Haynes Publishing second quarter picks up

Car manuals specialist Haynes Publishing said trading in its UK and US markets improved in the second quarter compared to the first quarter but cautioned that overall revenue during the second quarter was still two per cent lower than the previous year.

In the US and Australia, revenue in local currency rose 7% in the second quarter from last year while in the UK & Europe, although sales were stronger in comparison to the first quarter, revenue still ended 9% lower in the second quarter.

Haynes noted that weaker demand during the first six months of last year is expected reoccur this year as similar trading patterns persist.

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It added that historically, the second half of the year has been stronger than the first and Haynes expects this to be the case again this year.

Commenting on the trading update Chairman J Haynes said: "We are currently undergoing a fundamental strategic review of the business, exploring ways we can bolster revenues in our traditional print titles and opportunities to develop our digital offering and ensure practices are in place to take the group back into growth. We expect to complete our thorough review in June 2013."

"The group continues to have a strong balance sheet, no gearing and good cash flow. We are well positioned to get through this difficult period of trading which is also affecting a number of other publishing companies," he added.

CJ