Hornby and Airfix to stick together

10-11-2006

Hornby and Airfix to stick together
Collectables firm Hornby has announced the £2.6 million purchase of model aircraft maker Airfix.

The deal comes about following parent company Humbrol's slide into administration, with Hornby collecting other associated assets including the company's paints division.

Hornby also today announced a 44 per cent drop in pre-tax profits to £1.4 million for the six months ending September 30th.

The iconic model railway firm has said it plans to "reinvigorate" both the Airfix and Humbrol brands by developing new products for the next generation of hobbyists while also retaining its traditional base of enthusiasts.

But Hornby chief executive Frank Martin denied that the deal was a sentimental merger, saying that his company has the "expertise and track record of re-invigorating hobby brands".

"A detailed integration plan has already been put in place, to ensure that we improve the profit performance rapidly," he added.

On today's accompanying half-year results, Mr Martin said that Hornby was making "excellent progress" towards fulfilling its international ambitions; with the Scalextric manufacturer owning subsidiaries in Germany, Italy and Spain.

"Looking ahead to Christmas, we are in good shape. We have an excellent product range and current indications are that we will experience a significantly stronger performance in the second half," the Hornby chief concluded.


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