Hornby issues yet another profit warning as chairman departs
The model train maker only issued its last profit warning in September …
Company
Hornby PLC
LON:HRN
Hornby is principally engaged in the development, production and supply of hobby and toy products. It distributes its products through a network of specialist and multiple retailers throughout the United Kingdom and overseas. Brands include Hornby, Scalextric, Electrotren, Lima, Jouef, Rivarossi and Corgi.
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Hornby appoints Lyndon Davies, chairman of models firm Oxford Diecast as its chief executive officer
The Airfix models to Scalextrix slotcar racing group also said it is exploring the possibility of investing in Oxford Diecast's owner LCD Enterprises Ltd, of which Davies is the majority shareholder
FTSE 100 closes almost 36pts up as traders buy back in
The blue chip index closed out almost 36 points higher at 7,413
Hornby's recovery off the rails as hobbies group warns on full-year performance, weak current trading
The AIM-listed firm said: “Current trading for this financial year to date has been behind the Board's expectations in part due to softer market demand over the summer months and increased competition in the important UK Independent channel
Investments and investor services
Patience still a virtue for Aurora Investment Trust
Aurora is now worth £70mln, from £15mln, when Phoenix was appointed in January 2016
Hornby repeats its unanimous rejection of Phoenix Asset Management offer
Investment firm Phoenix Asset Management launched a 32.375p a share bid for Hornby last Wednesday having been obliged under City rules to make an offer to buy the rest of the AIM-quoted firm after upping its stake to above 50% the previous
Hornby slams Phoenix takeover offer which it says ‘undervalues’ company
“The board considers that the mandatory cash offer of 32.375p per Hornby share significantly undervalues Hornby and its future prospects”
Archive
Small caps movers: Hornby steams higher on takeover offer from major shareholder
A look back at some of this week's more interesting stories from the junior market
Hornby steams higher on Phoenix Asset Management takeover offer
Major shareholder Phoenix Asset Management is snapping up a 20% stake from rebel investor, meaning it is now obliged to launch an offer for the rest of the company
Hornby investors lifted as turnaround plans on track, losses narrow
The lossmaking toymaker has halted its dividend for another year but reported an improvement in its medium term outlook
Archive
Trading update from Coffee Costa and Premier Inn firm Whitbread could be a positive catalyst
Day ahead: Trading update from Whitbread; full-year results from Berkeley Group ...
Hornby shareholder revolt looks set to come off the rails
The strategy currently being pursued by the board is well thought-out and is working ... the board said
Hornby shareholders seek meeting to push out executive chairman, Roger Canham
Canham stepped up to become Hornby’s executive chairman in February 2016 after the firm’s chief executive officer, Richard Ames quit in the wake of a profit warning
Hornby says fourth-quarter showed "improving trend", reveals net cash position
Hornby said at the year-end it had net cash on the balance sheet of £1.1mln, against net debt of £7.2mln a year earlier, which was ahead of management's expectations
Investments and investor services
FTSE 100 gains as investors turn to havens in the wake of US strike on Syria
Neither the US air strikes or the underwhelming US jobs data could prevent the Footsie from finishing the day in the blue
Hornby steams higher as it says its on track to meet forecasts as restructuring completes
The model railways to Scalextric firm remains confident of meeting its expectations for the year, while noting it will be loss-making as it progresses through its "transition".
DCC vrooms ahead after Norway petrol station deal
Risers and fallers at 4pm including DCC, Techfinancials, Premier African