Haynes Publishing Share Discussion Threads

[wad collector] 21/1/2015 13:39

New 5 yr low and looks like just a matter of time before the 12 yr low is reached. Glad I didn't buy many , back in the heady days of 2010...

[topvest] 23/12/2014 20:04

Yes, unfortunately, their business is in a steady decline. Their product is becoming technologically obsolescent.

[wad collector] 22/12/2014 12:41

Oh look another profit warning , how unusual...
22 December 2014





Haynes Publishing Group P.L.C. ("the Group")

Post Half Year Close - Trading Update

The Group has recently completed trading for the first six months of its financial year ending 31 May 2015. As reported in the Group's first quarter Interim Management Statement issued on 17 October, key consumer retailers implemented working capital management programmes leading to tighter inventory controls. While there are indications that the worst of the inventory reduction programmes may be behind us, trading remains soft and it is clear that our half year results will be seriously impacted to the extent that the Group will only be reporting a small profit for the six month period.

While performance in the first half has been extremely disappointing, it remains the case that the Group's trading normally improves significantly in the second half. The Board will be reporting the Group's half year results on 29(th) January 2015 and at that time, with a further two months of trading behind it, will be in a better position to report on the extent of the second half improvement and the expected outcome for the full year.

[topvest] 26/9/2014 19:58

Yes, results a bit better. Needs organic revenue growth, before I will re-appraise.

[wad collector] 26/9/2014 19:03

Oh yeah , results were out yesterday , nobody notice? The share price didn't notice , though they were , unusually , moderately good news.

Group financial highlights

- Despite a challenging year, revenue, adjusted EBITDA(1) and adjusted basic EPS(1) were ahead of market expectations

- Revenue up 6% at GBP29.3 million (2013: GBP27.6 million), includes GBP1.5 million of revenue from the Clymer and Intertec acquisition

- Adjusted EBITDA(1) of GBP8.1 million, up 27% (2013: GBP6.4 million(2) )
- Adjusted operating profit(1) of GBP4.8 million, up 33% (2013: GBP3.6 million(2) )
- Adjusted profit before tax(1) in line with market expectations at GBP4.2 million, up 31% (2013: GBP3.2 million(2) )

- Adjusted basic earnings per share(1) of 18.7 pence (2013: 14.2 pence(2) ), up 32%
- Final dividend declared of 4.0 pence per share, giving a total dividend of 7.5 pence per share (2013: 7.5 pence)

- Revenue from the Group's digital product ranges up 17% at GBP6.1 million (2013: GBP5.2 million)

- Local currency North American & Australian revenue up 17% at $25.8 million (2013: $22.0 million)

- Exceptional costs of GBP2.2 million incurred on restructuring of the UK business and the Group's acquisition activity during the year (2013: GBPnil)

- Special contribution of GBP0.5 million to UK pension scheme in November 2013
- Following the acquisition of Clymer & Intertec manuals, the restructuring of the UK business and the special UK pension contribution the Group had net debt of GBP1.1 million (2013: net funds(3) of GBP6.1 million) giving Group gearing of 3% (1.2 million shares still held in treasury)

Business highlights

- Successful completion of UK restructuring programme including consolidation of UK editorial departments and outsourcing of UK distribution to established provider

[topvest] 21/4/2014 16:59

Yes, it looks like a business that is in terminal decline to me. Sad, but true.

[wad collector] 17/4/2014 10:39

Interim statement out with Q3 figures.
The word "down" seems to appear rather often.
Reminds me that I am glad that I didn't buy many of these......

[aleman] 30/1/2014 11:48

I'm glad to see some better numbers for those that continued to hold here but the news seemed to already be in the market. (Happens too often.) I thought they were never going to manage it. I'd like to see some details in the accounts to confirm an underlying improvement but it certainly looks better on the headlines.

[topvest] 30/1/2014 10:58

Yes, but only a partial reversal of the very steep revenue falls of the last year or two. Encouraging first steps though.

[wad collector] 30/1/2014 08:13

It would seem that your target has been achieved for last 6 months.
Financial Highlights

-- Total revenue up 12% at GBP14.9 million (2012: GBP13.3 million) with digital revenue increasing by 23%

-- Like-for-like Group revenue, excluding the impact of the acquisition of Clymer & Intertec manuals of GBP14.5 million, up 9%

-- Adjusted EBITDA(1) up 36% at GBP3.4 million (2012: GBP2.5 million(2) )
-- Adjusted operating profit(1) of GBP1.9 million, up 58% (2012: GBP1.2 million(2) )
-- Adjusted profit before tax(1) of GBP1.6 million, up 78% (2012: GBP0.9 million(2) )
-- Adjusted basic earnings per share(1) of 6.1 pence, up 49% (2012: 4.1 pence(2) )
-- Interim dividend declared of 3.5 pence per share (2012: 3.5 pence)
-- Local currency North American & Australian revenue up 18% at $12.7 million (2012: $10.8 million)

