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Haynes shares motor on signs of turnaround
Shares in car manual publisher Haynes motored on Thursday as the company reported a strong rise in first half profits.
Pre-tax profit was up to £0.97m from £0.49 a year earlier as revenue increased 21% to £16.9m. There was a big rise in digital revenues of 51% to £5.5m as customers moved online in greater numbers.
"I am pleased to report that this is the third consecutive set of results where Haynes has demonstrated strong underlying revenue and profit growth since we implemented our global operational, cost and structure review in 2015/16", said chairman Eddie Bell said.
"These interim results confirm that Haynes is making clear progress in its turnaround and is on its way to becoming an integrated multi-media content provider."
"The re-positioning of Haynes requires significant investment in new products and platforms. We will continue to carefully manage our costs and cash flows during this turnaround to ensure we maintain focus on our end goal: the transition of the Group to being an integrated multi-media content and data solutions provider."