1st May 2015 08:19
LONDON (Alliance News) - Models and collectibles retailer Hornby PLC on Friday said trading was in line in the fourth quarter of its financial year and it expects to post its first profit in three years, while its finance director is set to depart later this year.
The company said its sales growth improved in the quarter to the end of March, its financial fourth quarter, meaning the group now expects sales growth to be around 13% for the year. The group also expects to return to an underlying profit of around GBP1.5 million for the year, in line with market expectations. It will be the first time in three years the company has delivered a pretax profit, it said.
Hornby also said Finance Director Nick Stone is to leave the company later in the year. Hornby said it has started the process of identifying a successor to Stone and will provide a further update in due course.
The company expects its move from its headquarters in Margate to the Discovery Park in Sandwich to be completed by the end of May. It said the work on its reorganisation is ongoing and plans have been developed for the next phase, which will incorporate the rationalisation of its European warehouses and management structures.
Hornby also is in talks with its bankers for the renewal of its lending facilities as part of the funding options it is considering to back the restructuring plans.
Shares in Hornby were up 3.9% to 91.922 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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