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.
Trading performance of the Dawson businesses are in line with expectations and integration is progressing well, the firm said. Full year synergy benefits of £2.5m are on track.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
