Turnover for the year of £57.4 million (2012: £64.4 million)
Gross profit margin of 42.6% (2012: 48.3%)
Net debt reduced to £2.1 million (2012: £6.3 million)
Underlying profit before tax* of £0.15 million (2012: £4.5 million)
Reported loss before tax of £3.4 million (2012: £4 million profit)
Underlying profit excluding impact of London 2012 of £1.4 million
Launch of award winning new product range, Airfix Quickbuild
Launch of Hornby E- Link and a Railmaster app, both linking control of a railway layout with computers and mobile devices
Re-launch of the famous Italian Pocher model brand
Diversification of the supply chain, including UK-based production
Roger Canham, Chairman of Hornby, commented,
" In this my first results statement as Chairman, I am pleased to report that Hornby is in a strong position to face the future. Despite the tough economic and consumer environment, we are broadening our distribution base and have made good progress towards developing our range of exciting new products.
" We continue to work hard on managing our supply chain. I am encouraged with the progress we have made, and we have continued to broaden the range of suppliers that we work with. Production for our new Airfix Quickbuild product range will be UK-based and we are moving some manufacturing from China to India. Our aim is to use this time of transition as a major opportunity for the business to build a robust platform for future growth.
" Finally, I want to thank the whole team at Hornby for their contribution over the year. In particular to Frank Martin who announced his intention to step down as Chief Executive, but will stay on whilst we find a suitable replacement. Frank has guided Hornby through difficult times and has left the business well-positioned to deliver significant value for our shareholders."