Haynes Publishing Group P.L.C. ("Haynes" or "the Group") announces today that in accordance with International Accounting Standards, it has been required to undertake an impairment review as a result of which it expects to recognise a material non-cash impairment of goodwill relating to its US operations. The Group now expects to report a material non-cash loss after tax as a result of the impairment. Pre-exceptional items, the Group expects to report results in line with expectations.
Year to date operating performance within HaynesPro and Haynes UK is satisfactory whilst the US business is trading below expectations. The board of Haynes intends to launch an operational and cost review of the wider Group and will report to shareholders as the process progresses. The audited final results for the year ended 31 May 2015 will be released before the end of September 2015.
Haynes Publishing Group P.L.C. +44 1963 442009
J Haynes, Group Chairman
Eric Oakley, Group Chief Executive
Investor Contact: Panmure Gordon (UK) Limited +44 20 7886 2500
Dugald J Carlean, Karri Vuori
Media Contact: New Century Media +44 20 7930 8033
www.haynes.co.uk. Sparkford, Yeovil, Somerset BA22 7JJ. Telephone: 01963 440635 Fax: 01963 440001