AGM and Interim Management St

RNS Number : 4608Z

Smiths News PLC

14 January 2011

 



Smiths News PLC

AGM and Interim Management Statement

Smiths News PLC ("the Group"), the UK's leading wholesaler of newspapers, magazines and books, will today hold its AGM at Wakefield House Swindon.

This trading update covers the 19-week period ("the period") from 1 September 2010 to 8 January 2011 and constitutes the Group's Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules.

The Group is making good progress on its key objectives for 2010/11, including delivery of cost saving initiatives in both businesses.  The Group remains on track to deliver growth in pre-tax profits for the full year in line with market consensus.

During the period total Group revenues decreased by 5.5% compared to last year.

As expected, Smiths News revenues declined 5.7% on a like for like basis, which is in line with prior year run rates.  Newspaper revenues continue to decline at a slower rate than magazines where the market remains weaker.  The business continues to be awarded new regional press contracts, with £7m of new annualised business recently announced this year and with additional contracts in the pipeline.

Bertrams' revenues are down 2.9% on a like for like basis.  Whilst the international market continues to grow year on year, the UK retail and library markets have been more difficult.

There has been no change in the underlying financial condition of the Group since the year ended 31 August 2010.  The Group continues to operate well within its new bank facilities.

The Group will announce its interim results for the six months ending 28 February 2010 on 13 April 2011.

Enquiries:

Smiths News PLC	Tel: [phone]
Mark Cashmore, Group Chief Executive
Nick Gresham, Group Chief Financial Officer
Buchanan Communications Jeremy Garcia / Mark Edwards	Tel: [phone]

About Smiths News PLC:

Smiths News PLC comprises Smiths News, the UK's leading wholesaler of newspapers and magazines and Bertrams, a leading UK book wholesaler.

Smiths News distributes newspapers and magazines on behalf of all the major national publishers as well as a large number of regional publishers. The business serves approximately 30,000 customers across England and Wales, supplying large general retailers as well as smaller independent newsagents.  Smiths News has an approximate 55% share of the newspaper and magazine wholesaling market in the UK. In addition to its distribution activities, Smiths News collects and processes returns, supplies sales information to publishers and provides a range of services for its retail customers.

Bertrams, which was acquired on 20 March 2009, supplies books to a mix of independent booksellers, on-line and multiple retailers, and libraries.

The Group operates from 59 distribution centres across England and Wales, and employs approximately 5,300 staff.

 

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