Share Name Share Symbol Market Type Share ISIN Share Description
Hornby Plc LSE:HRN London Ordinary Share GB00B01CZ652 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 32.50p 30.25p 33.75p - - - 0 08:58:43
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Leisure Goods 55.8 -13.5 -27.9 - 27.49

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Date Time Title Posts
11/9/201620:50 *** Hornby ***94
12/2/201621:59Hornby sp should be 500p by end 2009259
17/10/201419:35Horn Petroleum - The Puntland Oil Giant371
27/1/201408:15HORNBY - ALIVE & STEAMING7,691
19/9/201120:02HORNBY 2003 - the REAL ACTION KICKS OFF THIS YEAR1,101

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Hornby (HRN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
27/09/2016 15:59:3632.381,743564.30O
27/09/2016 13:13:0632.531,506489.83O
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Hornby (HRN) Top Chat Posts

DateSubject
28/9/2016
09:20
Hornby Daily Update: Hornby Plc is listed in the Leisure Goods sector of the London Stock Exchange with ticker HRN. The last closing price for Hornby was 32.50p.
Hornby Plc has a 4 week average price of 31.95p and a 12 week average price of 31.07p.
The 1 year high share price is 102p while the 1 year low share price is currently 0p.
There are currently 84,583,204 shares in issue and the average daily traded volume is 54,142 shares. The market capitalisation of Hornby Plc is £27,489,541.30.
17/2/2016
20:38
spob: Paul Scott wrote on Feb 10 .... Hornby (LON:HRN) Share price: 39.6p (down 51.1% today) No. shares: 55.0m Market cap: £21.8m Just a bit of catch-up first; I reported here on 18 Jun 2015 about Hornby's £15m equity fundraising at 95p, and how amazed I was that it had been possible to raise fresh funding in what was effectively a rescue refinancing, to get the bank off the hook. Sure enough, the investors who backed that 95p fundraising are looking unwise now, and indeed looked unwise at the time too. In my report of 12 Aug 2015 I noted the non-specific but generally positive-sounding trading update, and the move from the main listing, to AIM (a sensible move for a company of this size, in my view), concluding that the shares (at 107.7p) were too high, given that the turnaround was not cemented yet. Risk:reward was all wrong at that price - with shareholders being asked to pay up-front for what was then only a tentative turnaround. Interim results on 8 Dec 2015 look pretty awful, I didn't report on them at the time, but am just looking at them now. It was clear from the interim numbers that the turnaround plan was not working, and once again Hornby slipped into losses - £3.4m for H1, and that's before adjustments, exceptionals, etc. Once again however, management peppered the narrative with optimistic noises about the outlook. Profit warning - here we are today, and it's clear the wheels are coming off. Clearly a serious profit warning, to have triggered a fall in share price of over 50% today, on top of the drift downwards in price since Aug 2015. UK sales performance seems to have fallen off a cliff in Jan 2016, which looks very strange to me; 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. Something just doesn't stack up here, to my mind. I can't recall ever coming across a company that is achieving +17% LFL sales, and then suddenly plunges into negative sales the following month. One explanation might be if some exceptional one-off sales were achieved in Nov-Dec. I think the company needs to elaborate on this, because it looks very odd indeed to me - there must be some other factor to cause such a plunge in sales, which is not being disclosed (yet). International trading has also had continued disruption, although they are trying to make it sound as if the worst is behind them (reassurances which we've heard quite a lot in the past too); 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. The key sentence above is the last one. Guidance on loss for this year - helpfully the company does give some figures to enable shareholders assess the damage; 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. With a £3.4m H1 underlying loss, this means that H2 is also loss-making, to the tune of £2.1m to £2.6m. Plus there will be all sorts of exceptionals on top of that. Looks pretty grim to me. As an aside, I think companies that make a great song & dance about having a turnaround plan, and give it a silly name, as if it were some kind of separate entity, often seem to come unstuck. When actually, turning a business around is all about starting to manage it well, instead of badly. Bank covenants - these are under pressure again, despite the £15m equity fundraising in Jun 2015. With one failed attempt at turning the company around already in place, I imagine that the conversations with the bank will probably have a much harder edge this time. 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. Having a long and supportive relationship with a bank means precisely nothing. It only takes someone at regional office to get a fright on, and over-rule (and replace) the friendly local manager, and all of a sudden your banking relationship has gone out of the window. I've experienced that situation personally whilst an FD in the 1990s, so ever since have never relied on any banking relationship. Outlook - this sounds like a management team who are not in control of the business, and don't really know what's going on (which reinforces what I already thought); 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. My opinion - if I held shares in this, I'd have sold with the lousy interim results in Dec 2015, at over double the current price. If I'd somehow missed the obvious need to sell in Dec 15, then I would definitely sell this morning. Bank covenants in danger of being breached just 7 months after a substantial rescue fundraising, is a complete disaster. I know it's easy to criticise, but