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Haynes Publishing says on target to report adjusted full-year pre-tax profit growth of around 10%

The workshop manuals publisher said the net impact of adjusting items is expected to increase reported pre-tax profit by around £0.6mln to leave the group approximately 30% ahead of the prior year
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Eddie Bell, Haynes Publishing’s group chairman, said: "I am pleased to report that the Group's performance is tracking ahead of market forecasts”

Haynes Publishing Group PLC (LON:HYNS) saw its shares rise on Friday after it said it is on target to report adjusted full-year pre-tax profit growth of around 10%, ahead of current market forecasts by around 7%.

In a trading update for the financial year ended 31 May 2018, the workshop manuals publisher said the net impact of adjusting items is expected to increase reported pre-tax profit by around £0.6mln to leave the group approximately 30% ahead of the prior year

READ: Tesla faces tough competition as General Motors’ self-driving unit receives US$2.5bn investment

It added that, as reported at the interim results in January, changes to the US federal tax rate will reduce the group’s US net deferred tax assets and liabilities by around £0.8mln.

Therefore, the FTSE Fledgling firm said, group profit after tax and adjusting items will be around 5% lower than the prior year.

Eddie Bell, Haynes Publishing’s group chairman, said: "I am pleased to report that the Group's performance is tracking ahead of market forecasts.”

He added: “Our focus remains on the delivery of content, data and solutions for our local and global partners. To maintain the current momentum, Haynes will continue to invest in our people and technology to ensure we provide reliable, accurate and valuable information."

The group will announce its full-year results for the financial year ended 31 May 2018 on 5 September 2018.

In early trading, Haynes Publishing shares were up 3.5% at 240p.

 -- Adds share price --

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