Hornby chuffed with new FD

Hornby has announced a new Finance Director as the struggling model maker aims to get up a head of steam going into 2013.

Hornby has announced a new Finance Director as the struggling model maker aims to get up a head of steam going into 2013.

Nick Stone will join the company on 14th January from software and consultancy group KBC Advanced Technologies where worked as FD for 11 years.

Andrew Morris, the current FD, will leave Hornby during the first quarter of 2013 following an agreed handover period to join a privately owned pharmaceutical business.

Chief Executive Frank Martin said Stone brought with him a thorough understanding of working at a strategic level within a number of quoted PLCs, particularly those with international operations.

"I am confident, as we move forward and the management team focuses on improving Hornby's financial performance, that Nick has the skills and the fresh perspective to add significant value," he said.

Stone faces quite a challenge; in November Hornby said it was scrapping its dividend following poor interim results.

The firm expects its performance in the current financial year will be "approximately break-even'.

It laid the blame for the poor performance mainly on supply chain disruption at one of its largest suppliers in China.

Two other reasons given were disappointing sales of London 2012 merchandise and weak demand, particularly in the UK.

For the six months ended 30th September revenues were £27m (2011: £28.3m) producing a pre-tax loss of £0.54m compared with a pre-tax profit of £0.96m in the first half of 2011.

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

NS&I brings back one-year fixed bonds with highest rates since 2010
Personal finance

NS&I brings back one-year fixed bonds with highest rates since 2010

NS&I’s one-year fixed bonds are back on sale after being pulled off the market in 2019 - but is the rate any good?
1 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
6 Feb 2023