Hornby on track for more growth

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Toymaker Hornby has seen annual profits jump by 17% and said plans to revive the die-cast model car company Corgi were going well.

The model train firm, which also makes Scalextric toy car racing and Airfix models, made £9m in the year to 31 March, while sales rose 19% to £55.7m.

And despite a slower economy, it said it was confident of further growth.

Earlier this year it bought Corgi for £7.5m as it expanded into the hobby and collectibles market.

Plans for relaunching the brand were well advanced said Hornby chief executive Frank Martin.

"Corgi retailers and collectors are delighted that Hornby has taken over. We are confident that we will quickly rebuild sales, profits and market share."

Licence to thrill

Hornby plans to build on Corgi's core market of adult male collectors in Britain and attract younger and more international customers.

It plans to do this through licensing deals, in the way it has broadened the appeal of its Hornby trains with Harry Potter and Thomas the Tank Engine licensing agreements.

Its Scalextric racing cars have got a boost from a range based on the McLaren Formula 1 team and star driver Lewis Hamilton.

A forthcoming Scalextric set will be based on the new James Bond movie, Quantum of Solace, due out in November.