Mel_H

And Hornby do the N2, another older model

Most likely; the last ones sold out on the Locomotion Models website just before Christmas, after hanging around for the best part of five years - although at its original £140 price, plus £5 p&p, in those days it have seemed *very* expensive...

There was a full-size mock-up of the Class 60 cab - I'm sure someone will have a shot. [edit] of course they have! https://www.flickr.com/photos/britishrail1980sand1990s/23025674652/

I'm sure many people remember the 'public launch' at Ripple Lane open day in October 1987 - just after the hurricane

Other manufacturers (e.g. Rapido) have said that non-motored versions are just a couple of pounds (or there-about) cheaper, and demand was small when they did it. Hornby seemed to be in the same boat when they did the (Cl 58 twi pack) although I accept they are locos. I suspect there are relatively few modellers lucky enough to have the space to 'double-head' units...

Hi Duncan. Thanks for putting me right on this. I'm glad that work is progressing and hopefully one day it'll be back to its former health.

And the Class 502 EMU (now a derelict shell), and the 2-BIL. And the APT(E) (which arrived at the NRM under its own power).

Stock exchange announcement at 0700 this morning: Hornby ANNOUNCES INTERIM RESULTS 'GOOD PROGRESS WITH TURNAROUND PLAN' Hornby Plc ("Hornby"), the international hobby products Group, today announces its interim results for the six months ended 30 September 2016. The Company owns a number of iconic brands including Hornby, Scalextric, Airfix, Humbrol and Corgi as well as a number of European model rail brands. Financial Highlights · Group revenue of £21.9 million (2015: £22.3 million) · Underlying Group loss of £3.6 million (2015: loss of £3.4 million) · Statutory loss for the period of £4.7 million (2015: loss of £4.5 million) · Net debt of £2.1 million (2015: £5.7 million) · Refinancing successfully completed with £8.0 million Placing and Open Offer of new shares approved by shareholders on 5 July 2016 Turnaround Plan Progress · Structural changes progressing with £2.0 million of annualised headcount savings realised · Re-engaging core customers in the Independent sales channel with new term and conditions issued · Strategic exit from majority of concessions progressing with around half closed to date and the remainder to close post-Christmas 2016 · Careful allocation of new capital investment this financial year of £1.5 million (2015: £4.6 million), with £1.0 million invested in the period · 2017 product range focused on smaller number of profitable lines · Reduction of stock being carefully managed to avoid disruption and cannibalisation of underlying business Steve Cooke, Hornby Chief Executive commented, "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 focussed 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."

Completely OT, but that's fascinating - especially if you've got a big layout. That "100% Lok Führer-Feeling" - what a marketing slogan!

For all those calling for 'heads to roll' and blaming 'the management' for Hornby's position, you might be interested in this very brief statement that Hornby made to the Stock Exchange this morning. "The Board of Hornby Plc ("Hornby"), the international hobby products group, today announces that Richard Ames is stepping down as Chief Executive and is leaving the business with immediate effect. Roger Canham the current Chairman will move to take over as Executive Chairman and will lead the Group for the foreseeable future."

Hmm, looks like someone, somewhere at Hornby IS reading this thread. Which is nice...

A good point and there are examples of other areas of manufacturing where that appears to happen.

Yes! See http://www.britmodeller.com/forums/index.php?/topic/234997311-Hornby-grim-day-for-the-share-price/page-2

I may have mis-heard the trailer, but Radios 4's Sunday morning (0900hrs) 'Broadcasting House' programme this week (14/2) said it would be covering the Hornby 'crisis'.

Curiously, the description includes the contents as having a "Horny owner's manual" - maybe that's what makes it so saleable (and the £50 pricing with free delivery)

No, they are not required to make a further announcement based on the price movement, because it is a reaction to a a reason - i.e. the trading update. If there were falls (or rises) like this for other reasons, then yes they would - even if that statement says "we don't know why,". This does happen rarely. The AIM rules are fairly complex but, in short if the company is aware of something material that will affect its financials it is required to tell the market (which is what prompted the trading update on Monday).

If my maths is correct that shows a margin of 1.82% - which is lousy. BUT, it is a private rather than a public company, so it can treat things very differently

It is possible for the company to survive with more drastic action (they've already suspended the dividend). Others have done so. Although it was a different set of circumstances, First Group was seen as a basket case a few years ago and was facing a rights issue (selling new shares to raise cash - this devalues existing shareholders' holdings), with much talk of a business break up. Whatever happens, Hornby PLC's brands are strong. Clearly it needs to improve its business relationships and a few other things, but the firm is not a dead-beat. Let some optimism remain...

Certainly it's not easy and Hornby hasn't made all the right calls in terms of the subjects for its models; however even those very close to the market such as magazines also get it wrong occasionally and have to discount on relatively small limited editions (No names in particular, it afflicts them all from time to time). Also, the backdrop is a retail downturn at the moment across all sectors. Current info is that footfall to shops in general has been down significantly year-on-year since Christmas. Generally, results can lag behind the market and Hornby seems to be (on model railways) making up lost ground with new model production - which tends to drive sales. Oxford Rail is the only one making progress in this market, while Bachmann has slowed down it appears (any news on the re-tooled 158, announced exactly four years ago??). Perhaps the chaps at Barwell saw this coming earlier and managed to adjust their stock and production levels to meet demand?

