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Haymarket Group reports £16.9 million in annual profits

The company says it maintains strong earnings, driven by return to live events.

Haymarket Group reports £16.9 million in annual profits
Kevin Costello: “Today’s results reflect a year of focus and determination."

Haymarket Group has reported annual earnings of £16.9 million in the last financial year ending 30 June 2022. Annual accounts filed at Companies House show the company’s total turnover in this period was £165.9 million, up 12% on the previous year of £147.7 million. Haymarket Business Media, one of the company’s UK-based businesses, enjoyed its strongest year for more than a decade. The US business, Haymarket says, achieved another impressive set of results.

Haymarket’s strategic diversification of revenues and continued investment in its multiple digital platforms has ensured its data and paid content opportunities are fully maximised, says the company. While the global impact of the semiconductor crisis has continued to be a challenge for the company’s Automotive division, as manufacturers make cutbacks to advertising, Haymarket Group says it has maintained healthy post-pandemic profit levels.

Haymarket – which owns more than 70 market-leading brands including Campaign, What Car?, MyCME, PRWeek and Asian Investor, has 1,300 permanent employees in the UK, US, Germany, Hong Kong, Singapore and India.

Kevin Costello, chief executive at Haymarket Group said: “Today’s results reflect a year of focus and determination. In particular, Haymarket Business Media delivered an exceptional performance, up 50% at a gross contribution level year on year. Their clear strategy focused on paid content has proved to be the engine powering their growth.

“At a Group level, we have maintained strong profit levels, in spite of the challenging macroeconomic conditions, driven by the return to live events. We continue to invest organically and we are actively seeking acquisition opportunities.”

Rupert Heseltine, chairman of Haymarket Group added: “These results prove the business is in strong health, and we are well-positioned for continued growth.

“It’s a testament to the ingenuity of Haymarket’s brands, overarching group strategy and most importantly, our people, that we can report a healthy profit – I have complete faith in them and look forward to continued shared success”.

Haymarket forecasts to report double-digit turnover growth again in the current financial year ending 30 June 2023. The company will continue to reinvest in the business, diversifying revenue streams across all its markets.

Looking at the upcoming year for Haymarket, Costello added: “We remain focused on growth. Haymarket is a solid business, borne out of the remarkable content we produce for specialist audiences. We know this sets us apart and we know we can achieve more through new acquisitions and partnerships.

“We are well aware the macroeconomic challenges are not going away, but we have a sustainable business set up for the long-term. At the halfway point in our current financial year, I can see many more successes in the pipeline” concludes Costello.

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