24th Jan 2019 09:07
LONDON (Alliance News) - Technical data firm Haynes Publishing Group PLC held its interim dividend Thursday as its reported pretax profit dived amid pension pain.
For the six months ended November 30, 2018, pretax profit fell to GBP188,000 from GBP1.1 million the year prior. This was despite revenue rising to GBP18.3 million from GBP17.1 million the year before.
Profit performance was hurt by a sharp jump in one-off costs to GBP1.4 million from GBP171,000 the year before. This was primarily related to change in the recognition of its pension liabilities, it has since closed its defined benefit pension scheme.
Adjusted pretax profit - excluding the impact of one-off costs - increased to GBP1.6 million from GBP1.3 million the year before.
"During the first six months of 2018/19, the group delivered another strong set of results as we continue to build and grow our global automotive content, data and solutions business," Haynes Chair Eddie Bell said.
"A solid performance from our underlying operations resulted in the seventh consecutive six-month period of headline revenue growth."
Haynes held its interim dividend at 3.5 pence per share.
"Our continued investment in content, data and platforms is helping to drive a range of new initiatives across the group that enables us to supply our customers with high quality, innovative commercial solutions to improve their service offering and business efficiency," Bell added.
"The transition of Haynes continues to gather momentum and we enter the second half of the year with a clear strategic vision for delivering sustainable revenue and profit growth," Bell continued.
Shares in Haynes were 8.3% higher at 174.95 pence on Thursday.
Related Shares:
HYNS.L