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 Jonathan Bunting, Chief Executive Officer Paul Baker, Chief Financial Officer |
Via Buchanan |
| www.corporate.smithsnews.co.uk
| |
| Buchanan Richard Oldworth / Jamie Hooper / Toto Berger smithsnews@buchanan.uk.com |
020 7466 5000 |
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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