Haynes expects profits to beat market forecast as Bell hails 'strong year'

Haynes expects profits to beat market forecast as Bell hails 'strong year'

Haynes Publishing Group expects a 24% increase year-on-year in adjusted profit before tax following a "strong" six months, according to its latest trading update.

The car manual publisher’s board said the estimate, for the 12 months to 31st May 2019, meant it would exceed market expectations by around 10%, partly thanks to investment in new technology.

Haynes’ last half-year report, released in January, for the six months ending 30th November 2018, showed group revenue was up 7% from £17.1m to £18.3m. Group profit before tax rose by 23% from £1.3m to £1.6m year-on-year. The firm said its second half of the year had continued that strong trading performance.

Group chairman Eddie Bell said: “I am delighted to report another strong year for Haynes with both revenue and underlying profit tracking ahead of market expectations and the prior year. 

“Our continued investment in people and new technologies, that enhances our specialist content and data sets, is a key driver behind this strong performance. It also enables us to provide innovative product solutions for our customers today and in the future.”

The group will announce its full results for the financial year on 12th September.