Model train and toy group Hornby Plc (LON:HRN) warned sales are still falling after more heavy losses in the year just ended.
Revenue for the year to March fell to £35.7mln (£47.4mln) with a reported loss before tax of £10.1mln (£9.5mln loss). Underlying losses were £7.6mln. Tooling problems, late orders and a stock backlog, meanwhile, have affected sales in the ten weeks to June 8, though margins did pick up slightly.
Lyndon Davies, chief executive, said tough decisions has been made to turn the business around and national retailers “who were only a distant memory to the business have proactively re-engaged now the discounting has stopped.”