5th Sep 2018 10:22
LONDON (Alliance News) - Haynes Publishing Group PLC on Wednesday reported a rise in annual profit and revenue with digital products leading the growth.
The car, motorcycle and van maintenance manual publisher reported a 33% rise in pretax profit in the year ended May to GBP3.6 million from GBP2.7 million.
Revenue increased 13% to GBP33.8 million from GBP29.8 million. Haynes said its acquisition of E3 Technical in September 2017 added an incremental GBP1.9 million to revenue.
The company's revenue from digital products increased 42% in the year to GBP16.9 million - which now represents 50% of total revenue, up from 40% the year before - boosted by performances from its professional product ranges and acquisitions.
In particular, the "strong" growth of HaynesPro in Europe and a full year of trading from lubricants information provider OATS improved the company's top line performance.
UK & European revenue increased 28% year-on-year to GBP22.7 million - driven by a "strong" trading performance from its practical lifestyle titles, which increased sales by 6%.
Haynes is recommending a final dividend of 4.0 pence, taking its total payout to 7.5p, flat on the year before.
Looking ahead, the company believes it has a "strong balance sheet, identified opportunities for growth and a clear sense of direction".
The publisher said its trading in the first quarter of the new financial year is tracking 6% ahead of financial year 2018.
Chairman Eddie Bell said: "2017/18 has been a strong year for Haynes as we continue to build, develop and expand our global automotive content, data and solutions business.
"Our unique breadth of content and data combined with our specialist automotive technological know-how allows us to supply our partners with high quality, innovative and commercial solutions to improve work flow and business efficiency.
"Through a programme of continuing investment in people, content and platforms we can help to ensure Haynes is well placed to take advantage of the growth opportunities which lie ahead."
Shares in Haynes Publishing were down 4.2% Wednesday at 208.90 pence each.
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