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Hornby – sales and margins “in line with internal budgets”, so why are the shares lower?...

2021-09-15 14:54:58

Having fallen below 30p as covid emerged, shares in models and collectibles company Hornby last closed at 44.5p. However, a trading statement today currently sees them back towards 40p. What’s the trading story?...


Hornby – “shifting gears in our journey back to profitability and beyond”, Really?...

2019-11-28 16:00:58

Writing on results from “hobby products” company Hornby (HRN) in June I concluded, with the shares at just over 33p, this is an attempted turnaround I’ll continue to monitor, but at this juncture continue to avoid. Now “Half-year Report” and the shares currently rising… back to just over 33p!...


Hornby – full-year results, “pleased to report”?

2019-06-13 15:00:36

Models and collectibles group Hornby (HRN) has announced results for its year ended 31st March 2019, “pleased to report to our shareholders in an exciting but challenging period for our company”


Hornby – argues “we have managed to make a lot of progress”, BUT…

2018-04-03 06:58:53

Previously writing on hobby products company Hornby (HRN) it was results, ‘new strategy’ & fundraising - the latter at the prior closing share price of 29.5p. Though, also noting trading including “softer market demand over the summer months and increased competition in the important UK Independent channel”, I concluded that I’d continue to monitor but avoided the shares. Today a Trading Statement announcement…


Hornby – results, ‘new strategy’ & fundraising. But is turnaround really ahoy?

2017-11-17 09:21:19

Previously writing on models and collectibles company Hornby (HRN), I noted no longer offering bulk sales at a discount & profit warning, but would it have been profit warning anyway? We now have the results for the six months ended 30th September 2017, a strategy update and a placing and open offer announcement…


Hornby – no longer offering bulk sales at a discount & profit warning, but would it have been profit warning anyway?

2017-10-17 03:20:29

On a 3rd October announcement that Lyndon Davies had agreed to join as CEO, Hornby (HRN) non-executive director and Interim Chairman David Adams was “delighted to welcome Lyndon to the board”, adding “Hornby will continue with its turnaround plan”. There’s today a “Trading Statement and Directorate Change” announcement…


Hornby – new CEO, an investment in a company he is the majority shareholder in to follow? Hmmm…

2017-10-03 06:40:43

Previously writing on Hornby (HRN) in June I noted CEO Steve Cooke having stated “having returned the group to a sound financial footing we are now in a position to focus on the next stage of the turnaround plan which will see Hornby progress back to profitability and positive cash generation”. There’s today an “Appointment of CEO” announcement!...


Hornby – responds to Phoenix offer document publication, argues “significantly undervalues”...

2017-06-26 03:14:57

With an acquisition of shares last week by major shareholder, Phoenix, seeing it required to make a mandatory cash offer for Hornby (HRN), the latter has responded to the news that an offer document has been despatched…


Hornby – major holder’s purchase means a mandatory cash offer

2017-06-22 00:29:34

Last month saw a regime change General Meeting requisition withdrawn at Hornby (HRN) and now the major shareholder, Phoenix, has unconditionally agreed to acquire the rebel’s (New Pistoia Income’s) shares – seeing it required to make a mandatory cash offer for the whole company...


Hornby – regime change General Meeting requisition withdrawn

2017-05-09 05:59:37

Hornby (HRN) has updated that “further to its announcements dated 10 April 2017 and 25 April 2017… on 8 May 2017 it received a letter… withdrawing with immediate effect the requirement for the company to proceed with convening the requisitioned general meeting”


Hornby - rebels demand regime change to restore value

2017-04-10 07:59:29

Writing on hobby products group, Hornby (HRN) last week I concluded that it remained on the watchlist for recovery but that I’d still want further financial evidence of turnaround progress. Some though don’t believe this will be delivered – and are now demanding change…


Hornby – updates on turnaround progress. A recovery play?

2017-04-07 03:12:57

Previously updating on hobby products group, Hornby (HRN) I concluded that some decent underlying progress looking to now be being made saw the shares onto the watchlist for recovery. The company has now further updated…


Hornby – claims turnaround “on track” and “robust current trading”. A recovery play?

2017-02-07 09:50:36

Hobby products group, Hornby (HRN) has emphasised “turnaround plan on track and robust current trading” - and the shares have responded currently just over 7% higher to 33.5p. Is it recovery ahoy here?...


Hornby – turnaround progress any smoother than half year results issuance?

2016-11-24 04:20:46

Hobby products company, Hornby (HRN) announced results for the six months ended 30th September 2016 at 7am claiming “good progress with turnaround plan”. This didn’t though extend to the announcement itself - as the financial tables weren’t included! A replacement announcement was then made at 09:41 – does the company's turnaround progress look smoother? …


Hornby – current trading “in line”, but is that of any real significance? ...

2016-09-09 03:25:50

After trading disappointment thus far in 2016, there is now an AGM update from hobby and toy products company Hornby (HRN). Let’s take a look…


Hornby – self-declared “disappointing” results, can further new money fund a recovery?

2016-06-22 03:50:27

Hobby and toy products group Hornby (HRN) has announced results from an “extremely challenging” year, along with a placing and open offer to fund a new business plan which it is “confident… can be delivered successfully and that Hornby can return to being a profitable and cash generative business which will progress to delivering shareholder value”. Hmmm…


Hornby – after more than two months, meet the new management; same as the old?

2016-04-26 23:58:53

Following the February news that Chief Executive Richard Ames had walked as ‘Trading and Transformation Plan’ uncertainty seemingly talked, Hornby (HRN) is today “pleased to announce” the appointment of a replacement. After more than two months, this is… “current Group Finance Director Steve Cooke”! ...


Hornby – seemingly now reliant on “constructive dialogue with Barclays Bank”, Hmmm…

2016-03-30 06:00:56

Following a dire profit warning last month and the Chief Executive subsequently “stepping down”, an “Update on Banking Covenants and Trading” from hobby products company Hornby (HRN) sees the shares currently 8% higher today. Does this though look justified?…


Hornby – ‘Trading and Transformation Plan’ uncertainty talks as Chief Exec (made to?) walk

2016-02-15 08:10:51

Following an “Update on Trading and Transformation Plan” (AKA dire profit warning) announcement last week, Hornby plc (HRN) has now announced that “Richard Ames is stepping down as Chief Executive and is leaving the business with immediate effect. Roger Canham the current Chairman will move to take over as Executive Chairman and will lead the Group for the foreseeable future. –ends”. Hmmm...


Hornby: profits warning is dire, and it does not know the causes!

2016-02-10 04:55:27

An announcement today from Hornby plc (HRN) is harmlessly enough sounding entitled “Update on Trading and Transformation Plan” and opens with “Hornby Plc, the international hobby products group, is updating shareholders on progress made so far in its turnaround strategy. The group has made significant progress in implementing changes to its business model to modernise”. Good, good. But what’s that? The shares have halved to around 40p. Better read on…


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