Haynes Publishing Group reports falls in revenue and profits

Haynes Publishing Group P.L.C., the publisher  of automotive and motorcycle repair manuals, has reported falls in revenue and profit in its results for the year ended 31st May 2013. However, the profits were slightly ahead of market expectations.

Financial highlights

  • Revenue of £27.6 million (2012: £29.8 million)
  • EBITDA of £6.6 million (2012: £7.7 million)
  • Operating profit of £3.8 million (2012: £5.1 million)
  • Profit before tax slightly ahead of market expectations at £3.6 million (2012: £4.7 million)
  • Basic earnings per share of 16.4 pence (2012: 20.0 pence)
  • Final dividend declared of 4.0 pence per share, giving a total dividend of 7.5 pence per share (2012: 15.7 pence)
  • The largely contractual HaynesPro revenue was 13% ahead of 2012
  • Australian revenue 9% ahead of 2012
  • Operating profit to cash conversion ratio of 184% (2012: 170%)
  • Healthy balance sheet with net funds up 27% at £6.1 million (2012: £4.8 million). Net funds after the acquisition of Clymer and Intertec Manuals on 17 September 2013 were c.£2.4 million. In addition there are 1.2 million ordinary shares held in treasury

Business highlights

  • Clymer and Intertec Manuals acquired from Penton Business Media 
  • Successful completion of strategic review (post year-end), resulting in new focus on high margin titles
  • UK automotive and general publishing editorial teams to be merged
  • Embarking on the development of a new, interactive consumer website, available in multiple languages, and accessible on a variety of media devices
  • Continued development of Haynes multimedia digital platforms
  • Digital manual range extended to over 350 titles; print manual range also expanded
  • Completion of rebranding of European professional product range as ‘HaynesPro’ (formerly Vivid), with strong twelve month growth and two new products launched for professional automotive aftermarket
  • Expanded technical team in Romania to further improve digital capabilities
  • Continuing to review new acquisition opportunities

UK, Yeovil, Somerset & Overland Park, KS

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