Haynes Manuals - Yesterday's AGM

PUBLISHED: Oct 29 2015 @ 07:14 | Comments (0) |

Boy am I glad that I doubled my holding in Haynes (LSE:HYNS) a couple of weeks ago – at the AGM I got the distinct impression that this company is on the up.

As usual, I selfishly hogged the largest part of the question time. After that I chatted with the key directors about the company’s position and strategy for the future.

(for background on Haynes see my Newsletter posts: 11th – 19th Feb, 8th-12th Oct)

Firstly let me say that the people who run this company could not be more welcoming to the interested investor. They seem decent and honest, judging by their open attitude, sincerity and gentleness. In short, I do not fear a lack of integrity with regard to shareholders’ interests. For me this is a vital criteria for investment. I would have sold my today shares if I’d found that I could not trust them.

Second, I detected a general atmosphere of confidence. They could not be too specific because of Listing rule restrictions (i.e. avoiding giving some shareholders privileged information) in indicating why they are so optimistic, but my impression is that most excitement has been generated by the fruit that is coming from the knowledge and skill-base built up in HaynesPro.

The ability to supply detailed data on hundreds on vehicles to professional users can be used not only to deepen and broaden the moat around the franchise that already has 40,000 loyalists across European (e.g. 90% of the German market), but can be used in all sorts of other ways.

With this in mind, they have been recruiting heavily in this area (hence the failure of staffing numbers to fall as revenue fell 20% over the last 5 years – an answer to one of my questions) so as to bring the vital computer and online capabilities in-house.

This now provides a platform for extending into more services for the manual buyer or the online user of the manual. They have invested in creating an unrivalled knowledge base which already has customer trust; and they have created in-house……..
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