Haymarket’s profits climb to $20.4 million as live events boost revenue

Haymarket Group increased annual profits to £16.9 million ($20.4 million) last year, with revenues up 12%, and it expects similar double-digit growth in the current financial year.

The continued rebound in live events after the pandemic helped to boost performance for the group, which houses titles including Campaign, WhatCar?, MyCME, PRWeek and Asian Investor.

Haymarket Business Media, the UK B2B division, had its strongest year for more than a decade and Haymarket US also had “impressive” results, the company said.

Profits before exceptional items in the 12 months to June 2022 were £16.9 million ($20.4 million), compared with £16.5 million ($19.9 million) in the same period a year earlier.

Revenues jumped to £165.9 million ($200 millon) in the period against £147.7 million ($178 million) in 2021.

Almost half (49%) of turnover came from the US, chiefly from its medical division, as the group has expanded beyond the UK, which was 70% of revenues a decade ago.

Print has dropped to only 16% from a much higher level over the same period.

“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,” the company said.

“While the global impact of the semi-conductor crisis has continued to be a challenge for the company’s automotive division, as manufacturers make cutbacks to advertising, Haymarket Group has maintained healthy post-pandemic profit levels.”

Kevin Costello, chief executive of 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 macro-economic 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, said: “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.”

Rupert Heseltine recently took over fro millionhis father, Lord Heseltine, who stepped down as chairman 65 years after co-founding the business in 1957. Lord Heseltine remains a director on the board.

Haymarket Group acts as a holding company for two main subsidiaries: the media division, Haymarket Media Group, which includes an investment arm, Haymarket Ventures; and an agriculture property business, Thenhurst.

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

Costello said: “We remain focused on growth. Haymarket is a solid business, born 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 macro-economic 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.”

The group owns more than 70 market-leading brands and has 1,300 permanent employees in the UK, US, Germany, Hong Kong, Singapore and India.