Profits rise at Haynes, despite sales drop

<p>Manuals and DIY publisher Haynes Publishing Group has reported a drop in turnover of 6% for the year ended 31st May 2010. Turnover was &pound;33.3m compared to a turnover of &pound;35.3m for the year in 2009, which the company ascribed to the sale of their UK print operation in February 2009.<br /><br />Profit before tax rose to &pound;7.2m, an increase of &pound;0.1m on 2009. Operating profit was &pound;7.7m, again up &pound;0.1m on 2009. Haynes said that the success was down to the ability to concentrate on &quot;higher margin businesses&nbsp; . . . coupled with a continuous drive for cost efficiencies&quot; following the disposal of its printing business, which had been a &quot;lower margin activity for the group&quot;.</p><p>Group chairman J H C Haynes said: &quot;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.<br /><br />&quot;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.&quot;</p>