Announcement • Mar 14
Hornby Ditches LSE Listing In a London stock exchange notice (13 March) the board of Hornby PLC cited the "limited liquidity" offered by AIM and the "regulatory burden and cost of maintaining the public quotation" as reasons for its proposed delisting. Hornby, a company dating back to 1901 and floated on the public market in 1996, said the decision was "not taken lightly". The cancellation of the company's listing could come as early as 10 April 2025, with shareholders expected to vote on the motion at a general meeting on 1 April. Should the cancellation resolution and re-registration resolution both pass with at least 75% approval from shareholders, then the re-registration will come into effect the week commencing the 28 April. According to Myles Milston, co-founder and CEO of Globacap, the decision from Hornby's board represents a further dent to the UK's junior stock market at a time when London's capital markets have seen growing numbers of delistings. "The writing is on the wall for AIM. Plagued by a lack of liquidity, dwindling funding opportunities, low trading volumes and erratic share price movements, firms are now deterred from listing and others are actively delisting in favour of private markets - which are going full steam ahead," said Milston. However, AJ Bell's investment director Russ Mould, said "Hornby's decision to delist from AIM is not a damning criticism of the UK stock market". Instead, "when two shareholders - Phoenix Asset Management and Frasers - own 91% of the company, it does not make sense to be a listed entity," he argued. Mould concluded: "Hornby has had a tough ride over the years and Phoenix has been an incredibly supportive and patient shareholder. Sometimes a business is better off away from the public markets and that looks to be the case with Hornby". Reported Earnings • Nov 26
First half 2025 earnings released: UK£0.03 loss per share (vs UK£0.029 loss in 1H 2024) First half 2025 results: UK£0.03 loss per share (further deteriorated from UK£0.029 loss in 1H 2024). Revenue: UK£25.0m (up 10% from 1H 2024). Net loss: UK£5.14m (loss widened 4.7% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Nov 06
EKD Enterprises Limited agreed to acquire Lcd Enterprises Limited from Hornby PLC (AIM:HRN) for £1.7 million. EKD Enterprises Limited agreed to acquire Lcd Enterprises Limited from Hornby PLC (AIM:HRN) for £1.7 million on November 5, 2024. The aggregate consideration of approximately £1.38 million is structured as follows: Approximately £1.1 million of the Consideration is payable in cash over a 5-year period post Completion (the "Cash Consideration"), with £0.25 million of such amount being payable by the Buyer on Completion, and the outstanding amount being payable in five equal instalments of approximately £0.17 million on or around each anniversary of Completion for the five-year period following Completion · If the Cash Consideration is not paid in accordance with the terms of the Agreement, the Buyer shall be required to pay an additional consideration payment to the Company of £600,000 · As part of the Consideration for the Disposal, the Company has agreed to acquire 1,526,627 ordinary shares in the capital of the Company that Lyndon Davies holds (representing 0.9% of Hornby's share capital) for total consideration of £1.00 (the "Buy Back"). As at market close on 4 November 2024 the shares have a current market value of approximately£0.28 million at the mid-price of 18.0 pence. This will be implemented as an off market share buyback and the shares will be cancelled following Completion. In addition, the transaction also sees Lyndon Davies step down from the Board and his role as a Non-Executive Director of the Group with immediate effect from Completion.
Lcd Enterprises recorded revenue of £2.526344 million and operating loss of £0.187005 million for financial years ending on March 31, 2024.
A circular containing further details of the Disposal, the Buy Back and the Sale Agreement, and convening a general meeting of the Company (the "General Meeting") to take place on November 27, 2024.
The transaction is subject to approval of offer by acquirer shareholders. The expected completion of the transaction is December 2, 2024.
