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Hornby swings to profit in fiscal H2

Hornby PLC said its normalized net income for the fiscal second half ended March 31 came to £714,380, compared with a loss of £342,500 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue rose 16.7% on an annual basis to £34.0 million from £29.1 million, and total operating expenses climbed 12.4% year over year to £31.8 million from £28.2 million.

Reported net income totaled £387,590, or 1 pence per share, compared to a loss of £3.4 million, or a loss of 9 pence per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3 pence.

EPS was a loss of 3 pence in the prior year.

Normalized net income was £391,880, compared with a loss of £1.0 million in the prior year.

Full-year total revenue grew 12.8% year over year to £58.1 million from £51.6 million, and total operating expenses increased 8.9% year over year to £56.2 million from £51.6 million.

The company said reported net income totaled a loss of £121,410, or a loss of 0 pence per share, in the full year, compared with a loss of £4.4 million, or a loss of 11 pence per share, the prior year.