Loss reported by model manufacturer Hornby

The share price of Hornby is up today (June 7th) despite the model manufacturer announcing it has made a loss.

Even though the firm, which owns brands including Corgi and Airfix, reported a pre-tax loss of £3.4 million for the 12 months to the end of March, its stocks were up on the London Stock Exchange during the afternoon session.

Chairman Roger Canham said Hornby's "strong brands" give him confidence that the company will turn its prospects around in the coming months. It made profits of £4 million a year ago.

"This year was one of challenging economic conditions in all of our major markets that were exacerbated by continuing disruptions to the model railway supply chain," Hornby said in a statement.

It was also noted that more than ten per cent of products ordered from the company were not delivered during the year.

At 15:53 BST, shares in the model manufacturer, which also makes popular children's toys such as Hornby model railways and Scalextric, were up by 2.5 per cent on the start of the day.

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