Is this morning?s interim management statement a warning that the economies in the UK and Europe is starting to slow?

In their interim management statement Haynes said:

?However, whilst this time last year we were reporting stronger sales in the UK and Europe and softer trading in the US, this year we are experiencing the same situation in reverse.

In North America & Australia sales in local currency ended the 13 week period 1% ahead of last year and ahead by 8% when reported in Sterling.

In the UK & Europe and in particular in the UK, market conditions have noticeably weakened during our first quarter with revenue in both our UK automotive division and Haynes Book division ending the quarter 12% lower than last year.

In our general book publishing markets we have seen heavy returns from key retailers coupled with increased discounting.?

As I am writing the share price is down just over 13%.

To tell you the truth at an historical price to earnings ratio of 7.5 and a dividend yield of over 6% I am getting interested.

Getting back to the UK and European economy.

Haynes went through the financial crisis without a scratch up till now, and that is why I am wondering if the economies are not turning down.