19 Apr 2011 07:00
HAYNES PUBLISHING GROUP P.L.C. ("the Haynes Group")
Interim Management Statement (IMS)
In accordance with DTR 4.3.4 this third quarter IMS covers the trading of the Haynes Group for the 13 week period to 28 February 2011 and to the date of publication of this Statement.
Third quarter trading and business highlights
In the UK and Europe, revenue during the 13 weeks to 28 February 2011 was 4% ahead of last year. In the UK, a strong winter publishing programme helped boost sales during the important Christmas selling period leading to a 5% increase in revenue over the same period last year. In Europe, key new customer gains helped Vivid increase third quarter revenue over the prior period by 6% and despite a weaker Euro, still ended the period 2% ahead of last year when translated to Sterling.
In the US, extreme winter weather conditions over a very large part of the country severely impacted the entire retail sector. This began in December, continued through February and had a significant adverse affect on ordering patterns of our major customers. Revenue was also reduced by $0.4m in the period due to the renegotiated terms with a major customer (but was fully offset by lower advertising costs). The combination of these factors saw third quarter revenue fall by 12% compared with last year but on a year to date basis US revenue continues 1% ahead of the prior year.
For the Group as a whole, excluding the impact of the re-negotiated terms, year-to-date revenue at the end of the third quarter is 1% behind last year. Nevertheless, management are encouraged by early trading in the first few weeks of the fourth quarter, which traditionally is a stronger sales period for our core automotive and motorcycle repair manuals.
There have been no significant changes in the financial position of the Group since we reported the results at our half year ended 30 November 2010.
The Haynes Group will report the results of its 4th quarter trading and its preliminary results for the financial year ending 31 May 2011 on 25 August 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: | |
Haynes Publishing Group P.L.C. | |
J Haynes, Chairman | 01963 442009 |
Eric Oakley, Group Chief Executive | 01963 442009 |
Smith & Williamson Corporate Finance Limited | |
Barrie Newton | 0117 376 2117 |
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 of DIY Repair Manuals for Cars and Motorcycles. Through its Dutch operation Vivid, the European business is also a major supplier of technical information to the professional sector of the automotive aftermarket around Europe. All Vivid products are sold in a digital format. 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 also the central print facility for the Group's printed products.