UK's Hornby plunges on warning of modest FY loss
10/01/2023 12:50
** Shares of toymaker Hornby HRN.L down as much as 20.7%
at 23p - hitting their lowest levels in over 4-1/2 years
** Co expects to report a modest FY underlying loss before
tax vs a profit of 3.2 mln stg ($3.89 million) for the year
ended March 2022
** HRN hurt by customers tightening their purse strings amid
a cost of living squeeze in UK
** Co, however, reports its cumulative group sales for the
financial year to date 6% ahead of last year due to price
increases and better availability of stock
** HRN reports net debt of 7.6 mln stg at the end of
December 2022 compared to net debt of 4.9 mln stg at the end of
Sept. 2022
** Stock set to record its worst day in over three years if
losses hold
** Stock down 31% in 2022
($1 = 0.8217 pounds)
(Reporting by Sinchita Mitra in Bengaluru)
((Sinchita.mitra@thomsonreuters.com))