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.

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.

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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.