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BRIEF-Hornby announces progress on turnaround plan
April 7, 2017 / 6:25 AM / 6 months ago

BRIEF-Hornby announces progress on turnaround plan

April 7 (Reuters) - Hornby Plc:

* Solid progress on turnaround plan

* Revenue performance for full year was slightly ahead of our plan, with Q4 showing an improving trend.

* First stage of hornby’s turnaround is now completed and has progressed in-line with board’s plan

* Group has restructured its uk and european operations

* Product range has been rationalised and re-focused which has allowed hornby to reduce capital expenditure and improve working capital.

* Business is focused strongly on improving cash flow and at 31 march 2017 net cash on balance sheet was £1.1m (31 March 2016 net debt £7.2m) which was ahead of management’s expectations Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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