3 Mar 2014 07:00
Smiths News PLC
('Smiths News' or "the Group")
PRE CLOSE STATEMENT
Smiths News PLC ("the Group"), the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading specialist distributor of consumable products to the education market, is today issuing its Pre close statement for the six months ended 28 February 2014.
· Smiths News newspaper and magazine revenue has continued to perform slightly above recent run rates, and we now expect the division to deliver profit marginally above last year's performance and our expectations.
· Bertrams total revenues continue to grow at c10% driven by growth in Wordery. However, the ongoing mix of lower margin categories, price competiveness and delays in realising the benefits from investments to drive long term growth will result in profits being below last year.
· The Consortium continues to perform in line with recent run rates and in line with expectations.
· Media continues to perform in line with expectations.
As a result underlying Group profit before tax for the first half is expected to be in line with the prior year.
There has been no change in the underlying financial condition of the Group since the year ended 31 August 2013 and the Group continues to operate well within its new bank facilities.
The Group will announce its interim results for the six months ended 28 February 2014 on 23 April 2014.
Note: The following definitions apply consistently throughout Smiths News PLC results
(1) Underlying profit before tax results exclude non-recurring items.
(2)Like for like revenues exclude the impact of gains and losses, including contracts, new business and acquisitions reported in the current or prior year total sales.
Enquiries:
Smiths News PLC |
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Mark Cashmore, Group Chief Executive | Tel: 01793 563641 |
Nick Gresham, Chief Financial Officer |
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Buchanan |
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Jeremy Garcia / Gabriella Clinkard | Tel: 020 7466 5000 |
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.
The Consortium supplies consumable products to approximately 30,000 customers across the education and care markets. The Consortium is a leading UK distributor with an approximate 5% share in a growing and fragmented market.