30th Jan 2020 11:10
(Alliance News) - Haynes Publishing Group PLC on Thursday reported a big profit climb in the first half of its financial year, but decided against paying a dividend after putting itself up for sale in November.
In the six months to November 30, revenue was 3.8% higher year-on-year at GBP19.0 million from GBP18.3 million.
Pretax profit surged to GBP1.2 million from GBP200,000 the year before.
The company will not pay an interim dividend. A year ago it paid 3.5p.
"In light of the formal sale process, the board is not declaring an interim dividend," Haynes explained.
Haynes started the formal sale process back in November amid changes at the company and following the recent death of its founder. In February 2019, John Haynes died after having founded the firm in 1960 and serving as its chair until 2010.
In recent years, Haynes - which publishes car maintenance manuals - has undertaken a strategic shift which has seen it alter its focus towards delivering data and workflow services to the automotive industry and motorists.
Revenue from the largely data-focused Professional unit was 17% higher year-on-year at GBP11.0 million. Conversely, the Consumer segment suffered an 11% revenue fall to GBP7.9 million.
Haynes reported lower print sales in the US in its Consumer division. The unit has however boosted after securing a three-year book publishing deal with Formula E, an all electric racing series akin to Formula One.
"The group has a strong pipeline of development projects across both its operating segments. These projects will not only help extend the group's product ranges but will also enable the group to target new geographical territories and establish VESA, its professional automotive electronics database," Haynes said.
Haynes shares were 3.5% lower at 416.00 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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