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Haynes to undertake fundamental business review
01.01.70 | Benedicte Page
Haynes Publishing Group has reported a 2% drop in overall group revenue in the second quarter of 2012, with the group chairman announcing the company is "currently undergoing a fundamental strategic review of the business".
During the second quarter, trading in the group's core of automotive manuals had shown an improvement compared to the first quarter, with revenue in local currency in the US and Australia ending the quarter 7% ahead of last year. However, in the UK and Europe, although sales were reported as "stronger in comparison to the first quarter", revenue was still down at the end of the quarter by 9% year-on-year.
Haynes said it expects the second half of the year to be stronger than the first, in line with the group's usual results.
Group chairman J Haynes said: "We are currently undergoing a fundamental strategic review of the business, exploring ways we can bolster revenues in our traditional print titles and opportunities to develop our digital offering and ensure practices are in place to take the group back into growth. We expect to complete our thorough review in June 2013."
He added: "The group continues to have a strong balance sheet, no gearing and good cash flow. We are well positioned to get through this difficult period of trading which is also affecting a number of other publishing companies."
The group will announce its first half year results on 31st January 2013.