Tuesday 4 June 2019 9:03 am

Shares in car manual publisher Haynes soar as it eyes sharp profit growth

Shares in Haynes Publishing Group jumped as much as 11 per cent this morning after it forecast a sharp rise in full-year profit.

Read more: Haynes shares soar as growing digital business boosts half-year results

Haynes, the publisher behind the famous car repair manuals, said it expected pre-tax profit to rise roughly 24 per cent in the year to the end of May.

The firm said the figure was 10 per cent ahead of current market expectations, due to strong trading in the first half of the year.

“I am delighted to report another strong year for Haynes with both revenue and underlying profit tracking ahead of market expectations and the prior year,” said Eddie Bell, Haynes chairman.

“Our continued investment in people and new technologies, that enhances our specialist content and data sets, is a key driver behind this strong performance”

Haynes, which also publishes lifestyle manuals covering topics including sport, pets and sci-fi, has proved resilient to challenges in the sector as it shifts its focus to digital.

Earlier this year the firm announced that 53 per cent of its half-year revenue came from digital sales, the first time it has generated more than half its income from digital sources.

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Haynes is set to publish its full-year results on 12 September.