Newspaper wholesaler is boosted by Coronation and World Cup
Magazine and newspaper distributor Smiths News saw profits rise slightly to £38.8m last year.
The Swindon based business had revenues of just over £1bn and said in its preliminary results performance was ahead of expectations.
The business was boosted by strong cover prices, the World Cup and the coronation.
Smiths News has put in a cost reduction process to mitigate against the ongoing impact of inflation. As a result it made savings of £5.8m.
The company said it won new national and regional newspaper contracts worth an estimated £32m.
The firm said that despite the wider economic uncertainty and continued inflationary pressures, the business had delivered a good performance, exceeding market expectations while making progress on all key metrics, including the accelerated renewal of our publisher contracts.
The new financial year has started well. Cost reduction initiatives are well underway and progress continues to be made with the firm’s growth strategy.
Smiths News says it is confident of delivering results for the current financial year in line with market expectations.
Chief executive Jonathan Bunting said: “Smiths News has delivered another good performance against a challenging macro-economic backdrop.
“We have worked tirelessly to maintain service, find sustainable cost savings and secure new long-term publisher contracts. As a result, we are well placed to continue delivering reliable profits and cash, meeting the needs of all stakeholders, through a combination of market leadership, sound finances and exceptional people.”