New FD to put Hornby performance back on track

by Richard Crump

More from this author

04 Jan 2013

  • Comments
model-railway

MODEL RAILWAY maker Hornby has appointed a new finance director as it battles against falling sales and weak demand in its major markets.

Nick Stone joins Hornby, which owns Airfix and Humbrol, on 14 January from software and consultancy group KBC Advanced Technologies, where he worked for 11 years, having joined in 2001 as finance director.

Current finance director Andrew Morris will leave Hornby during the first quarter following an agreed handover period to become chief executive of a privately owned pharmaceutical business.

Frank Martin, Hornby chief executive, said Stone brings "a thorough understanding of working at a strategic level" within quoted companies with international operations.

"I am confident, as we move forward and the management team focuses on improving Hornby's financial performance, that Nick has the skills and the fresh perspective to add significant value," Martin said.

Stone, who also served as interim FD at Accidentcare Group and finance director at Lambert Fenchurch, joins at a difficult time for Hornby.

In November, the group said it would not pay an interim dividend after half-year results slumped. For the six months ended September 30, Hornby fell to a £0.54m pre-tax loss, while sales slipped to £27m from £28.3m in the first half of 2011.

A combination of general weakness in its major markets, disappointing sales of London 2012 merchandise and disruption to supplies contributed to the constrained performance, the company said in a September trading update.

Hornby shares were down 1% in morning trading on the London Stock Exchange.

For more share price information, visit the Share Price Centre.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Financial Planning and Performance AnalystCabinet Office-Greater London-Competitive

 
 
 
 
 
 
 
 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.