Haynes Publishing reports pre-tax profit increase

Thursday 25 August 2011

Haynes Publishing has today reported a 1% increase in like-for-like Group revenue on last year, despite tough economic conditions.

Pre-tax profits at the Group, which celebrated its 50th anniversary last year, are also up - at £7.18 million (2010: £7.17 million) for the year ended 31 May 2011.

Within the UK and European markets, segmental operating profits rose by 10% to £2.4 million (2010: £2.19 million).

Sales of Haynes' top ten best selling manuals were up 20%, with overall sales in the UK ending the twelve month period in line with last year.

Continued strong sales of traditional car DIY guides have been complemented by innovative new titles offering the classic Haynes Manual take on everything from Wallace & Gromit's Cracking Contraptions to Star Trek's USS Enterprise.

Eric Oakley, Group chief executive said:

"To be able to report an increase in pre-tax profit in the current economic climate is a source of great pride for us and testament to the hard work and dedication of our team.

"We enter the new financial year in a strong financial position, with cash in the bank and an exciting list of new products coming up. We are however mindful of challenging global economic conditions.

"As well as creating an electronic version of the classic maintenance manuals, which we believe will complement the printed product, we are continuing to explore digital options for our wider interest titles. Whilst to date the e-book has concentrated predominantly on black and white fiction titles, new technology and platforms means opportunities for our wider interest, illustrated titles are not too far away."

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