By Daniel Hunter

Hornby, the firm most famous for their Corgi toys and Scalextric sets, have announced that losses have narrowed for the six months to the end of September.

The toy-maker said losses had fallen to £520,000, down from £1.09m a year ago, as business gets back on track. The underlying business swung to a profit of £250,000, up from a loss of £850,000 the same time last year.

“We are encouraged with the advances that the group is making,” said new chief executive Richard Ames.

“During the first half of the year, the team has made material progress in organising the turnround of the company.”

The improvement comes after a difficult time for the Margate-based group, which has been hit with a litany of problems in recent years.

The company announced a pre-tax loss of over £4 million in June, forcing them to renegotiate their debt.

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