Home Business NewsBusinessBusiness Growth NewsHornby posts high Christmas sales

Hornby posts high Christmas sales

by LLB Reporter
6th Jan 20 4:10 pm

Hornby has announced they posted higher profit margins over the Christmas period keeping trading on track for 2020.

The model train manufacturer said their investor Phoenix Fund UK has agreed to increase Hornbyโ€™s credit facility from ยฃ3m to ยฃ9m.

The company said the funds will be used to โ€œcapitalise on the positive momentum in the business and increase investment in technology and products for the coming year.โ€

Hornby narrowed their annual losses in the year to September 2019 and revenues increased by 15% to ยฃ15.9m.

For the year the model manufacturer trimmed their pre-tax losses to ยฃ2.5m, down ยฃ3.2m from the previous year.

Hornbyโ€™s chief executive Lyndon Davies said, โ€œRevenue is growing, losses are narrowing and we are shifting gears in our journey back to profitability and beyond.โ€

On Monday afternoon shares jumped 6.8% to 40.6p.

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