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Manuals and DIY publisher Haynes Publishing Group has reported a drop in turnover of 6% for the year ended 31st May 2010. Turnover was £33.3m compared to a turnover of £35.3m for the year in 2009, which the company ascribed to the sale of their UK print operation in February 2009.
Profit before tax rose to £7.2m, an increase of £0.1m on 2009. Operating profit was £7.7m, again up £0.1m on 2009. Haynes said that the success was down to the ability to concentrate on "higher margin businesses . . . coupled with a continuous drive for cost efficiencies" following the disposal of its printing business, which had been a "lower margin activity for the group".
Group chairman J H C Haynes said: "There is much uncertainty over the pace of the global economic recovery but I firmly believe the group is well placed to tackle the challenges ahead and to seek actively and take advantage of new commercial opportunities as they arise.
"The principal objective is to build on the success of the last 50 years and I am confident we have the people across the entire group who are eager to, and capable of, taking on these challenges, to drive the business forward and to deliver future growth."