Hornby reported narrower losses as its turnaround measures helped slash costs and improve margins offsetting a fall in revenues. For the year ended 31 March 2019, reported pre-tax losses dropped to £5.2m from £10.1m a year earlier, despite revenue falling to £32.8m from £35.7m. Overheads fell 15% to £18m boosting margins to 41% from 39% a year earlier. 'Cost savings have been achieved in many areas including rationalising logistics to suit our business and returning to our ancestral home at the Margate site,' the company said. 'Over the last eighteen months we have created the foundations for the future across all parts of our business, we have really got to grips with the business now. We are firmly focused on the future and there is a passion reverberating around the corridors at our ancestral home in Margate which we returned to earlier this year,' said Lyndon Davies, Hornby Chief Executive Officer. At 8:01am: (LON:HRN) Hornby PLC share price was +0.1p at 33.3p
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