Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Smiths News trading in line with market expectations

(Sharecast News) - Newspaper and magazine distributor Smiths News said on Wednesday that trading for the year to the end of August 2024 remains in line with market expectations. In an update ahead of its annual general meeting, the company said that as previously announced, it has 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.

Last October, Smiths said it had secured contracts for the distribution of the Midlands News Association regional press titles, and for newspaper distribution of News UK titles in its existing London territories. All new contracts have begun and are fully integrated into the group's established UK footprint, it said.

Smiths said the six months to 25 February benefitted from a number of one-off events that had a positive impact on sales, including the 2022 FIFA World Cup and the State Funeral of Her Majesty the Queen.

"We remain confident that revenues for FY24 will be in line with market expectations, but we do not envisage repeat events of this quantum falling in the six months to 24 February 2024," it said.

Chief executive Jonathan Bunting said: "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."

Share this article

Related Sharecast Articles

Eli Lilly weight-loss drug 'significantly' reduces sleep apnoea
(Sharecast News) - Eli Lily's weight-loss drug tirzepatide has been shown to "significantly" reduce sleep apnoea severity, the US drugs giant said on Wednesday.
Royal Mail-owner rebuffs takeover approach
(Sharecast News) - Shares in International Distribution Services soared on Wednesday, after it emerged that Czech billionaire Daniel Kretinsky had made a takeover approach for the Royal Mail owner.
Just Eat shares drop as Q1 orders disappoint
(Sharecast News) - Shares in Just Eat dropped sharply on Wednesday after the food delivery marketplace delivered underwhelming order numbers for the first quarter, though revenue growth picked up sharply in the UK and Ireland.
Tekcapital's Innovative Eyewear inks deal with US firm
(Sharecast News) - Intellectual property investor Tekcapital announced a fresh development from its portfolio company Innovative Eyewear on Wednesday, as the latter launched a strategic partnership with Windsor Eyes, a prominent eyewear manufacturing and distribution firm.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.