UK's Smith News tops FTSE Small Cap gains on annual profit jump

Smiths News

08/11/2023 08:20

** Shares of Smith News  SNWS.L  rise 5% to 51.4p; stock top
pct gainer on FTSE Small Cap  .FTSC  index
    ** UK's largest wholesaler of newspapers and magazines
reports 14% jump in FY profit before tax at 31.8 mln pounds 
($39 mln)
    ** Co says business delivered good performance exceeding
market expectations, despite wider economic uncertainty and
continued inflationary pressures
    ** SNWS says it is making progress on all key metrics,
including accelerated renewal of its publisher contracts
    ** Adds new financial year has started well and cost
reduction initiatives are well underway
    ** Including session's gains, stock up 6% YTD


($1 = 0.8151 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))