Hornby Q3 sales grow year-on-year
Models and collectables manufacturer Hornby said group sales for the third quarter were positive and ahead of the same period last year.
As a result, Hornby stated cumulative year-to-date group sales for the year beginning 1 October 2020 were ahead of last year, driven by "a hugely popular product range" and increased global demand due to consumers spending more time indoors focusing on their hobbies.
However, the AIM-listed firm said January has seen a slower start than it "would have liked" due to tighter Covid-19 restrictions within its warehouse and the impact of courier companies pausing collections bound for Europe due to Brexit backlogs.
Net cash at the end of December 2020 was £3.8m compared to net cash £3.9m at the end of September 2020 and net debt £9.9m at December 2019.
Hornby added that it currently expects to finish the year with sales 15-20% ahead of the prior year, subject to its warehouse still being able to operate fully with new coronavirus restrictions in place.
Chief executive Lyndon Davies said: "No one expected the last year to turn out as it did. It is hard, however, not to want to spread a little 'good news' amongst all the bad.
"The transformation at Hornby continues to accelerate, this is not time for braking, we must now accelerate upwards through the gears."
As of 1100 GMT, Hornby shares were down 1.21% at 65.20p.