Growth in digital sales have lead to profit and revenue growth for Haynes Publishing, after 12 months of trying to "refocus" the group.
In results for the year ending 31st May 2014, the Haynes Group achieved a revenue of £29.3m, 6% up on 2013's £27.6m. Adjusted operating profit also grew, up 27% to £4.8m, from £3.6m in 2013. Pre-tax profit was £4.2m, up 31% from the previous year's £3.2m figure. Revenue and profits in 2013 had both fallen from the previous year.
Of the group's revenue growth, digital products were up 17% to £6.1m, which chairman J Haynes said was "particularly encouraging".
The past year saw the Haynes UK business restructure and it also bought motorcycle repair manual publishers Clymer and Intertec in the US. While revenue and profits were up, the company did incur exceptional costs of £2.2m related to the restructure and the group's acquisitions. It also made a special contribution of £500,000 to the UK pension scheme in November 2013. Haynes now has net debt of £1.1m. In 2013, it had funds of £6.1m.
The company said it would now look to expand its consumer and professional products range and was keen to acquire.
Haynes said the successful year for the publisher, which specialises in car and motorcycle repair manuals, came after attempts to "refocus" the business. He said: "Although trading in the consumer market remains challenging the board believes the recent refocusing of the business will create long-term organic growth opportunities. Haynes is a global business and senior management are actively evaluating further geographical expansion options for our consumer and professional products, including through acquisitions."
He added: "Since its inception, Haynes Publishing’s core business has been the creation of useful practical information, initially for DIY consumers and more recently also for professional mechanics. The positive steps the group has taken over the last year demonstrates our focus is firmly on creating content for both our consumer and professional end users. We remain committed to the creation of our iconic manuals, and will evaluate the commercial opportunity to deliver our unique content through platform agnostic digital channels."
The groups bestselling title in the UK for the year was an Owner's Workshop Manual for the Imperial Death Star from the Star Wars films.