Haynes sets its sights on new markets
CAR manuals publisher Haynes is targeting acquisitions and new overseas markets to drive sales to professional mechanics after annual revenue and profit reversed.
The company, which has sold more than 150 million Haynes Manuals since being founded in 1960, is reolocating from Sparkford, Somerset, and outsourcing its UK distribution after a strategic review to revive its fortunes.
Chief executive Eric Oakley described the restructuring, expected to result in “a relatively small number” of job losses as “very painful”.
He said: “The book distribution market has changed significantly. The investment that would be needed to upgrade the UK facility for the requirements of a modern-day logistics operation would far outweigh the future benefit to the business.”
Haynes is also setting up a global website to deliver “trustworthy and practical advice” in multiple languages and through a range of different devices.
The investment that would be needed to upgrade the UK facility for the requirements of a modern-day logistics operation would far outweigh the future benefit to the business.
Oakley added: “We need to broaden out our information for professional mechanics. ”
The firm will also “seek complementary acquisitions” having recently bought US firm Clymer and Intertec Manuals for £5.8million.
Pre-tax profit dipped by £1.1million to £3.6million on revenue of £27.6million, down from £29.8million the previous year.
