Published: 09:00, 08 April 2014 |
Updated: 09:08, 08 April 2014
Models manufacturer Hornby is expecting to make a loss of £1.2m in a year after a foreign exchange loss of £200,000.
In an update to shareholders, the Margate-based firm said it expects underlying pre-tax levels to break even in the year ending March 31.
The group is now working with its main bankers to negotiate new banking facilities based on its operating plans for the next financial year.
It is expected this will be agreed by June when the time full results for the year to March 31 will be announced.
Net debt is expected to be about £7.3m, compared to £6.5m at the end of December and £2.1m this time last year.
The firm’s new chief executive Richard Ames will join later this month.
Chairman Roger Canham said of the appointment: “He has a wealth of experience of leading consumer facing businesses.
“I was impressed with his track record of implementing successful marketing strategies and managing complex supply chains.
“Finally, I am pleased that he has a genuine passion and enthusiasm for the Hornby business and I am confident that Hornby is in good hands as we move forward.”
Every morning at 10am we play you an hour of tunes from the 90s. We call it, #WeLoveThe90s.
Play 'Say It' with Garry and Laura on kmfm Breakfast and you could win £1,000!
Wake up to kmfm Breakfast with Garry and Laura - it's Kent's alarm call.
Your No1 guide to getting married in Kent. From dresses to discos and venues to veils, we've got everything you could possibly need for your big day
Education, Training & Childcare is a special supplement published by KM Media Group four times a year. Click here for latest e-edition.
A guide for your future. For year 11 students in Kent and Medway. Click here for the e-edition.
Get the latest food and drink news, recipes from some of the nation's top chefs plus updates from Kent's vineyards and breweries.
Search in your local area to find your perfect partner in Kent, with FreshStart Dating!
PLUS, register for free!.
Read our pick of the best holiday destinations. Whether its a weekend break, or something a little bit longer, we have reviewed a wide range of holidays.