Haynes Publishing Group PLC Trading Statement (7704G)
June 01 2017 - 1:00AM
UK Regulatory
TIDMHYNS
RNS Number : 7704G
Haynes Publishing Group PLC
01 June 2017
Haynes Publishing Group P.L.C.
FYE 2017 - Post Financial Year End Close Statement
Haynes Publishing Group ("Haynes" or "the Group") is pleased to
announce a trading update for the financial year ended 31 May
2017.
The Group has seen strong second half trading from its European
operations and benefited from a lower cost base in North America
and Australia following the restructuring announced in May 2016.
Like-for-like profit before tax and exceptional items for the 12
month period, excluding exchange rate movements is expected to be
up to 15% ahead of the prior year.
Meanwhile, reportable profit before tax and exceptional items is
expected to be c.40% ahead of the prior year, due, in part, to the
benefit the Group has seen from favourable exchange rates when
revenues from its overseas operations are translated into
Sterling.
In 2016-17, the Group continued to invest in its consumer
digital solutions programme. A revamped, redesigned and platform
responsive online manual offering has recently been launched.
Early in the new financial year, the Haynes OnDemand offering
will be launched. The offering will contain over 1,000 vehicle
specific maintenance videos, and the technical infrastructure that
delivers the Haynes OnDemand platform supersedes and enhances the
Group's previous technology. Haynes will be writing down the costs
of the former platform as an exceptional item in financial year
2017.
In December 2016, Haynes disposed of its Australian freehold
property for A$3.8m and recently sold one of its two decommissioned
US freehold properties in Nashville for $1.5m. The Group's
remaining freehold properties in Nashville, Tennessee and
Sparkford, Somerset, are presently being marketed for sale. The
Board expects that the exceptional gain on the two property
disposals will offset the platform write-down costs and the costs
associated with the OATS acquisition. The net impact of the
exceptional items on the full year results should therefore not be
significant.
Haynes is pleased to announce that Jim Nicholson, Senior Vice
President of Haynes North America, was appointed to the Board of
Directors on 1 June 2017. Jim has worked for the Group for 25
years, and played a key role in the recent successful restructuring
and refocusing of its US business. (There are no further
disclosures required in connection with Jim Nicholson's appointment
under Listing Rules 9.6.13(1) - (6).)
The Group will be announcing its full year results for the
financial year ended 31 May 2017 on 13 September 2017.
Eddie Bell, Group Chairman, said:
"2016-2017 has been a solid year for Haynes. We have set our
strategic targets and met them, continued to lower our cost base
and achieved good trading in a competitive international
environment.
Whilst we have benefited from positive exchange rate movements,
all of our staff deserve to be congratulated for contributing to a
significant turnaround of the business that has seen good
underlying revenue and profit growth during a period of
transition.
I am especially pleased to welcome Jim Nicholson, Senior Vice
President of Haynes North America, on to the Board. Jim's
appointment not only reflects his contribution in overseeing the
successful restructuring of the US business but also demonstrates
the importance of the US business to the Group's future growth
plans."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
Haynes Publishing Group P.L.C. +44 1963 442009
E Bell, Group Chairman
J Haynes, Chief Executive Officer
Investor Contact: Panmure Gordon (UK) Limited +44 20 7886 2500
Karri Vuori
Erik Anderson
Will Wickham
Media Contact: New Century Media +44 20 7930 8033
Richard Hill
This information is provided by RNS
The company news service from the London Stock Exchange
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