Finally, a piece of good news for model maker Hornby (HRN). The group started 2016 in bad fashion, issuing its fourth profit warning in three years in February. It also admitted the company was in danger of breaching banking covenants, causing the share price to halve in a single day's trading.
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Now that Hornby has thrown itself on the altar of mercy at Barclays, the bank has agreed to waive covenant tests for March, which gives the company some breathing room. In the meantime, sales are said to be down 2 per cent in the second half of the financial year.
