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15 Oct 2008 08:09
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HAYNES PUBLISHING GROUP P.L.C.Β ("The Haynes Group")
Interim Management Statement
Quarter 1 - Financial year ended 31 May 2009
The Haynes GroupΒ is today publishing itsΒ Interim Management StatementΒ forΒ the periodΒ 1 June 2008 to 29 August 2008.
Current trading and business highlights
Overall Group revenue,Β includingΒ revenues fromΒ its subsidiaryΒ VividΒ Holding BVΒ ("Vivid"),Β ended the quarter 26% ahead of last year.
Sales ofΒ core automotiveΒ repair manualsΒ held up well during the first quarter despite a deteriorationΒ inΒ market conditions.Β The counter cyclical characteristics of the Haynes manualsΒ continueΒ toΒ underpinΒ Group revenue,Β with strong first quarter performances in both our key geographical markets.Β In the US,Β sales of automotiveΒ repairΒ manualsΒ in local currencyΒ ended the period 10% ahead of last year, whilstΒ in the UK,Β sales of automotive repair manuals ended the periodΒ aheadΒ by 5%.Β
In the Group'sΒ UKΒ general publishing divisionΒ weΒ haveΒ experiencedΒ a marked downturn inΒ trading conditionsΒ since the end of our financial year, characterised by lowerΒ advancedΒ store ordersΒ andΒ higher returns.Β Consequently, revenue from this division fell by 3% against the comparative period last year.Β Similar conditions are also being experiencedΒ inΒ the Group'sΒ Australian general publishing operations.Β
The integration of the Vivid business is progressing as planned.Β
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 evolvingΒ financialΒ crisis on future trading. However,Β we take heart from the fact that at time of writing,Β sales of our coreΒ automotive repair manualsΒ areΒ 5%Β 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 HaynesΒ 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 GroupΒ
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 subsidiaryΒ Vivid Holding BV,Β with headquartersΒ in theΒ 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.
TheΒ Haynes Group also publishΒ an extensive array of books aboutΒ motoring and motor sport as well as other transport, aviation, military and general DIY related activities.
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