In the Netherlands, revenue from Vivid ended the period in local
currency 2% down on the prior year, but with an average Euro
exchange rate against Sterling during the period of EUR1.19 (2009:
EUR1.13), reportable revenue after translation to Sterling was down
7%. During the second quarter, Vivid restructured its UK data
division by consolidating its data operations in Romania which
resulted in a small one-off restructuring cost in its UK operation,
but will lead to cost efficiencies for the Group going forward.
The impact of the above factors left UK & European segmental
revenue down 9% at GBP6.85 million (2009: GBP7.49 million). With
lower overheads of GBP0.17 million and lower restructuring costs of
GBP0.14 million against the prior year, segmental profit before
interest was 11% ahead of last year at GBP0.96 million (2009:
GBP0.86 million).
Future outlook
The Group continues to face challenges in its key geographical
markets whether in the form of tighter inventory control by
retailers or the delay of new contracts for our digital
professional products in Europe. Nevertheless, we continue to make
progress in our important US market and the new sales and marketing
initiatives we are putting in place with key customers are expected
to bring future benefits to the Group, albeit with an initial cost
of investment in supplying the new customer display racking.
In the UK, the public spending cuts and the increase in VAT will
undoubtedly put pressure on consumers' disposable incomes and
impact on consumer confidence. However, our automotive repair
manuals and growing range of more general DIY titles are aimed to
help consumers save money by doing the work themselves and we will
continue to identify new channels and new sales opportunities to
spread the message of 'See Haynes See How'. Elsewhere in the UK and
Europe, the Vivid team are currently working on the translation of
a new product 'Vivid SmartFIXTM' which will provide professional
mechanics with specific information on known vehicle technical
issues. The data is based on technical service bulletins produced
by manufacturers and links to over 450,000 repair reports.
In summary, the Group is in a strong financial position. All
parts of the business are profit making, we have positive cash
flow, we are free of borrowings and we have strong banking
relationships in our main geographical markets. These factors place
the business on a solid platform from which to move forward and
take advantage of growth opportunities as they arise.
Responsibility statement
Pages 17 and 18 of the Annual Report 2010 provide details of the
serving Executive and Non-Executive Directors. On 1 September 2010
Mr Alex Kwarts joined the Board as an Executive Director and on 9
September 2010 Mr A Garner resigned as a Non-Executive Director.
Apart from these two changes there have been no other changes to
the Board during the six months to 30 November 2010. A statement of
the Directors' responsibilities is contained on page 35 of the
Annual Report 2010. A copy of the Annual Report 2010 can be found
on the Haynes website www.haynes.co.uk/investor.
The Board confirms that to the best of its knowledge the
condensed set of financial statements gives a true and fair view of
the assets and liabilities, financial position and profit of the
Group and has been prepared in accordance with IAS 34 'Interim
Financial Reporting', as adopted by the European Union and that the
interim management report includes a fair review of the information
required by the Disclosure and Transparency Rules as issued by the
Financial Services Authority, namely:
-- DTR 4.2.7: An indication of important events that have occurred
during the first six months of the financial year, and their
impact on the condensed set of financial statements, and a description
of the principal risks and uncertainties for the remaining six
months of the financial year.
-- DTR 4.2.8: Details of related party transactions that have taken
place in the first six months of the current financial year
and that have materially affected the financial position or
performance of the enterprise during that period. Together with
any changes in the related parties transactions described in
the last annual report that could have a material effect on
the enterprise in the first six months of the current financial
year.
J H C Haynes
Chairman of the Board
20 January 2011
Consolidated Income Statement (unaudited)
6 months to Year ended
30 Nov 2010 30 Nov 2009 31 May 2010
GBP000 GBP000 GBP000
Continuing operations
Revenue (note 2) 15,699 15,951 33,310
Cost of sales (5,754) (5,731) (11,910)
Gross profit 9,945 10,220 21,400
Other operating income 146 126 325
Distribution costs (3,685) (3,848) (7,926)
Administrative expenses (3,442) (3,501) (6,113)
Operating profit 2,964 2,997 7,686
Finance income (note 4) 677 539 1,053
Finance costs (note 5) (901) (783) (1,571)
Profit before taxation 2,740 2,753 7,168
Taxation (note 6) (898) (838) (2,486)
Profit for the period 1,842 1,915 4,682
----------- ----------- -----------
Attributable to:
Equity holders of the Company 1,846 1,909 4,677
Non-controlling interests (4) 6 5
-----------
1,842 1,915 4,682
=========== =========== ===========
Earnings per 20p share - (note 7) Pence Pence Pence
Earnings per share from continuing
operations
- Basic 11.3 11.7 28.6
- Diluted 11.3 11.7 28.6
Consolidated Statement of Comprehensive Income (unaudited)
6 months to Year ended
30 Nov 2010 30 Nov 2009 31 May 2010
GBP000 GBP000 GBP000
Profit for the period 1,842 1,915 4,682
Other comprehensive income/(expense):
Exchange differences on translation of
foreign operations (1,519) 282 2,520
Actuarial gains/(losses) on retirement
benefit obligation
- UK Scheme 1,804 (5,325) (4,535)
- US Scheme (83) 572 1,003
Deferred tax on retirement benefit
obligation
- UK Scheme (487) 1,491 1,270
- US Scheme 33 (229) (401)
Deferred tax arising on change in UK
corporation tax rate (117) - -
Other comprehensive expense recognised
directly in equity (369) (3,209) (143)
Total comprehensive income/(expense)
for the financial period 1,473 (1,294) 4,539
=========== =========== ===========
Attributable to:
Equity holders of the Company 1,477 (1,300) 4,534
Non-controlling interests (4) 6 5
1,473 (1,294) 4,539
=========== =========== ===========
Consolidated Balance Sheet (unaudited)
30 Nov 2010 30 Nov 2009 31 May 2010
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment (note
12) 10,285 9,721 10,725
Intangible assets (note 13) 16,501 15,821 16,537
Deferred tax assets 4,679 5,225 5,424
Total non-current assets 31,465 30,767 32,686
Current assets
Inventories 13,383 12,551 13,193
Trade and other receivables 9,858 10,653 10,651
Cash and cash equivalents 3,761 3,301 3,842
Total current assets 27,002 26,505 27,686
Total assets 58,467 57,272 60,372
----------- ----------- -----------
Current liabilities
Trade and other payables (4,482) (4,651) (4,288)
Current tax liabilities (79) (71) (254)
Bank overdraft - (941) -
Total current liabilities (4,561) (5,663) (4,542)
Non-current liabilities
Deferred tax liabilities (3,359) (2,870) (3,353)
Retirement benefit obligation (note
10) (12,135) (15,098) (14,017)
Total non-current liabilities (15,494) (17,968) (17,370)
Total liabilities (20,055) (23,631) (21,912)
Haynes Publishing (LSE:HYNS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Haynes Publishing (LSE:HYNS)
Historical Stock Chart
From Jul 2023 to Jul 2024
