HAYNES PUBLISHING GROUP P.L.C. - Haynes Manuals
HAYNES PUBLISHING GROUP P.L.C.
Annual Report & Accounts 2019
ABOUT HAYNES
Haynes Publishing Group P.L.C. ("Haynes" or "the Group"), is a leading supplier of content, data and innovative workflow solutions for the automotive industry and motorists.
REBEL STARFIGHTERS
Owners' Workshop Manual
Alliance and Resistance Models
CONTENTS
STRATEGIC REPORT
1 Financial & Business Highlights
2 Where We Operate 3 Five Year Summary &
Group Background 4 Group Strategy 10 Chairman's Statement 12 Chief Executive's
Review 14 Finance Review 18 Key Performance
Indicators 20 Principal Risks 22 Corporate and Social
Responsibility
CORPORATE GOVERNANCE
25 Group Board Directors and Advisors
26 Group Board Director Biographies
28 Report of the Directors 30 Corporate
Governance Report 34 Report of the Audit
Committee 37 Report of the
Remuneration and Nomination Committee 47 Statement of Directors' Responsibilities
GROUP FINANCIAL STATEMENTS
48 Independent Auditors' Report
53 Consolidated Income Statement
54 Consolidated Statement of Comprehensive Income
55 Consolidated Balance Sheet
56 Consolidated Statement of Changes in Equity
57 Consolidated Cash Flow Statement
58 Notes to the Consolidated Financial Statements
PARENT COMPANY FINANCIAL STATEMENTS
94 Parent Company Balance Sheet
95 Parent Company Statement of Changes in Equity
96 Notes to the Parent Company Financial Statements
SHAREHOLDER INFORMATION
105 Financial Calendar and Shareholder Information
STRATEGIC REPORT
FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED 31 MAY 2019
BUSINESS HIGHLIGHTS
CORPORATE GOVERNANCE
SHAREHOLDER INFORMATION PARENT FINANCIAL STATEMENTS GROUP FINANCIAL STATEMENTS
REVENUE
ADJUSTED PROFIT BEFORE TAX1
?36.2m ?3.6m
+7%
+24%
2019 2018
?36.2m ?33.8m
2019 2018
?2.9m
?3.6m
ADJUSTED EBITDA1
?12.8m
+11%
2019 2018
?12.8m ?11.5m
ADJUSTED OPERATING PROFIT1
?4.2m
+20%
2019
2018
?3.5m
?4.2m
OPERATING CASH FLOW
ADJUSTED BASIC EARNINGS PER SHARE 1
?12.5m 19.0P
+21%
+44%
2019 2018
?12.5m ?10.3m
2019
2018
13.2p
19.0p
NET CASH2
?4.9m
2019
2018
?2.5m
?4.9m
TOTAL DIVIDEND DECLARED
7.5P
2019
7.5p
2018
7.5p
SERVERS HaynesPro servers exceed one billion data access requests over a rolling 12 month period.
WorkshopData Launch of new HaynesPro
WorkshopDataTM platform for the Australian
professional aftermarket.
ProFIT First significant multi-year contract signed for `ProFIT', our online installation module.
SUBSCRIBERS New responsive design for the Group's online
manuals, enhancing services to our 60,000
subscribers.
DATA Second data production
office opened in Bucharest, Romania, to support the growth of our Professional
operations.
VRM HaynesPro UK's vehicle registration look up servers received in excess of 192 million
data requests
Notes to the Financial Highlights;
1 Adjusted to exclude ?1.8 million of adjusting items (2018: gain ?0.7 million). The table on page 16 details the 2019 adjusted and reported numbers.
