15 Oct 2008 08:09
HAYNES PUBLISHING GROUP P.L.C. ("The Haynes Group")
Interim Management Statement
Quarter 1 - Financial year ended 31 May 2009
The Haynes Group is today publishing its Interim Management Statement for the period 1 June 2008 to 29 August 2008.
Current trading and business highlights
Overall Group revenue, including revenues from its subsidiary Vivid Holding BV ("Vivid"), ended the quarter 26% ahead of last year.
Sales of core automotive repair manuals held up well during the first quarter despite a deterioration in market conditions. The counter cyclical characteristics of the Haynes manuals continue to underpin Group revenue, with strong first quarter performances in both our key geographical markets. In the US, sales of automotive repair manuals in local currency ended the period 10% ahead of last year, whilst in the UK, sales of automotive repair manuals ended the period ahead by 5%.
In the Group's UK general publishing division we have experienced a marked downturn in trading conditions since the end of our financial year, characterised by lower advanced store orders and higher returns. Consequently, revenue from this division fell by 3% against the comparative period last year. Similar conditions are also being experienced in the Group's Australian general publishing operations.
The integration of the Vivid business is progressing as planned.
These are without doubt the most precarious of times and clearly there remains a very high level of uncertainty as regards the potential impact of the evolving financial crisis on future trading. However, we take heart from the fact that at time of writing, sales of our core automotive repair manuals are 5% ahead of last year. The recently increasing value of the US Dollar, if maintained, will also positively impact the Group's profit performance in the current year.
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 :
| Haynes Publishing Group P.L.C. | |
| John Haynes OBE, Chairman | 01963 442009 |
| Eric Oakley, Group Chief Executive | 01963 442009 |
| Blue Oar Securities Plc | |
| Jerry Keen | 0207 448 4492 |
| Mike Coe | 0117 933 0020 |
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 publish an extensive array of books about motoring and motor sport as well as other transport, aviation, military and general DIY related activities.