HYNS.L Regulatory News (HYNS)

25 Jan 2007 07:01

Haynes Publishing Group PLC25 January 2007 Haynes Publishing Group P.L.C. The Board of Haynes Publishing Group P.L.C. (Haynes) is pleased to announce thesale of its 'historical publishing' subsidiary, Sutton Publishing Limited(Sutton Publishing) to NPI Media Limited on 24 January 2007. The considerationfor the transaction was £3.0m in cash, payable on completion, with NPI MediaLimited acquiring the entire share capital of Sutton Publishing. Haynes wasrepresented by The van Tulleken Company. For the year ended 31 May 2006, Sutton Publishing reported a pre-tax loss of£199,000 on turnover of £3.0 million whilst as at 31 May 2006 Sutton Publishinghad gross assets of £3.9 million and net liabilities of £1.7 million. The saleof Sutton Publishing is expected to give rise to a one-off loss on disposal of£2.3 million. The above transaction concludes the Group's strategic review ofthose areas of the business where trading has remained consistently belowmanagement expectations, as outlined in the latest Annual Report and Accounts. The sale of Sutton Publishing coupled with the closure of the Haynes Frenchoperation, as announced on 24th November, will allow Haynes to focus its timeand resources on developing new product initiatives arising from its coreautomotive database as well as pursuing opportunities for growth in its generalpublishing and licensing markets. The Haynes Board will continue to pursue newopportunities for expansion, whether through organic development orcomplimentary acquisition as and when such opportunities arise. Enquiries: Eric OakleyGroup Chief ExecutiveHaynes Publishing Group P.L.C. Tel: 01963 442 009 J HaynesManaging Director - UK and EuropeHaynes Publishing Group P.L.C. Tel: 01963 442 075 Barrie NewtonRowan Dartington & Co. Limited Tel: 01225 424 666 This information is provided by RNS The company news service from the London Stock Exchange