Business
AGM and Interim Management St
AGM and Interim Management St.
About this update from Smiths News Plc
[{"type":"text","content":"\n RNS Number : 4608Z Smiths News PLC 14 January 2011 \n \n\nSmiths News PLC \nAGM and Interim Management Statement\n \n \nSmiths News PLC (\"the Group\"), the UK's leading wholesaler of newspapers, magazines and books, will today hold its AGM at Wakefield House Swindon.\n \nThis trading update covers the 19-week period (\"the period\") from 1 September 2010 to 8 January 2011 and constitutes the Group's Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules.\n \nThe Group is making good progress on its key objectives for 2010/11, including delivery of cost saving initiatives in both businesses. The Group remains on track to deliver growth in pre-tax profits for the full year in line with market consensus.\n \nDuring the period total Group revenues decreased by 5.5% compared to last year. \n \nAs expected, Smiths News revenues declined 5.7% on a like for like basis, which is in line with prior year run rates. Newspaper revenues continue to decline at a slower rate than magazines where the market remains weaker. The business continues to be awarded new regional press contracts, with £7m of new annualised business recently announced this year and with additional contracts in the pipeline.\n \nBertrams' revenues are down 2.9% on a like for like basis. Whilst the international market continues to grow year on year, the UK retail and library markets have been more difficult.\n \nThere has been no change in the underlying financial condition of the Group since the year ended 31 August 2010. The Group continues to operate well within its new bank facilities.\n \nThe Group will announce its interim results for the six months ending 28 February 2010 on 13 April 2011.\n \n \n \nEnquiries:\n\n\n\n\nSmiths News PLC\n\n\nTel: 01793 563641\n\n\n\n\nMark Cashmore, Group Chief Executive\n\n\n\n\n\n\n\nNick Gresham, Group Chief Financial Officer\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nBuchanan Communications\nJeremy Garcia / Mark Edwards\n\n\nTel: 020 7466 5000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \nAbout Smiths News PLC:\n \nSmiths News PLC comprises Smiths News, the UK's leading wholesaler of newspapers and magazines and Bertrams, a leading UK book wholesaler. \n \nSmiths ...