StockMarketWire.com - Haynes Publishing's total revenues fell by 20% to £11.9m in the six months to the end of November. EBITDA fell 44% to £1.9m and operating profit dropped to £0.3m (2013: £1.9m).

Group chairman J Haynes said: "Our half-year results reflect the tough trading conditions in all our major consumer markets. A number of our customers have introduced inventory reduction programmes, resulting in reduced orders. Our second half of the financial year is historically stronger and early indications are that replenishment orders are returning to more normal levels. HaynesPro continues to perform in line with expectations. "We have been affected by the strength of Sterling against both the Euro and US dollar, which reduced our total revenue by £500,000. These results also reflect the streamlining of our offering and the subsequent loss of revenue from discontinued, unprofitable publishing lines. "In the future we are determined to implement a strong digital strategy to complement our print manual sales. We will appoint an executive director shortly with responsibility for rolling out an enhanced consumer sales offering across all digital platforms worldwide."



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