- Hobby products group Hornby reported narrowed first-half losses thanks to higher revenues and margins as the company reined in discounts.

For the six months ended 30 September 2019, Statutory pre-tax losses were narrowed to £2.5m from £3.2m on-year and revenue increased 15% to £15.9m.

The gross margin for the period was 41%, up from 39%, reflecting the cessation of discounting stock to achieve sales and improved production processes, the company said.

'We are heading into our key Christmas trading period and so it is difficult to tell what the outcome will be for the full year results at the moment,' it added.

'Our sales continue to be above where they were last year but the last few years of general retail data shows that customers are leaving gift buying later and later each year as delivery companies and online retailers improve their services.'

At 9:40am: [LON:HRN] Hornby PLC share price was +1.5p at 34p

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