Hornby, the owner of Airfix and Scalextric, posted a 17 per cent jump in pre-tax profits for the year ending March 31. It is now planning a quick turnaround for car firm Corgi, which the model group bought for £7.5 million.
Corgi had sold millions of cars at its peak, but could not post any profit last year. Hornby’s chief executive Frank Martin is confident of rebuilding sales, market share and profits and informs that Corgi’s retailers and collectors are most delighted with the takeover.
Hornby’s sales were up by 19 per cent at £55.7 million, and profits rose by 17% at £9 million. Chairman Neil Johnson is anticipating another good year of high performance not withstanding downtrend in the markets and slowdown of economy. According to Mr.
Martin, Hornby will mainly focus on retailing of Corgi’s range of products and supplies of inventory, during the current financial year. Corgi’s products include Eddie Stobart trucks, London buses and heritage models like MGB Roadster. According to Martin, Corgi’s new products will include Formula One racing cars and earth moving and agricultural models.