Publishing firm Haynes drives up shares as it reveals sharp profit growth
Shares in publishing firm Haynes rose almost six per cent in early trading after it announced a sharp rise in profit for the first half of the year.
Read more: Car manual publisher Haynes posts jump in profit as digital shift pays off
The car manual specialist today said it expected to post a 37 per cent rise in pre-tax profit for the six months to the end of November.
“I am pleased to report another strong period of trading for Haynes, driven entirely by organic growth, with both revenue and underlying profit tracking ahead of the prior year,” said Haynes chairman Eddie Bell.
“Our strong performance is underpinned through our sustained investment in product innovation, content integration and growing data coverage, which continues to generate value for all stakeholders of the group.”
Haynes, which today celebrated 40 years since listing on the London Stock Exchange, has bucked the downward trend in the publishing sector, with its share price more than doubling over the last six months.
In September the Somerset-based company reported its third successive year of revenue and profit growth, as it refocuses its attention on its digital products and lucrative corporate offerings.
Read more: Shares in car manual publisher Haynes soar as it eyes sharp profit growth
Haynes, which also publishes lifestyle manuals covering topics including sport, pets and sci-fi, said it will announce its interim results on 30 January.