Haynes up in first quarter, bar UK

Haynes up in first quarter, bar UK

UK sales for the Haynes Group fell by 6% year-on-year in the first quarter, according to an interim trading statement.

However revenue from the North America and Australia operations was up 16% year-on-year   in the 13 weeks up to 31st August 2013, and in the UK and Europe as a whole was up 3% year-on-year.

Meanwhile digital revenue was up 18% year-on-year , now representing just over one fifth of total Group sales,.

Haynes announced a restructure in September, with UK distribution passed to a third party and a merger of its automotive and general book publishing editorial teams. There have been five voluntary redundancies, with the expected costs of the restructuring put at £1.3m, which will impact on profits in the current year. Haynes said that the ultimate savings for the business should be £500,000 in 2014/2015 and £700,000 in 2105/2106.

As at 31 August 2013, the Group’s cash balances were £5.6m. Following the Clymer and Intertec Manuals acquisition in September, the Group’s cash balances reduced to £2.4m.

The company's last full-year results, announced in September, showed a fall in revenue in profits compared to the previous year. Revenue for the year ended 31st May 2013 stood at £27.6m, down from £29.8m in 2012, a fall of 7%. Operating profits in 2013 were £3.8m, a 25% decline from 2012's £5.1m. However, the profits were ahead of market expectations at £3.6m.