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International models and collectibles group Hornby reported narrower annual losses on higher revenue as the company continued to implement its turnaround strategy.
For the year ended 31 March 2020, pre-tax losses narrowed to £3.4m from £5.3m on-year as revenue rose to £37.8 from £32.8m.
'Since the end of March, our sales have been in line with expectations, with a greater weighting towards customers finding us on the web directly. This skew towards customers shopping with us direct online has given us higher gross margins than we were expecting,' the company said.
'Despite the impending Brexit uncertainty and the current Covid-19 situation, we are still working through Stage 3 of the turnaround programme which I have described in detail in previous annual reports. This is Getting the group back to sustainable profitability and beyond,' it added.