Haynes Publishing Group PLC Interim Management Statement (7966C)

TIDMHYNS

RNS Number : 7966C

Haynes Publishing Group PLC

19 April 2013

HAYNES PUBLISHING GROUP P.L.C. ("the Haynes Group")

Interim Management Statement (IMS)

The Haynes Group presents its third quarter IMS covering the 13 weeks to 28 February 2013 and to the date of publication of this Statement ("the period") in accordance with DTR 4.3.4.

Third quarter trading and business highlights

During the 13 weeks to 28 February 2013 the Group experienced a small improvement in sales of its core automotive manuals in its major markets against the shortfalls reported at the half year although, year-to-date, sales of manuals remain behind last year. The Group continues to expand its range of digital manuals and has recently added the first 50 Australian titles to those already available in the US and UK.

Year-to-date Group revenue ended the third quarter 5% down against the prior year, compared to a 7% shortfall reported at the half-year. Group revenue during the 13 weeks to 28 February 2013 was 4% lower than the same period last year.

In the UK and Europe, the strong first half performance of HaynesPro continued into the third quarter, ending the quarter 20% ahead, in local currency, of the prior year. Year-to-date the HaynesPro business is 19% ahead of last year although, after translation to Sterling, the increase was 7%.

Stronger orders midway through the third quarter have increased UK manual sales by 5% against the prior year, and reduced the year-to-date shortfall at the end of February to 8%, a reduction from the 12% shortfall reported at the half-year. In the UK's general publishing division, trading in the third quarter continued to reflect very challenging book trade market conditions, with revenue during the third quarter 20% down on the prior period (19% versus last year).

In our North American and Australian operations revenue in local currency ended the 13 week period 7% down against the prior year. At the end of February 2013, year-to-date North American and Australian revenue, in local currency and Sterling was 3% down against last year, an improvement over the 6% shortfall reported at the half year.

During the 13 weeks to 28 February 2013 the Group's cash balances have grown by GBP2.0m to GBP5.5m. Apart from the positive movement in cash there have been no significant changes to the financial position of the Group since we reported our half year results to 30 November 2012.

The Haynes Group will report the results of its 4(th) quarter trading and its preliminary results for the financial year ending 31 May 2013 on 30 August 2013.

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 :

Investor Contact: Webb Capital

 
 Barrie Newton    +44 122 587 4683 
                  +44 795 806 5858

Media Contact: New Century Media

 
 Nicola Krafft    +44 20 7930 8033

Haynes Publishing Group P.L.C.

 
 J Haynes, Group Chairman    +44 1963 442009 
 Eric Oakley, Group Chief 
  Executive                  +44 1963 442009

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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