Strong fourth quarter pushes Haynes upwards

<p>Haynes Publishing Group has attributed an increase in revenue and stable profits to acquisitions made last year, particularly that of the Vivid Holding, and a strong fourth-quarter. Haynes has reported a turnover of &pound;35.5m for the year ended-31st May 2009, compared to &pound;31.1m in 2008, while operating profit has increased to &pound;7.6m from &pound;7m. Profit before tax has come in at &pound;7.1m, the same as last year.<br /><br />Chairman John Haynes said: &quot;During the first six months of our financial year we experienced a year-on-year increase in revenue of 14% as the effect of the Vivid acquisition and a weaker Sterling against the US Dollar benefited the group. Also during this period we felt the impact of lower replenishment of our core products as retailers reduced borrowings in response to the tightening credit markets.&quot;</p><p>But he added: &quot;Trading during our third quarter followed a similar pattern although stronger trading in both our key geographical markets in the US and UK towards the end of the fourth quarter helped mitigate some of the shortfall experienced in the first three quarters.&quot; </p><p>Last year Haynes spent &pound;7m on the acquisitions of Vivid and Bookworks Pty, and invested &pound;2m in tangible assets. This year, the US business has invested &pound;1.8m ($3m) in a new binding line for its print facility in Nashville. </p><p>&nbsp;</p>