Smith News sees PTP growth

Smiths News, the largest UK newspaper and magazine wholesaler, remains on track to deliver strong growth in pre-tax profits for the year to 31 August 2012, in line with market consensus.

During the 18 week period to 7 January 2012 revenues increased 1.9% year on year, boosted by contributions from the newly acquired Dawson Books, Dawson Media Direct and Dawson Marketing Services divisions.

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However, Smiths News' revenues declined 3.2% on a like-for-like (LFL) basis, although this is an improvement on recent run rates and compares with a decline of 3.5% for the second half 2010/11. Newspaper performance has been stronger in the period as a result of cover price increases, with magazine performance broadly in line.

Bertrams' revenues declined 0.6% on a LFL basis, also an improvement on the most recent run rate decline of 1.4% for the second half 2010/11. A good start to the period in question was softened by more difficult Christmas trading, the firm added.

The share price rose 3.25% to 79.5p by 13:06.

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