Haynes says US tax changes will hit profit by 5 per cent

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Haynes produces manuals on how to repair a wide range of cars and motorbikes (Source: Getty)

Haynes Publishing Group said today that US tax changes would hit its profit by five per cent.

It made the announcement in a trading update today where it said the tax changes would reduce its US net deferred tax assets and liabilities by around £800,000.

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It said this would push its profit after tax and adjusting items five per cent lower than the previous year.

Haynes is best known for the practical manuals it publishes which primarily focus on the best way to repair a wide-range of cars and motorbikes.

It said that adjusted profit before tax would be up around 10 per cent on the previous year and ahead of market forecasts of seven per cent for the year ended 31 May.

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Haynes said the net impact of adjusting items was expected to increase reported profit before tax by around £600,000 which would leave it roughly 30 per cent ahead of the prior year.

Chair Eddie Bell said: “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."

It is announcing its full year results on 5 September.

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