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STOCKS NEWS EUROPE-Hornby falls after results

Fri Nov 13, 2009 4:40am EST

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Shares in Hornby (HRN.L) fall 1.4 percent after the toy maker posts first-half results, with Altium Securities repeating its "sell" rating on the stock, and saying its estimates are under downwards review.

"While encouraged by the improvement in supply chain, the rising ex-factory costs, coupled with muted demand for the group's main brands, are likely to result in us revisiting forecasts," Altium says in a note.

Hornby, which owns a number of model railway and slot car brands, says it made an underlying pretax profit of 1 million pounds ($1.66 million) in the six months to Sept. 30, down from 2 million pounds in the same period last year. [ID:nLC479665]

Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net

($1=.6017 Pound)


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