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Connect Group raises guidance on stronger performance in Smiths News

By BFN News | 09:43 AM | Thursday 01 October, 2020


Connect Group raised its guidance for full-year following stronger than expected performance in Smiths News, its newspaper and magazine wholesale business, over the last fourth of fiscal 2020. The company expected to deliver adjusted earnings (EBITDA)for FY2020 of £38.5m to £39.0m, above the top-end of the guidance previously announced in July 2020. The run rate performance in Adjusted EBITDA in the fourth quarter had continued in September trading, in line with the board's expectations for the year. 'The improvement is a result of a stronger than anticipated sales performance following the return to trading of the larger high street stores, supported by continued robust cost control across the business,' the company said. At 9:43am: (LON:CNCT) Connect Group PLC share price was +2.78p at 21.4p Story provided by StockMarketWire.com

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