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Hornby warns on profits again as interim chairman departs

Plans to turn around embattled toy maker Hornby have hit another snag as the firm warned that its revenue and profits would be lower than expected this year and announced the departure of interim chairman David Adams.
The firm said on Tuesday that it would stop offering bulk discounts following an initial business review by new chief executive Lyndon Charles Davies, who took only took the top job earlier this month.
However Hornby warned that this move would mean it will be unable to recoup its shortfall in the current financial year.
In the longer term, it hopes to “maximize the value of its brands”, it said.
Mr Davies, the former chairman and founder of toy vehicle maker Oxford Diecast, is continuing his review of the business and will provide another update at its half-year results in mid-November.
Hornby warns on profits again as interim chairman departs

Credit:
Jason Alden
The news comes just a fortnight after Mr Davies' appointment was announced. Hornby’s last chief executive, Steve Cook, stepped down in September after just over a year in charge, having previously been the firm’s finance boss.
Hornby also said on Tuesday that Mr Adams would leave the company to take up another appointment once a replacement is found. He had held the chairman post on an interim basis since June after being appointed following the ousting of his predecessor by a former shareholder.
Hornby, which produces Airfix model kits and Scalextric racing cars, has been battered in recent years by supply chain problems and changing tastes in toys.
The firm has already reduced product ranges and cut back on investment as part of plans to shore up its balance sheet.
It warned it September that its performance this year would be below expectations.
Shares in the firm were down 1.49pc at 33p on Tuesday morning.
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