19th Apr 2010 07:00
HAYNES PUBLISHING GROUP P.L.C. ("the Haynes Group")
Interim Management Statement
Quarter 3 - 13 weeks to 26 February 2010
Third quarter trading and business highlights
Haynes Group revenue, on a like for like basis (excluding revenue from the UK print operation sold in February 2009) ended the third quarter overall very much in line with the prior year.
Sales in the UK and Europe continued the trend of the first six months tracking ahead of last year. In the UK, sales of automotive manuals ended the 13 week period 10% ahead of the prior year and a strong seasonal publishing programme helped increase revenue in the Haynes Book Division by 21%. While in Holland, revenue in Vivid during the 13 week period was 12% ahead of last year.
In the US, market conditions continue to adversely influence sales with revenue in local currency ending the quarter 4% down on the prior year. Nevertheless, this time last year we were reporting sales during the third quarter down 12% and more recently at the half year down 6% against the prior year.
During the second six months of last year the value of Sterling weakened significantly against the US Dollar which benefitted the Group from both a revenue and profit perspective. Whilst we expect to see a small benefit again this year, it is unlikely to be to the same extent
During the period there has been no major capital expenditure or disposals. Accordingly, there has been no significant change in the financial position of the Group to that reported at our half year ending 30 November 2009.
The Haynes Group will report the results of its 4th quarter trading and its preliminary results for the financial year ending 31 May 2010 on 26 August 2010.
Cautionary Statement :
This report contains certain forward-looking statements with regards the financial condition and results of the operations of Haynes Publishing Group P.L.C. These statements and forecasts involve risk factors which are associated with, but are not exclusive to, the economic and business circumstances occurring from time to time in the countries and sectors in which the Group operates. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Haynes Publishing Group P.L.C. has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
Enquiries : |
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Haynes Publishing Group P.L.C. |
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John Haynes OBE, Chairman |
01963 442009 |
Eric Oakley, Group Chief Executive |
01963 442009 |
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Smith & Williamson Corporate Finance Limited |
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Barrie Newton |
0117 376 2117 |
Background to the Haynes Group
Haynes Publishing Group P.L.C. is the worldwide market leader in the production and sale of automotive and motorcycle repair manuals. Every Haynes manual is based on a complete vehicle strip-down and rebuild in our workshops, so that the instructions to our customers are inherently practical, accurate and easy to follow.
Through its subsidiary Vivid Holding BV, with headquarters in the Netherlands, the Haynes Group has become a leading European supplier of digital technical information to the motor trade, thereby broadening the Group's business to include professional as well as DIY mechanics and enthusiasts.
The Haynes Group also publishes an extensive array of books about motoring and motor sport as well as other transport, aviation, military and general DIY related activities.
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