Newspaper distributor trading strongly despite tough conditions
Newspaper and magazine distributor Smiths News says that trading remains in line with market expectations.
The Swindon based business released a market update this morning.
As previously announced, the company secured contract renewals across 74% of its current publisher revenue streams to at least 2029, underpinning revenues in the medium-term, alongside continuing to secure additional national and regional contract awards.
In October Smiths News announced it had secured contracts for the distribution of the Midlands News Association regional press titles, and for newspaper distribution of News UK titles in the group’s existing London territories.
The six months to February 2023 benefitted from a number of one-off events that had a positive impact on sales, including the World Cup and the state funeral of the Queen.
Smiths remain confident that revenues for the year will be in line with market expectations.
Chief executive Jonathan Bunting said: “I am pleased to confirm that 2024 has started positively, and the group remains on track to deliver financial results in line with market expectations for the year.
“Whilst we are cognisant of the ongoing financial pressure on consumers and the broader macro-economic outlook, our focus remains on securing and maximising revenue opportunities in our core newspaper and magazine distribution business, whilst exploring growth initiatives in adjacent areas that leverage on our existing capabilities and market presence.”
