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Hornby shares soar as boss is derailed Hornby shares soar as boss is derailed
(about 2 hours later)
Shares in Hornby have soared more than 16% after the toy maker said Richard Ames would step down as chief executive. Shares in Hornby have soared by a third after the toy maker said Richard Ames would step down as chief executive.
His departure comes after shares in the company, whose brands include Scalextric, Airfix and Corgi, crashed last week after a "disappointing" start to the year.His departure comes after shares in the company, whose brands include Scalextric, Airfix and Corgi, crashed last week after a "disappointing" start to the year.
Chairman Roger Canham will now lead the group for the "foreseeable future".Chairman Roger Canham will now lead the group for the "foreseeable future".
Hornby shares were up 4.1p to 28.6p in morning trading in London. Hornby shares were up 8p to 32.6p in morning trading in London.
However, the company is still worth just £15.7m. However, the company is still worth just £17.2m.
Kent-based Hornby said last week it expected pre-tax losses of between £5.5m and £6m this year after recent poor trading. Supply issues
It also revealed a £1m write-off and said it was in talks with its lender, as the scale of losses could see the firm breach its banking agreements. Mr Ames took over in 2014 and during his first 12 months in charge led the company to its first profit in three years.
However, results worsened during 2015 amid a costly IT upgrade, management changes and international supply problems for its model railways.
The Kent-based company last week issued its second profit warning in the space of six months, forecasting pre-tax losses of between £5.5m and £6m this year.
It also revealed a £1m write-off and said it was in talks with its lender, as the scale of losses could result in the firm breaching its banking agreements.