Hornby Q4 sales ahead of prior year

Model railways manufacturer Hornby said on Tuesday that fourth-quarter group sales were "very encouraging" and ahead of the same period a year earlier.

Hornby stated cumulative group sales and margins for the financial year ended 31 March were in line with budget and ahead of the prior year, setting the group up to report a profit for the year after having first returned to a position of profitability in the prior year.

Net cash at the end of the quarter was £3.9m, down from the net cash balance of £4.7m reported at the end of March 2021.

The AIM-listed firm did note that managing supply chains continued to be "challenging", with extended shipping times from its partner factories and disruptions in UK deliveries into its warehouse due to a lack of drivers and fuel.

Electronic components availability and lead times were also said to have impacted Hornby's ability to increase sales further during the financial year.

As of 0950 BST, Hornby shares were up 3.03% at 34.0p.