-- UK & European revenue up 5% at GBP6.8 million (2012: GBP6.5 million)
-- Special contribution of GBP0.5 million to UK pension scheme
-- Net funds(3) after the acquisition of Clymer & Intertec manuals of GBP0.7 million (2012: GBP3.5 million). 1.2 million ordinary shares still held in treasury

Business Highlights

-- Implementation of UK restructuring programme focussing non-automotive publishing on higher margin Haynes style manuals, outsourcing UK distribution and relocating the UK business to smaller premises

-- Completed acquisition of Clymer and Intertec manuals in the US for $9.25m (GBP5.85m) adding 432 new titles to US business' range

-- Commenced development of new global website
(1) Adjusted to exclude GBP1.5 million of exceptional items (UK restructuring costs of GBP1.3 million and Clymer acquisition costs of GBP0.2 million). Reported operating profit and profit before tax were GBP0.4 million (2012: GBP1.2 million) and GBP0.1 million (2012: GBP0.9 million) respectively. Reported losses per share were 1.1 pence (2012: earnings per share of 4.1 pence). EBITDA including exceptional items was GBP1.9 million (2012: GBP2.5 million).

(2) The 2012 figures have been restated to reflect the IAS 19 adjustment to pension costs.

(3) Net funds defined as cash at bank net of bank overdrafts.

[topvest] 14/1/2014 20:19

Yes, I'm not watching the price, I'm watching the revenue. Unless they can start growing revenue this is going nowhere. It's been in decline for at least the last 5 years.

[wad collector] 14/1/2014 18:27

New 2 yr high. There does appear to be a sustained rise.

[wad collector] 08/10/2013 09:19

Touching £2 again today - but with spread of 5% is a bit meaningless. 2 yr high , but will it sustain?

[wad collector] 24/9/2013 18:28

I still service my car - you are right that the computer diagnostics are a no-go area , but you don't need them for a service , nor for replacement of most parts other than engine management . Timing belt is similar to 30 yrs ago for example.
The bigger problem for Haynes is that it is cheap to get the manufacturers maintenance guide copied onto a couple of CDs from ebay.

[topvest] 23/9/2013 19:43

Results out today. Revenue falls are getting really serious. I do like Haynes as a company (maybe its the petrol head in me!) and think they are doing all the right things. The problem though is that people don't try and mend things these days. My car is a computer with a massive hard drive, twin turbo's and just about every other gadget you could wish - instruction manual or not, there is no way that anyone could fix it other than take it to a BMW dealership. That's the real world of new cars these days. I do think Haynes is becoming a bit of a hobbyist sideline niche player. They need to be big on selling to dealers, but do BMW, Mercedes, etc. actually buy from Haynes... I suspect not! Does anyone know much about the digital side? It is growing, but not quickly enough to compensate for the rest of the business falling off the side of a cliff.

I've sold most of mine before the dividend cut, but still have a very small holding to retain an interest. I will not be adding until there is some prospect of getting revenues back to £30m+. It's a very simple gauge, but investing in businesses which can't grow revenue is always a long term mistake. I would love to see Haynes succeed by the way!

[wad collector] 20/9/2013 12:57

Weary or wary ? I am both.
But the market thinks otherwise today - a year high .

[spob] 20/9/2013 07:43

exactly

this is what has always made me very weary of investing in Haynes

I notice in the past that different financial websites give different market caps for Haynes, based on two totally differnt values for the true number of shares in circulation

if you are aware of this and it dosen't bother you, fair enough


but you have been warned

[coolen] 19/9/2013 21:01

The Report & Accounts should detail the rights of each class.

It is common for a computerised analysis to ignore unquoted classes and thus produce totally misleading eps figures.

This never happened in the days of human analysts !

In my view, if an issue of unquoted high-voting shares trigger a dilution on a take-over bid (ie. less dosh being payable to the lower-voting shareholders) then full dilution should be assumed on all calculations.

[wad collector] 19/9/2013 11:17

As you say ;
The Haynes family own about 9 Million Benificiary A shares and another 8 Million Non-Ben A shares as well as their ordinary shares.
Not clear whether divis paid on these shares .

I wasn't aware of this - rather makes a farce out of the per share analysis .

Glad I don't have many of these , though the yield remains impressive but only just covered using the Ordinary shares numbers ( so presumably no dividends paid on the A shares , a vehicle for maintaining control against takeovers?)

[spob] 19/9/2013 07:25

This stock has a dual share structure. Ordinary shares and A shares I think from memory. The actual true eps is much lower than the one you see often quoted. And the true market cap is much higher than the figures usually given by various websites.

If you think I am wrong please show on here where I am wrong.

[spob] 18/9/2013 09:43

What's the forecast eps here at the moment (I mean taking into account ALL of the shares in circulation and not just some of them )

[wad collector] 18/9/2013 08:29

Haynes have just bought another paper manual publisher. The MMs have marked up a few pence - on no trades yet.
Or is buying another outdated publishing mode flogging a dying horse?