Source - SMW
Model train maker Hornby has warned that underlying after-tax losses are likely to be larger than the expected.

It said that as a result of the reduction in discounting and a continuation of late product deliveries in the international segment, the sales performance over the key Christmas trading period was below management expectations.  

It said both of these factors had an equal impact up on the under performance of the business.

At 8:26am: (LON:HRN) Hornby PLC share price was -2.7p at 21p