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Haynes Publishing Group posts six per cent drop in turnover
Yeovil-based Haynes Publishing Group has reported a six per cent drop in turnover for the year ended 31 May coupled with a small rise in profit.
The company, which is best known for its automotive and motorcycle repair manuals, posted turnover of £33.3m compared to a turnover of £35.3m for the year in 2009. Haynes said the sale of its UK print operation in February 2009 contributed to the drop.
But the company’s profit before tax rose to £7.2m, an increase of £0.1m on 2009.
Company founder John Haynes OBE stepped down as Chairman on 1 June 2010 after 50 years at the helm but remains on the main board as founder director. His son J H C Haynes has taken over as chairman of the company.
“During the past twelve months, the group has, once again, demonstrated an underlying financial stability with profits maintained, strong cash generation and a balance sheet free of gearing,” 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.”
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