Hornby net debt falls

Hornby posts an underlying group loss of £3.6 million for the six months to the end of September (2015: loss of £3.4 million).

Group revenue totalled £21.9 million (2015: £22.3 million) and the statutory loss for the period was £4.7 million (2015: loss of £4.5 million).

Net debt fell to £2.1 million (2015: £5.7 million).

Chief executive Steve Cooke said: "We are making good progress with the Hornby turnaround. We are delivering the structural changes to reduce business scale and costs and to streamline the European operating model. We are currently focused on the Christmas trading period as well as ongoing stock reduction initiatives. "We have listened carefully to our core Independent customers and responded positively to their concerns with new trading terms and a commitment to rebuild our relationship with them. "The Group has traded steadily during the first half of the year but revenue is expected to decline significantly year on year in the second half as the planned rationalisation of product lines, channels and certain international brands takes effect. We remain confident of meeting the Board's financial targets for this financial year."

At 8:49am: (LON:HRN) Hornby PLC share price was -0.12p at 31.13p