HYNS.L Regulatory News (HYNS)

18 Oct 2007 13:00

Haynes Publishing Group PLC18 October 2007 HAYNES PUBLISHING GROUP P.L.C. ("The Haynes Group") Interim Management Statement At its Annual General Meeting, being held today at 1:00pm, the following InterimManagement Statement, for the period 1 June 2007 to 31 August 2007, will bemade, as required by the UK Listing Authority's Disclosure and TransparencyRules. First quarter business highlights On 4 June 2007, the Group acquired certain assets of Bookworks Pty. Ltd inSydney, Australia. Bookworks is the most prominent distributor of automotiverepair information in Australia. Subsequently the Group purchased premises inthe Sydney area to accommodate our combined businesses. Both transactions werefunded from internal working capital and integration is progressing as planned. Other than these two transactions there have been no other significant changesin the financial position of the Group since the financial year-end date. A new, more dynamic, website was launched in the US (Haynes.com) on 8 August2007. Overnight the new site attracted a huge increase in visitors. Furthersite development is underway to capitalise on this much larger web audience. In the UK, there was a healthy increase in sales over the prior period includingsales of our core product. The Haynes licensing division also teamed up withclothing icon Lee Cooper to develop a range of Haynes branded work wear. First quarter trading During the period, the US business had to contend not only with a very softautomotive aftermarket but also a very weak US Dollar. (Research conducted byNPD Research suggests that the US retail aftermarket contracted by almost 5% inunit terms in August.) The combined effect was that US revenue, on a like forlike basis, ended the period down 8% and when converted to Sterling was down 15%with the average US Dollar rate for the period above $2.00. This was partiallyoffset by performance in the UK where sales revenue, on a like for like basis,performed well, ending the 13 week period 16% ahead of the prior period. Salesrevenue of the core UK automotive manuals ended the period 8% up on the prioryear. In the US, market conditions since the end of the first quarter remain soft. Inthe UK sales continue slightly ahead of last year. Cautionary Statement : This report contains certain forward-looking statements with regards thefinancial condition and results of the operations of Haynes Publishing GroupP.L.C. These statements and forecasts involve risk factors which are associatedwith, but are not exclusive to, the economic and business circumstancesoccurring from time to time in the countries and sectors in which the Groupoperates. These forward-looking statements are made only as at the date of thisannouncement. Nothing in this announcement should be construed as a profitforecast. Except as required by law, Haynes Publishing Group P.L.C. has noobligation to update the forward-looking statements or to correct anyinaccuracies therein. Enquiries : Haynes Publishing Group P.L.C.John Haynes OBE, Chairman 01963 442009Eric Oakley, Group Chief Executive 01963 442009 Blue Oar Securities PlcJerry Keen 0207 448 4492Mike Coe 0117 933 0020 Background to the Haynes Group The Haynes Group is the worldwide market leader in the supply of automotive andmotorcycle repair manuals. Each manual is based on a complete vehiclestrip-down and rebuild in one of the Haynes' workshops, so that the written andphotographic instructions for customers is inherently practical and easy tofollow. It is the Haynes attention to detail and uncompromising approach toindependent and trustworthy instructional advice that has led to the Groupachieving its global market leading position. As well as an extensive range of automotive and motorcycle repair manuals, theGroup publishes an impressive list of practical, instructional and easy readingtitles aimed at those with an interest in motoring, motor sport as well as othertransport and general DIY related activities. This information is provided by RNS The company news service from the London Stock Exchange