5 Oct 2011 10:55
HAYNES PUBLISHING GROUP P.L.C. ("the Haynes Group")
Interim Management Statement (IMS)
The Haynes Group presents its first quarter IMS covering the 13 weeks to 31 August 2011 and to the date of publication of this Statement ("the period") in accordance with DTR 4.3.4.
First quarter trading and business highlights
During the period, the US business continued the development of Haynes Manuals On-Line (MOLe), a project which involves converting the top 50 selling US printed manuals into an electronic format. In the UK & Europe, the initial steps were taken to convert a sample UK Manual into a potential MOLe format while in Europe, Vivid management has been to Brazil to follow up on research commissioned on the Brazilian automotive aftermarket.
Revenue from the UK & European operations ended first quarter 10% ahead of last year. In the UK, lower levels of Haynes Book division returns helped increase gross revenue by 5% over the prior period, whilst in Europe, the benefit of new contract gains in the prior year helped increase Vivid's revenue, in local currency, by 14% over the same period last year.
Revenue from the North American & Australian operations, in local currency, ended the first quarter 16% down on the same period last year. In Australia, new in-store marketing initiatives with key retailers are improving sales in this operation. The largest part of the shortfall in the period is attributable to the miserable trading conditions experienced by the US business in the month of July. It is hard to escape a strong suspicion that in the 30 days prior to the quasi resolution of the "Debt Ceiling Question", the fiasco that played itself out in Washington, DC caused most people and businesses to adopt a wait and see attitude to most things. Fortunately the US business has experienced improvement since that time.
Overall Haynes Group revenue ended the first quarter 8% down against the prior period.
Apart from an increase of £0.5m in the Haynes Group's cash to £5.9m there have been no significant changes in the financial position of the Group since we recently reported our results for the financial year-ended 31 May 2011.
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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J Haynes, Chairman | 01963 442009 |
Eric Oakley, Group Chief Executive | 01963 442009 |
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Webb Capital |
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Barrie Newton | 0207 634 9510 |
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Business Description
The Haynes Group comprises two geographical business segments as follows :
·; UK & Europe
·; North America & Australia.
The UK & European business has headquarters in Somerset, England and subsidiaries in the Netherlands, Italy, Spain, Romania and Sweden. The core business of the European operations is the publication and supply of automotive repair and technical information to the professional automotive and DIY aftermarkets. The European business also publishes a wide range of titles which are practical, instructional, easy to read and aimed at those with an interest in more general DIY related activities as well as motoring, motor sport, transport, aviation and military.
The North American & Australian business has headquarters near Los Angeles, California and publishes DIY repair manuals for cars and motorcycles under the Haynes and Chilton brands, in both the English and Spanish languages. It has a branch operation in Sydney, Australia which publishes similar products under both the Haynes and Gregory's brands. The Australian business also publishes information for the professional automotive market. Through its print facility in Nashville, Tennessee the North American business is the central print facility for the Group's printed products.