Iconic collectables firm Hornby says sales and gross profits have been up 10% on last year - but further growth was being stymied by shipping delays.

The Margate-based firm, which also owns the brands Scalextric, Airfix and Corgi, announced the news during its recent AGM, covering the period April 1 to August 31 this year.

However, despite the boost to its bottom line, it says the increase remains “slightly behind internal forecasts” as a result of “timing issues due to shipping delays”. It uses production facilities in China and India.

It comes after former Newcastle United owner and Sports Direct boss Mike Ashley’s Frasers Group upped its stake in the company in February.

The trading statement added the financial outcome for the full year remained reliant on sales in the run-up to its key Christmas trading period.

But it added: “Our outstanding order book is strong with new products still to be released. In addition, direct-to-consumer invoiced sales are up 11% on prior year and 56% up on the same period in 2022.”

Its interim results for the year are expeected in November.