Hornby PLC AGM Statement (9610P)
September 06 2017 - 4:03AM
UK Regulatory
TIDMHRN
RNS Number : 9610P
Hornby PLC
06 September 2017
Hornby PLC
("Hornby" or the "Group")
6(th) September 2017
Further progress with Turnaround Plan
AGM Trading Statement and Appointment of Nominated Adviser and
Broker
Hornby Plc, the international models and collectibles group,
today issues the following trading update ahead of the Group's
Annual General Meeting.
Trading update
Current trading for this financial year to date has been behind
the Board's expectations in part due to softer market demand over
the summer months and increased competition in the important UK
Independent channel. In addition, as previously indicated, some new
product releases have moved into the second half of the year and
there has been a reduction in the amount of promotional activity
and discounted stock being offered to the market, which was a
feature of the comparative period last year.
It is expected that trading this year will be more heavily
weighted to the second half than last year due to the relative
timing of the new product releases year-on-year and to the
significant stock reduction in the first half of the previous
financial year.
Whilst the Group still has the important Christmas trading
period to come and significant opportunities remain to improve
trading performance there is a risk that the shortfall in
performance to date may not be recovered fully over the remainder
of the financial year.
Appointment of Nominated Adviser and Broker
The Board of Hornby today announces the appointment of Liberum
Capital Limited as the Company's Nominated Advisor and Broker with
immediate effect.
Enquiries:
Hornby plc 01843 233500
Steve Cooke, CEO
David Mulligan, CFO
Liberum 020 3100 2222
Neil Elliot
Neil Patel
Capital Access Group 020 3763 3400
Scott Fulton
Note:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact David Mulligan,
CFO of the Company (responsible for arranging release of this
announcement) on 01843 233 500.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMSSESUMFWSESU
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