15th Nov 2019 09:18
(Alliance News) - Technical data firm Haynes Publishing Group PLC said Friday it opened a formal sale process for the firm after the death of its founder, in a bid to increase funding for its transformation programme.
Shares in Haynes were 5.2% higher at 426.00 pence in London on Friday.
In recent years, Haynes - which makes car maintenance manuals - has undertaken a strategic shift which has seen it shift focus towards delivered data and workflow services to the automotive industry and motorists.
"We have increasing revenues, strong profit performance, substantial cash in the bank and an attractive dividend yield record for shareholders," Chair Eddie Bell said. "Our recent operating performance sits well on the sound foundation of the trusted and respected Haynes brand."
Haynes made the formal sale process move amid these ongoing changes at the firm and the recent death of the founder of the company.
In February, John Haynes died after having founded the firm in 1960 and serving as its chair until 2010.
"The board now believes our future will be best secured by the whole group becoming part of an organisation with the financial resources to invest for future expansion and take the company through to the next 60 years of success," Chair Eddie Bell said.
By Ahren Lester; [email protected]
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Related Shares:
HYNS.L