I can only quote from my experience, but a number of online purchase attempts have later been followed with an e-mail saying the items are out of stock. It seems that the stock just wasn't there, which I suspect is one of two reasons (or a combination). The stock on the shelves didn't match the computer system due to inputting errors when the new warehouse and system went live, or a stock take wasn't done when stock was transferred to the new warehouse. A third reason is that stock has been removed from the shelves (for example to satisfy a shop order) and the system has not been updated. I don't think it's damaged stock as that was sold off at the beginning of 2015.

They closed down 60% at 31.5p per share today

Hornby has posted the statement below to the Stock Market this morning at 0701hrs when the market opened. Although called a 'trading update' it is, in effect, a profits warning, which it is required to make if trading changes from previous market statements it made. The Stock Market hasn't reacted well, and the share price fell by 40% (down 32p) to trade at 48.5p by 0900hrs this morning (10 February 2016). The price might recover later in the day. Please remember that Hornby also includes other divisions other than model railways (e.g Corgi) and that no other manufacturer is Stock Market listed, so does not have to give (and doesn't provide) any financial information. On a personal note, I'm not surprised about the results of the stock take, given that some items shown as 'in stock' online, turn out not to be on Hornby.com. When I suggested a stock take (around Christmas), a reply came back saying this had been done. I, and I hope everyone on this forum, wish Hornby well, and that product supplies and model development is not unduly affected by this. Hornby - we need you! --------------------------------------------- HRN Update on Trading and Transformation Plan Released 07:00 10-Feb-2016 RNS Number : 5857O Hornby PLC 10 February 2016 UPDATE ON TRADING AND TRANSFORMATION PLAN Hornby Plc ("Hornby"), the international hobby products group, is updating shareholders on progress made so far in its turnaround strategy. The Group has made significant progress in implementing changes to its business model to modernise product sourcing, improve management of the supply chain, upgrade the logistics, warehousing, stock control processes and accelerate the distribution routes to customers. This, together with the rollout of the new ERP system, has required major investment and resulted in disruption which has had a significant impact on the trading performance of the business, as previously disclosed on 8th December last year. UK Trading In the UK the Group saw a strong sales performance in the key November and December period as sales opportunities were maximised in the run up to Christmas. Like for like sales in this period were up 17% overall year on year, though this masks some volatility within the period. However, subsequent trading since the start of the New Year has been in stark contrast, with a disappointing response to January product promotions combined with poor underlying sales resulting in negative year on year revenue growth and sales for the month being substantially below expectations. While we are expecting performance in February and March to improve on January, it will not reach previously anticipated levels. International Trading As disclosed at our interims, there has been a significant reorganisation of the management and distribution operations of the European subsidiaries. The impact of this has been that trading in the international businesses was disrupted last autumn as the restructuring took place. Hornby is now through the main period of major disruption. Improved sales in the last two months have reflected the changes that have been made to the logistics, stock handling and distribution operations and like-for-like sales across December and January combined were up 5%. Despite this being the first positive like for like sales performance this financial year, this is still significantly behind the Board's previous expectations. Financial Performance The Group now expects to report a substantially wider trading loss than previously forecast in this current financial year. The team has also conducted a full stock take at the Group's consolidated warehouse in Hersden and a balance sheet review following the reorganisation of the European subsidiaries which will result in a £1.0m write off. The disappointing sales performance experienced in the New Year is expected to result in a trading profit deterioration of between £2.5m - £3.0m, with approximately half due to UK performance. In total the Group is now expecting to report an underlying loss before tax in the range of £5.5m - £6.0m, which represents a substantial setback in our recovery plan for the business. As a result the Directors consider there to be a risk that the Group will breach a covenant of their banking facility in March 2016. The Group has enjoyed a long and supportive relationship with its lender, with whom it is currently in discussions. The Directors are continuing to execute the Group's turnaround strategy. At the same time, the Board is now analysing the causes and consequences arising from this poor start to the new calendar year. We will update the market on the Board's progress and our revised expectations for the financial outlook for the business in due course. Richard Ames, Chief Executive of Hornby commented, "This has been a real year of change at Hornby. Undoubtedly this is a disappointing result, but we have a strong portfolio of brands that we are determined to see flourish. "The feedback from customers at the recent International Toy Fairs was encouraging and we are facing the future where, with the right platform, we can build value for our shareholders and drive the Group's recovery." ---------------ENDS--------------

The Drax video is fascinating - wagons really are exciting! And, the larger capacity is genuinely a big deal. Also nice to see that it's UK designed and built. Now I can see why Drax is so proud of them...

Back in the past Stobart commissioned a painting of a Stobart-liveried 37 on a Stobart train climbing Shap - this was some time before Stobart got into railways. They did around 500 prints (I think) and gave them to customers etc - but never sold them. Choice items now, I gather

Of course, remember that Virgin commissioned Dapol to make Pendolino trains, specifically to give to staff, although a limited amount were sold via Dapol...