Haynes hails third successive year of growth as turnover increases 7%

Haynes hails third successive year of growth as turnover increases 7%

Car manual publisher Haynes saw turnover of £36.2m in the 12 months to 31st May 2019, a 7% increase on the previous year, alongside an adjusted profit boost of 24% in its third successive year of growth, the company has announced.

Revenue from the group’s range of digital products rose 20% year on year to £20.2m and the stream now makes up 56% of the company’s total revenue.

The firm also reported adjusted operating profit of £4.2m, up from £3.5m the previous year, while adjusted profits before tax rose 24% to £3.6m.

In the consumer segment, revenue fell slightly, slipping 4% to £16.7m, although UK consumer revenue was up 1%, driven by “a solid performance” from UK car manuals which ended the period up 4%.

The professional segment grew by 20%, hitting £19.5m, with the first full year of trading for its E3 Technical business, acquired in September 2017, contributing an incremental £0.9m.

Chairman Eddie Bell said: “I am delighted to report a third successive year of headline revenue and underlying profit growth.

“Our continued programme of product innovation, data integration and growing content coverage allows the Group to deliver integrated work-flow solutions for our growing base of global partners.

“Through the extensive automotive knowledge and technological expertise we possess in the business, we are accelerating the linking of the Group’s content and datasets and our teams are well positioned to deliver new and exciting global growth opportunities for the Haynes Group.”