Nicked straight from Hornby's website:
CHAIRMAN'S AGM STATEMENT
'Speaking at the Annual General Meeting of Hornby Plc, the models and collectibles Group, the Chairman Neil Johnson, will make the following statement.
I am pleased to confirm that prospects for the Group remain encouraging. Good progress has been made in transferring production of the Lima ranges from Italy to China and we expect to see sales revenues from these ranges starting in the Autumn. Our marketing initiatives in Spain will have a positive effect on sales and profits this year and, Scalextric USA is also expected to deliver an improved performance compared to last year.
In the UK however, we began to see some weakening of consumer demand during May. This trend has continued in June and July. However this is traditionally a quiet period for trading and it is therefore difficult to project future demand based on current experience. Our listings with our retail customers remain strong for the importan pre-Christmas period; based upon these listings and associated sales projections market expectations for the current financial year remain achievable.
Further development of our recent international investments will, as planned, help to offset UK market fluctuations in future years.'
The stockmarket has so far reacted with a 6% plunge in Hornby's share price. (as of 9.29am 22.7.05)
Pete