Hornby's full-year sales hit by Red Sea delivery delays, early Easter
22/04/2024 07:31
April 22 (Reuters) - Britain's Hornby HRN.L , which
manufactures model railways, said on Monday its full-year group
sales suffered after results in the last quarter were pulled
down by Red Sea delivery delays and by an early Easter.
Its fourth-quarter sales fell 8% year-on-year, resulting in
only a 2% increase to sales for the year ended March 31, at 56.2
million pounds ($69.6 million), the company said.
"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," Hornby said.
($1 = 0.8078 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Savio
D'Souza)
((Eva.Mathews@thomsonreuters.com;))