management really don't seem to know what they're doing, and don't seem to have basic control over the business, and its supply chain. It's still heavily loss-making, has problem bank debt, and no doubt a shareholder register who must be asking themselves whether it's time to just pull out, rather than throwing more good money after bad? As things stand right now, I'd say this share is uninvestable, so it's gone onto the Bargepole List, as being too high risk. The trouble is, after making positive noises for some time now, about the turnaround, yet delivering dismal results (and publicly saying that they don't really know why current trading is so poor!), then who would have confidence in management to continue their attempts to turn around the business? So the danger is that the next fundraising could be at a massive discount, hence diluting away existing holders. Even if I did think the turnaround looks promising (which I don't), then I would wait for someone else to refinance the company first, and only invest once the banking covenants were sorted, etc. Why take the risk of being heavily diluted in the next fundraising? It wouldn't surprise me if the next equity fundraising has to be done at say 10-15p. Or below, who knows? When a company runs out of money, and has its bank breathing down its neck, then you could argue that the existing equity has nil value. The company will only survive if new finance is raised, and it's then up to the new financiers to name their price (which if they have any sense, will be as low as possible). - See more at: Http://www.stockopedia.com/content/small-cap-value-report-10-feb-2016-hrn-wand-rno-120998/#sthash.6wRZWeja.dpuf
23/1/2013
14:56
druinsky: And the share price rises!!! Trend is ones friend....
11/3/2012
22:07
the marlboro man: HRN will have 140m shares fully diluted should the options and warrants be exercised, which isn't a lot. They will get $60m cash from this. The $1.50 warrants are exercised when the share price is over $2 for 30 consecutive days. The warrant holders have to exercise them, there is no choice in the matter. This will leave plenty of cash for on-shore drilling, so no more dilution. So then it depends on how much oil is found. Come to an asset valuation for that, and divide by 140m shares. Price the recoverable oil @ $3 (for Puntland?). I've seen a few posts coming to $20+ per share and more. Seems insane, but then you look a Keith Hill's other companies, and it doesn't.
11/3/2012
20:57
mevforbes: Hargreave Lansdown states it is not Isable. Not listed in the UK. I think because it isn't listed in the UK, isn't Isable, and at the moment, only seems to be TD that allows purchasing, the market for HRN is thinner and less liquid. HRN has a share price of 64p against 75m shares, 51% of which is owned by AOI versus RMP which has a share price of 37.25p against 200m shares. RMP substantially more liquid so bigger benefits. To be honest though, I really do wish HRN was listed in the UK. If it was, then I would undoubtedly buy into it. But as a UK based investor, there is absolutely no sense for this, which is a shame...
27/1/2012
09:43
troc1958: Should have realised there were problems when two directors exercised share options and sold them immediately at 120p in early Dec 2011. This generally indicates a lack of confidence in the share price. Normally on exercise of options only a portion of shares are sold to account for the tax liability. Sometimes one Director sells all for personal financial reasons. When two sell ..... it should be considered a warning signal. I did sell down a part of my holding following the directors sales but should have sold the lot ..... hindsight is great is it not! Unlikely now that the share price will rise to previous levels until the company gives an indication of how well sales have gone during the olympics. Expect it to languish around 100p for the time being.
10/8/2011
09:19
hyden: The 'Record Date' is usually 2 working days after the ex-Dividend date. Shares usually go ex-Dividend on a Wednesday (hence the drop in GNK share price today) and the Record Date is usually Friday. Exceptions would be Easter (when the record date would be a Tuesday) and Christmas. Stock specific information (amount of dividend, important dates, etc) is available on the 'Financials' tab.
18/2/2011
11:04
troc1958: Retail sales in UK beat expectations in January. Should help Hornby as well. Might reverse the recent share price drop due to the poor December sales?
25/1/2011
08:33
williemanjaro: PUGUGLY -this does sound like a one off and therefore I doubt that the share price will fall too far. However how many more pot holes will this weak economy throw at HRN? HRN have been hit by the poor weather and there is now a retailer stock overhang. Also dont get the impression that Europe is performing at great speed? The supply issues appear to have been sorted although this area has a nasty habit of coming back to haunt HRN. Innovations continue-new improved digital controls and Scalextric`s marketing of Pixar`s Cars 2--- In short-I love the products here but you must never allow this to get in the way of buying the paper. HRN a wonderful company but there are probably better opportunities elsewhere.
22/12/2010
14:14
philprofit: Still relatively new to invseting.... but learning. Can anybody commment- - Why is Hornby's share price continuing to fall? (could this be a tree-shake) Thanks
20/10/2010
20:39
philprofit: Anyone Help? As I'm to new investing- can anyone provide any insight in the following on Hornby: Is the value already in the Share Price? Having researched the business, the fundamentals look very strong; and future prospects look "very" good. It "seems" that there is scope for the Share Price to go further (But as I'm pretty new to this- might have got the above wrong) Any help is much appreciated.
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