Setback for Hornby despite festive fillip

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The firm, best-known for its train sets and the owner of Scalextric, Airfix and Corgi, said demand improved in the two weeks either side of Christmas, and it now expects "a strong finish to the financial year" ending 31 March.

But it added: "Sales lost in the autumn and pre-Christmas period due to cautious demand from major retailers are now unlikely to be recovered. The trading result for the year is therefore expected to be at the lower end of analysts' expectations."

The City was looking for annual profits between £7 million and £8 million compared with £8.4 million last year.

Hornby, which sells Scalextric sets featuring James Bond and Lewis Hamilton, also warned that unless the pound recovers, its margins will be further eroded as it pays US dollars for goods produced in China.