StockMarketWire.com - Model train group Hornby has warned that full-year profits will be below current market forecasts after Christmas sales fall.
The group said that sales in the pre-Christmas period in the UK were below the corresponding period the previous year.
In particular, sales of high-ticket items such as its Hornby and Scalextric sets were affected adversely.
Hornby said that while group sales for the financial year to date remain ahead of last time, the rate of growth is below management expectations and pre-tax profits for the year to the end of March are likely to be below current market expectations.
Net debt as at 31 December was £8.5m compared with £12.8m at the end of September and £10.3m at the end of 2010.
Story provided by StockMarketWire.com
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