UK's Hornby slides as Red Sea delays, early Easter hit sales
22/04/2024 08:12
** Shares of Hornby Plc HRN.L , which makes model railways
down 9.2% at 34 pence
** Co blames Red Sea delivery delays and early Easter for 8%
drop in Q4 sales, which resulted in just 2% increase in FY sales
** Says underlying loss before tax has weakened since the
half-year point
** "Whilst we close the year in a loss-making position and
both net debt and inventory are still too high, we have seen a
marked change in trajectory since the half year and aim to
continue this positive improvement throughout the current
financial year" - HRN
** Stock has more than doubled in 2024 so far
(Reporting by Eva Mathews in Bengaluru)
((Eva.Mathews@thomsonreuters.com;))