from 1 April to 31 August have been ahead of the previous year.
As it goes into the crucial Christmas shopping season, the Hornby said its outstanding order book is strong with new products still to be released.
Meanwhile, online sales have seen impressive growth, of 34% year-on-year and 88% over the past two years.
"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," the company noted.
"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."
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