28 Sep 2012 07:00
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 2012 and to the date of publication of this Statement ("the period") in accordance with DTR 4.3.4.
First quarter trading and business highlights
Early in the first quarter, the first 50 UK electronic Haynes manuals online were launched on the UK website bringing the current total of US and UK automotive and motorcycle manuals online to 187.
Revenue from the North American & Australian operations, in local currency, ended the first quarter 11% down on the same period last year, as weak ordering from a small number of key customers continued to affect sales in the US.
UK & European revenue ended the quarter 10% down on last year. In the UK, a continuation of the weaker ordering from a small number of important retailers coupled with the very poor weather contributed to a 12% reduction in sales of our core printed automotive manuals, while sales of our non-automotive tiles ended the first quarter 21% down on the prior year. There is little doubt that during the period retail purchasing budgets were tight and that much of those available budgets went towards the phenomenally successful Fifty Shades series.
In September 2012, the Group announced the name change and rebranding of Vivid to 'HaynesPro'. The rebranding of the Vivid Group under the Haynes name will allow the Group to more clearly focus its marketing strategy for its professional products both within Europe and further afield and particularly in markets where Haynes already has a strong presence for its consumer products.
Sales of technical data to the professional markets by HaynesPro have continued to perform well, ending the first quarter in local currency 17% ahead of the same period last year.
Overall Haynes Group revenue ended the first quarter 9% down against the prior period. If the trends experienced in our major markets during the period continue during our second quarter this will inevitably impact on the Group's performance at the half year.
Apart from an increase of £0.7m in the Group's cash balances to £5.5m, there have been no significant changes in the financial position of the Group since we reported on our results for the financial year-ended 31 May 2012.
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
Webb Capital
Barrie Newton 0207 634 9510
0795 806 5858
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 markets in twenty three different languages as well as to the DIY aftermarkets in both a printed and 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 in both a printed and digital format. The business publishes titles under the Haynes and Chilton brands and 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 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.