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Revenue from continuing operations at motor manual publisher Haynes Publishing Group has risen 7% to £31.1m in the year ended 31st May (£29.2m in 2007), but operating profit on continuing operations fell 3% to £7m, from £7.2m last year.
The rise in revenue was driven by a full-year contribution from the acquisition of Bookworks in Australia and three months of trading from Vivid Holding BV, acquired last February.
The drop in operating profit from continuing operations was attributed to restructuring costs in the UK, a lower credit to the income statement and the negative impact of the weakened US dollar, the company said. Group pretax profits ended the year in line with the prior year at £7.1m.
At the announcement of the group's preliminary results for the year, Haynes Group chairman, John Haynes, said that "strategically, this has been an important year for the Haynes Group", citing the recent acquisitions, but pointed to the negative impact on the company of the recent period of economic downturn and the weakness of the US dollar against the Sterling.
"I firmly believe the prospects for the Haynes Group are positive," he added. "It is undeniable that the world’s economies are facing their most challenging future for many years. However, we have been here before and I am confident that through careful management we can once again steer the group through these uncertain times. The restructuring undertaken over recent years, coupled with the new acquisitions during the year, places the Group in a strong position to move forward and improve on our results in the years to come."