Smiths News boosted by purchases

Smiths News said it expects profits this year to be at the top end of market expectations after it was boosted by acquisitions.

Total group revenues for the 44 weeks to 7 July increased 3.3% year-on-year, lifted by contributions from recent purchases Dawson Books and The Consortium, a supplier of educational products.

Smiths News revenues declined by 4.1% on a like for like basis, with increasing cover price supporting newspaper performance and largely offsetting volume declines.

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Revenues at the Norfolk-based book supplier Bertram increased 32.5%, including Dawson Books, and by 4.3% on a like-for-like basis.

Both UK wholesale and international were trading marginally above last year with library services continuing to trade well above last year, the firm said.

The Consortium has traded in line with management expectations with revenues for the 11 weeks post acquisition 7.2% above last year, it added.