Response to OFT announcement

RNS Number : 4079G

Smiths News PLC

22 October 2008

 



For Immediate Release

22 October 2008

Smiths News PLC

Response to OFT announcement 

Smiths News notes today's announcement by the OFT with regard to the Industry Code of Practice for the Supply of Newspapers. 

The Company will be attending a presentation given by the OFT regarding the key aspect of the finding today at 12.30pm and will respond in due course.

Mark Cashmore, Chief Executive of Smiths News commented:

'We have always maintained throughout this process that we welcome and support any additional clarity this review brings to our industry.

'The OFT's review is a substantial and detailed document that requires careful consideration but on initial reflection today's announcement does not change the direction and priorities we have set for the business.'

Enquiries:

Smiths News Mark Cashmore, Chief Executive Alan Humphrey, Finance Director	Tel: [phone]
Buchanan Communications Tim Thompson / Jeremy Garcia	Tel: [phone]

About Smiths News:

Smiths News is the UK's leading wholesaler of newspapers and magazines. The Group was formed on 1 September 2006 following the demerger of WH Smiths PLC.

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 22,000 customers across England and Wales, supplying large general retailers as well as smaller independent newsagents.

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.

Smiths News has an approximate 40 per cent share of the magazine wholesaling sector and an approximate 35 per cent share of the newspaper wholesaling sector in the UK.

Smiths News has 44 distribution centres across England and Wales, employing 4,100 staff.

 

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