Hornby appoints David Mulligan as finance director

Before joining Hornby, Mulligan – who was appointed interim FD back in May – was group FD at construction and regeneration firm Morgan Sindall and more recently completed a role as municipal FD at Shanks Group.

Before that, he worked at Smiths Group and trained as a chartered accountant at Ernst & Young.

Chief executive Steve Cooke said: "I am delighted that David has agreed to join us permanently. He has already made a significant impact as we have started to implement the Hornby turnaround plan and I look forward to continuing to work with him."

At 0953 BST, the shares were down 2.2% to 33p.