2 Net cash defined as cash at bank net of bank overdrafts and bank loans.
Haynes Publishing Group P.L.C. Annual Report & Accounts 2019 1
WHERE WE OPERATE
12 3
4
5 6
7
8
1 CORPORATE HEADQUARTERS HAYNES PUBLISHING GROUP P.L.C. Sparkford, Yeovil, Somerset, BA22 7JJ +44 (0)1963 440635
2 OATS LTD 100 Delta Business Park, Great Western Way, Swindon, SN5 7XP +44 (0)1793 616138 sales@oats.co.uk oats.co.uk
3 HAYNESPRO (UK) LTD Whatman House, St Leonard's Road, Allington Maidstone, Kent, ME16 0LS +44 (0)333 320 8636 info@
4 HAYNESPRO B.V. Flankement 6, 3831 SM Leusden, The Netherlands +31 (30) 603 6270 info@
5 HAYNESPRO GMBH Stammheimerstra?e 10, Kornwestheim D-70806, Germany info@
6 HAYNESPRO S.R.L.
9 HAYNES NORTH
str. Ritoride Nr.5
AMERICA INC
Sector 5, cod postal 050204 859 Lawrence Drive,
Bucuresti,
Newbury Park,
Romania
CA 91320,
info@
USA
+1 (805)498-6703
7 HAYNESPRO SRL
sales@
Strada Palera 97,
Moncalieri, Torino,
I-10024,
10 HAYNES
Italy
AUSTRALIA PTY LTD
info@
Unit 8, 17 Willfox Street,
Condell Park,
8 HAYNESPRO IB?RICA NSW 2200,
13, altillo 4a,
Australia
E025006,
+ 61 2 8713 1400
Lleida,
sales@.au
Spain
.au
info@
9
10
2 Haynes Publishing Group P.L.C. Annual Report & Accounts 2019
STRATEGIC REPORT
CORPORATE GOVERNANCE
SHAREHOLDER INFORMATION PARENT FINANCIAL STATEMENTS GROUP FINANCIAL STATEMENTS
FIVE YEAR SUMMARY OF KEY FINANCIAL PERFORMANCE
31 MAY TURNOVER ?m
36.2 33.8 29.8
26.1 25.7
31 MAY ADJUSTED OPERATING PROFIT ?m
4.2
3.5 3.2 3.1 2.5
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019
31 MAY ADJUSTED PROFIT BEFORE TAX ?m
3.6 2.9
2.5
2.6
1.9
31 MAY ADJUSTED BASIC EARNINGS PER SHARE pence
19.0
10.7 7.6
13.2 9.4
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019
31 MAY DIVIDENDS PER SHARE pence
7.5 7.5 7.5 7.5 7.5
31 MAY NET FUNDS* ?m
4.9
3.7 2.5
2015 2016 2017 2018 2019
0.1 0.4 2015 2016 2017 2018 2019
*Net funds defined as cash and cash equivalents net of bank loans.
GROUP BACKGROUND
1956
John Haynes, at 16 years of age, wrote his first book on the Austin 7.
1960
First corporate entity of the Haynes Group was formed and in 1965 the first
Haynes manual was published.
1972
The Group's headquarters was established in Sparkford. Organic growth
drove global expansion into the US in 1974, France in 1993, Sweden in 1996
and Australia in 1997.
1979
The Group was floated on the London Stock Exchange.
2001
The Group acquired the Chilton Manuals print product business in the US.
2008
The Group acquired the Vivid Holding BV Group based in the Netherlands. Vivid was subsequently rebranded as
HaynesPro in 2012.
2011
The Group produced its first electronic version of the iconic Haynes manual.
2013
The Group acquired the trade and certain assets of Clymer and Intertec
Manuals in the US.
2016
In a year of transformation, the Group undertook an Operational & Cost Review which led to outsourcing of Group printing and US distribution
operations followed by the acquisition of OATS Limited based in Swindon, a global
lubricants database business.
2017
The Group acquired the E3 Technical business, renamed HaynesPro UK which expanded the Groups technical offering
in the UK to include high quality Vehicle Registration Mark (VRM)
look-up capability.
2019
The Group servers achieve a landmark one billion data access requests over a rolling
12 month period
Haynes Publishing Group P.L.C. Annual Report & Accounts 2019 3
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