Panmure Liberum Limited acted as financial advisor for Hornby PLC. Announcement • Sep 12
Hornby plc Appoints Neil Sachdev as A Director Hornby PLC announced the appointment of Neil Sachdev as a Director. Reported Earnings • Aug 22
Full year 2024 earnings released: UK£0.071 loss per share (vs UK£0.035 loss in FY 2023) Full year 2024 results: UK£0.071 loss per share (further deteriorated from UK£0.035 loss in FY 2023). Revenue: UK£56.2m (up 2.1% from FY 2023). Net loss: UK£12.1m (loss widened 104% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Announcement • Aug 09
Hornby PLC Announces Executive Changes Hornby Plc announced Neil Sachdev MBE, aged 65, has joined the Group as a Non-Executive Chairman with immediate effect. An experienced NED who also works with a number of Public Service organisations, Neil is currently Chair at HM Land Registry, EastWest Rail Company and Network Rail Property Company, as well as being a Council Member at The University of Warwick. During Neil's Exec career he served as Stores Board Director at Tesco, responsible for property and operations for the UK business, and Group Property Director at J Sainsbury. The Board would like to thank John Stansfield for stepping in as Interim Non-Exec Chairman as search continued for the right candidate. With Neil's appointment, John remains on the Board as an Independent Non-Executive Director. Announcement • Jul 12
Hornby PLC, Annual General Meeting, Sep 11, 2024 Hornby PLC, Annual General Meeting, Sep 11, 2024. Reported Earnings • Jul 12
Full year 2024 earnings released: UK£0.071 loss per share (vs UK£0.035 loss in FY 2023) Full year 2024 results: UK£0.071 loss per share (further deteriorated from UK£0.035 loss in FY 2023). Revenue: UK£56.2m (up 2.1% from FY 2023). Net loss: UK£12.1m (loss widened 104% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. New Risk • Jun 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-UK£8.0m free cash flow). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (UK£37.4m market cap, or US$47.5m). Announcement • Apr 26
Hornby PLC Announces Non-Executive Chairman Changes Hornby Plc announced the following changes to the Board of Directors. For personal, health related, reasons Lyndon Davies will formally step down from his position as Non-Executive Chairman on 30 April 2024 and continue to serve on the Board as a Non-Executive Director. At this point, John Stansfield, an existing Independent Non-Executive Director, and past Chairman of Hornby PLC, will step into the role as Interim Independent Non-Executive Chairman while the search for an Independent Non-Executive Chairman is underway. Announcement • Feb 23
Frasers Group Plc (LSE:FRAS) acquired additional 6.5% stake in Hornby PLC (AIM:HRN). Frasers Group Plc (LSE:FRAS) acquired additional 6.5% stake in Hornby PLC (AIM:HRN) on February 23, 2024. Andrew Godber, Edward Thomas and Anake Singh of Liberum Capital Limited acted as financial advisor to Hornby.
Frasers Group Plc (LSE:FRAS) completed the acquisition of 6.5% stake in Hornby PLC (AIM:HRN) on February 23, 2024. Announcement • Feb 12
Hornby PLC Appoints Nicholas (Nick) Batram as Non-Executive Director Hornby Plc announced Nicholas (Nick) Batram, aged 55, has joined the Group as a Non-Executive Director. Nick has an extensive background in finance, with over 30 years' experience working for financial institutions. The vast majority of this time was spent focused on researching and advising small and mid-cap companies. In 2016, Nick joined Entain plc, the FTSE100 sports betting and gaming group, initially heading up Investor Relations & Strategy and until recently as Group Director of M&A and Corporate Development. Reported Earnings • Nov 24
First half 2024 earnings released: UK£0.03 loss per share (vs UK£0.013 loss in 1H 2023) First half 2024 results: UK£0.03 loss per share (further deteriorated from UK£0.013 loss in 1H 2023). Revenue: UK£23.8m (up 6.2% from 1H 2023). Net loss: UK£5.09m (loss widened 82% from 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Nov 23
Hornby PLC Provides Earnings Guidance for the Second Half and Full Year 2022/2023 Hornby PLC provided dividend guidance for the year 2022/2023. As with the 2022/2023 financial year, the company expects profitability to be depressed in 2023/2024 as the company restructures the business and makes necessary investments in people and processes. The company certainly expects 2023/2024 to show improvement at the topline, and guidance of 'high single digit /low double digit revenue growth' remains unchanged. It is from next year onwards that the company is targeting a return to profitability as the restructuring improves efficiencies and margins on continued increasing revenues.As far as current trading and the outlook for the second half of the year are concerned, order book is strong and although, like everyone, the company is seeing the ramp up into Christmas trade coming later than in previous years, the company starting to see some encouraging increases in performance. The company has a stronger calendar of seasonal promotional activities than in previous years and is operating in a far more joined up way in execution, so remain positive about the potential for the coming months. Announcement • Sep 14
Hornby plc Provides Earnings Guidance for the Period from the 1 April to 31 August 2023 Hornby PLC provided earnings guidance for the period from the 1 April to 31 August 2023. For the period, the company expects sales have been better than the previous year and in line with Annual Report forecast of low double digit revenue growth. Reported Earnings • Aug 06
Full year 2023 earnings released: UK£0.035 loss per share (vs UK£0.009 profit in FY 2022) Full year 2023 results: UK£0.035 loss per share (down from UK£0.009 profit in FY 2022). Revenue: UK£55.1m (up 2.5% from FY 2022). Net loss: UK£5.92m (down UK£7.40m from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year and the company’s share price has also fallen by 16% per year. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Dan Carter was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (UK£34.8m market cap, or US$44.9m). Announcement • Jul 08
Hornby PLC (AIM:HRN) acquired 25% stake in Warlord Games Limited for £1.3 million. Hornby PLC (AIM:HRN) acquired 25% stake in Warlord Games Limited for £1.3 million on July 7, 2023. Hornby has the option to acquire a majority stake in Warlord on or around the second anniversary of this initial acquisition and then to acquire any remaining shares in Warlord on future anniversaries. Warlord will continue to be managed by its existing Directors. The acquisition is being funded by an increase in the Phoenix loan. Liberum Capital Limited acted as Nominated Advisor and Broker in this transaction.
