LONDON–Hornby PLC (HRN.LN) Wednesday announced a business restructuring plan and refinancing agreement after posting a sharply widened pretax loss for fiscal 2016.
The maker of model railway sets and slot car brands including Scalextric, Airfix models, Humbrol paints and Corgi die cast models said pretax loss for the year ended March 31 totaled 13.5 million pounds ($19.9 million), compared with a pretax loss of GBP184,000 in the year ago period, on a revenue of GBP55.8 million and GBP58.1 million. Exceptional charges totaled GBP7.9 million versus GBP0.8 million.
“We were pleased with the progress made in modernizing many of our systems and processes, but much of the change last year resulted in s…
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