Agreement of the triennial pension valuation

RNS Number : 8023M

Smiths News PLC

30 August 2013

 



Smiths News PLC

Agreement of the triennial pension valuation

Smiths News PLC ("the Group"), the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading distributor of consumable products to the education market, is pleased to announce it has agreed the triennial actuarial valuation for the primary defined benefit pension scheme (the Smiths News section of the WH Smith Pension Trust), effective 31 March 2012.  Future contributions by the Group will be £4.1m per annum, reduced from £5.8m per annum, through to 31 March 2019.

The deficit in the scheme was £23.0m when last estimated at 19 June 2013, reduced from £50.0m at the last valuation date of March 2009.

The next valuation date for the scheme will be 31 March 2015.

Enquiries:

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

About Smiths News PLC:

Smiths News PLC comprises Smiths News, the UK's leading wholesaler of newspapers and magazines, Bertram Books, a leading UK book wholesaler and The Consortium, a leading independent distributor of consumable products to the education and care markets.

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.

Bertram Books supplies books to a mix of independent booksellers, on-line and multiple retailers, and libraries. Bertrams is a leading supplier of consumer and academic books in the UK and a growing player in international, digital and direct to consumer markets.

In April 2012 the company acquired The Consortium. The Consortium is the UK's leading distributor of educational and care consumable products servicing 30,000 customers. The business has a 5% market share in large and growing markets.

 

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