Hornby PLC (AIM:HRN) completed the acquisition of 25% stake in Warlord Games Limited £1.3 million on July 7, 2023. Reported Earnings • Jun 23
Full year 2023 earnings released: UK£0.035 loss per share (vs UK£0.009 profit in FY 2022) Full year 2023 results: UK£0.035 loss per share (down from UK£0.009 profit in FY 2022). Revenue: UK£55.1m (up 2.5% from FY 2022). Net loss: UK£5.92m (down UK£7.40m from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 18% per year. Announcement • Jun 22
Hornby PLC, Annual General Meeting, Sep 13, 2023 Hornby PLC, Annual General Meeting, Sep 13, 2023. Announcement • Jun 10
Hornby plc Announces Resignation of Henry De Zoete as Non-Executive Director Hornby Plc announced the following change to the Board. Henry de Zoete, a Non-Executive Director, has notified the board of his intention to step down from the end of June 2023. Henry is leaving the Group to focus on afull-time role as Adviser to the Prime Minister and Deputy Prime Minister on Artificial Intelligence. Reported Earnings • Nov 25
First half 2023 earnings released: UK£0.013 loss per share (vs UK£0.004 loss in 1H 2022) First half 2023 results: UK£0.013 loss per share (further deteriorated from UK£0.004 loss in 1H 2022). Revenue: UK£22.4m (up 2.6% from 1H 2022). Net loss: UK£2.80m (loss widened 276% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
Full year 2022 earnings released: EPS: UK£0.009 (vs UK£0.008 in FY 2021) Full year 2022 results: EPS: UK£0.009 (up from UK£0.008 in FY 2021). Revenue: UK£53.7m (up 11% from FY 2021). Net income: UK£1.48m (up 8.5% from FY 2021). Profit margin: 2.8% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 17
Full year 2022 earnings released: EPS: UK£0.009 (vs UK£0.008 in FY 2021) Full year 2022 results: EPS: UK£0.009 (up from UK£0.008 in FY 2021). Revenue: UK£53.7m (up 11% from FY 2021). Net income: UK£1.48m (up 8.5% from FY 2021). Profit margin: 2.8% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Dan Carter was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 12
Hornby PLC Provides Group Sales Guidance for the Fourth Quarter Ended 31 March 2022, and Group Earnings Guidance for the Full Year Ended 31 March 2022 Hornby PLC provided group sales guidance for the fourth quarter ended 31 March 2022, and group earnings guidance for the full year ended 31 March 2022. The company's sales for the 4th quarter were very encouraging and ahead of the same period last year. As a result, cumulative group sales for the financial year ended 31 March 2022 were in line with budget and ahead of the prior year. The Group will report a profit for the year having first returned to a position of profitability in the prior year. Announcement • Feb 24
Hornby to Be Deleted from Other OTC Hornby PLC’s ordinary shares (United Kingdom) will be deleted from Other OTC effective February 23, 2022. The deletion is due to Inactive Security. Board Change • Jan 08
Less than half of directors are independent Following Non-Executive Director Henry Zoete's arrival on 01 January 2022, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Dan Carter was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 14
Full year 2021 earnings released: EPS UK£0.008 (vs UK£0.027 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£48.5m (up 28% from FY 2020). Net income: UK£1.36m (up UK£4.76m from FY 2020). Profit margin: 2.8% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 11
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£48.5m (up 28% from FY 2020). Net income: UK£1.36m (up UK£4.76m from FY 2020). Profit margin: 2.8% (up from net loss in FY 2020). Is New 90 Day High Low • Feb 18
New 90-day low: UK£0.50 The company is down 27% from its price of UK£0.69 on 19 November 2020. The British market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: UK£0.71 The company is up 117% from its price of UK£0.33 on 19 August 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 30
New 90-day high: UK£0.45 The company is up 35% from its price of UK£0.33 on 31 July 2020. The British market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 16% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: UK£0.35 The company is up 4.0% from its price of UK£0.34 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Leisure industry, which is up 15% over the same period.