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Haymarket doubles annual profits

Haymarket Media Group earlier this week reported annual earnings of £16.5 million in the last financial year ending 30 June 2021.

Haymarket doubles annual profits
Kevin Costello: “We responded quickly to the crisis in early 2020, while remaining focused on our core strategy.”

Annual accounts filed at Companies House show the company’s total turnover in this period was £147.7 million, up 3.4% on the previous year of £142.9 million. Haymarket enjoyed a record year in the US, which now accounts for half of its total revenue and where 90% of the turnover is from the medical business.

This, says Haymarket, coupled with a global reset of the business, has seen the company come back stronger than expected from the previous financial year, one dominated by the challenges of the pandemic.

Haymarket reports that profits have doubled on the previous year of £8.3m. The company ended the financial year with £37.9m in net cash, up from £24.8m the previous year.

According to Haymarket, its strategic diversification of revenues has insulated it against the ongoing volatility in the marketplace. It says it has continued to invest in its multiple digital platforms to ensure its data and paid content opportunities are fully maximised.

Kevin Costello, Chief Executive at Haymarket Media Group said: “These results reflect a year of determination, exceptional hard work and motivation. We went into the new financial year (July 2020) having restructured the business, partly in response to the pandemic. And it paid off, putting us in a strong position to face the year ahead. We remained true to our core strategic goals and values, continuing to reinforce the balance sheet, ensuring we have the headroom to grow.

“We responded quickly to the crisis in early 2020, while remaining focused on our core strategy. This has served as our north star. A key part of which has been our ongoing obsession with the continued diversification of our revenues, resulting in our best performance ever in the US and a significant leap in profit. As a private company we can take a long-term view, without exposure to the volatility of the stock market. We have reinforced our cash position, enabling us to continue to invest organically and through acquisitions.”

Lord Heseltine, Founder and Chairman at Haymarket Media Group added: “These results demonstrate a business that is financially sound, setting us in good stead to focus on sustainable growth.

“Despite an uncertain trading environment, at Haymarket we find ourselves in a strong position and have moved from surviving to thriving. It’s a testament to the ingenuity of our people that we can report the healthy profit we have today and I have complete faith in them for our future successes.”

Haymarket forecasts to be back to pre-pandemic levels of turnover in the current financial year ending 30 June 2022. The company says it will continue diversifying revenue streams across the markets it operates in, whilst actively looking for new investment and acquisition opportunities in core areas such as automotive technology, marketing-communications and medical.

When asked what the focus for Haymarket is for the year ahead, Costello added: “It’s all about growth. We have a solid foundation, underpinned by our remarkable content. This is what sets us apart. Specialist content that inspires, informs and empowers our clients, audiences and communities. We are proud of our heritage but more excited by what the future holds. We continue to invest and grow our business, while actively pursuing acquisition opportunities within our chosen markets”.

“At the peak of the crisis revenues had fallen by 40% in the UK, but we have recovered better than we could have imagined. We cannot ignore the current challenges for us including the spread of Omicron, the pressure on live events across the media sector and the impact of the semiconductor crisis. And while we face another year of ambiguity, having returned to the office under a blended working model last year, we have been reminded of the power of collaborating in-person and we don’t ever want to lose that. We are a business of creatives who thrive through human interaction. I sincerely hope we are able to continue this and am excited to see everything the year ahead holds for us.”

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