REG - Smiths News PLC - Trading Update

Smiths NewsAnnouncement

24/01/2023 07:00

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RNS Number : 6075N  Smiths News PLC  24 January 2023

24 January 2023

 

 

Smiths News plc

("the Company")

 

Trading Update

 

To coincide with its Annual General Meeting (being held today at 11:30am), the
Company is today issuing a trading update.

 

The Board is pleased to report that overall trading in FY2023 to date is in
line with market expectations. Revenues in the core business are ahead of
historical trends, supported by cover price increases. Inflation continues to
be managed in line with our business plan and sustainable efficiency savings
and operational cost controls are all collectively on track. The Board remains
confident in the Company's profit and cash generation.

 

Significant progress has been made to progress long-term publisher contract
renewals, with 46% of newspaper and magazine revenues now secured through to
2029.

 

Management continues to execute our strategy of enhancing core operations
while developing adjacent opportunities and moving up the value chain as
outlined in our preliminary financial results published on 9 November 2022.

 

Jonathan Bunting, Chief Executive Officer, said:

"We have entered 2023 with confidence that our plans will deliver sustained
profit and cash generation. The proposed final dividend of 2.75p payable in
February 2023 will reward our shareholders and demonstrate the strong cash
flow generation of the business.  I am grateful to our people who continue to
show exceptional dedication and capability. On behalf of the Board, I would
like to express my thanks for their essential contributions to our progress."

 

 

 

Enquiries:

 Smiths News PLC                                                   Via Buchanan

 Jonathan Bunting, Chief Executive Officer

 Paul Baker, Chief Financial Officer
 www.corporate.smithsnews.co.uk (http://www.smithsnews.co.uk)

 Buchanan

 Richard Oldworth / Jamie Hooper / Toto Berger                     020 7466 5000

 smithsnews (mailto:smithsnews@buchanan.uk.com) @buchanan.uk.com

 www.buchanan.uk.com (http://www.buchanan.uk.com/)

 

About Smiths News PLC

 

Smiths News PLC and its core business, Smiths News, is the UK's largest
newspaper and magazine wholesaler, with an approximate 55 per cent. market
share. It distributes newspapers and magazines on behalf of the major national
and regional publishers, delivering to approximately 24,000 customers across
England and Wales on a daily basis. The speed of turnaround and the density of
Smiths News' coverage is critical to one of the world's fastest physical
supply chains.

 

Ancillary businesses include: Dawson Media Direct (DMD) which supplies
airlines and travel points in the UK; and Instore, which offers field
marketing services to retailers and suppliers across the UK.

 

 

Person responsible for arranging release of this announcement:

Stuart Marriner, General Counsel & Company Secretary

Smiths News plc

Rowan House

Cherry Orchard North

Kembrey Park

Swindon

SN2 8UH

email: cosec@smithsnews.co.uk

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