Smiths News Plc · LSE:SNWS
Smiths News — FY2025 Earnings Presentation
22 slides from Smiths News's earnings presentation, November 2025
Slide 1: Full Year Results
Full Year Results November 2025
Slide 2: Headlines
Headlines Jon Bunting Chief Executive Officer
Slide 3: Headlines
Headlines ⚫ Strong performance across FY2025, underpinned by solid news and magazines performance and excellent collectables demand Operating profit ahead of market expectations ⚫ Operating profit of £39.1m, exceeding market expectations, largely driven by collectables largely driven by ⚫ 16% growth
Slide 4: Financial Performance
Financial Performance Paul Baker Chief Financial Officer 4
Slide 5: Financial summary
Financial summary Adjusted Operating Profit 52 week Adjusted (£m) 2025 2024 Variance FY2025: Ahead of expectation, comparative collectables and cost reduction Revenue 1,064.0 1,103.7 (3.6%) (1.7%) FY2024: Benefit of 53rd week £0.9m Adjusted operating profit 39.1 39.1 - 2.4% Free Cash Flow Adjusted p
Slide 6: Revenue
Revenue Reported 52 weeks vs 52 weeks -3.6% -1.7% Collectables New Verticals Newspapers & Magazines (c.90% of revenue) +17% +16% -3.3% 6
Slide 7: Collectables
Collectables Collectables last 5 years 50 40 30 £m 20 10 - 2020 2021 2022 2023 2024 2025 • Category development since 2020 • Pokémon driving increases in 2023 and 2025 • Premier League collections also growing 7
Slide 8: Adjusted income statement
Adjusted income statement 2025 2024 52 week Adjusted operating profit Adjusted (£m) comparative £0.9m higher (52-week basis) Revenue 1,064.0 1,103.7 1,082.9 Driven by collectables Operating profit 39.1 39.1 38.2 Operating margin 3.7% 3.5% 3.5% Net finance charges £2.6m Net finance charges (3.3) (5.9
Slide 9: Free cash flow
Free cash flow £m 2025 2024 Free cash flow £36.1m inflow Operating profit 39.1 39.1 One-off income items £6.9m Depreciation and amortisation 9.5 8.5 Working capital timing benefits EBITDA 48.6 47.6 Working capital 4.1 (17.0) Investment spend on track Capital expenditure (4.5) (4.4) Three-year progra
Slide 10: Dividends
Dividends Dividends of £38m Dividends declared / proposed 10 declared or proposed 10.0p since refinancing in May 2024 8.0p £7m ORD at 2x cover 6.0p £5m FY2025: 5.55p 4.0p £14m FY2024: 5.15p £12m 2.0p £10m £10m £4m Special dividend FY25 0.0p supported by one-off FY21 FY22 FY23 FY24 FY25 inflows Ordin
Slide 11: Jon Bunting
Jon Bunting Chief Executive Officer
Slide 12: Proactive trading and significant demand driving buoyant collectables market
⚫ Consistently good performance of news and magazines vertical, against a backdrop of long-term market decline, which Proactive trading and remains in line with internal expectations significant demand driving buoyant collectables market ⚫ Long-term revenue visibility – 93% of revenues secured to 20
Slide 13: Recycling services growth
⚫ Growing demand for services, with volumes having increased by 49% to 2,550 tonnes ⚫ Trial to extend services to new customers along existing routes ⚫ Appointment of Managing Director of Recycle, Adam Wylie ⚫ Continue to evolve our strategy and develop new market opportunities, including the use of
Slide 14: Leveraging core competencies – warehousing and early morning deliveries
⚫ Leveraging core competencies – warehousing and early morning deliveries to broaden product distribution ⚫ Delivery of books, home entertainment and other items to leading national supermarket chains ⚫ Investment in warehouse management system has enabled the consolidation of activities, leading to
Slide 15: Early morning final mile delivery
⚫ Experience and network means Smiths News is well positioned to offer early morning final mile delivery in specific end markets ⚫ Completed a small-scale trial to deliver specialist engineering parts for an engineering and manufacturing supplier ⚫ Post-period end, awarded a multi-year contract for
Slide 16: Supply chain solutions for early morning field engineering spares
Supply chain solutions for early morning field engineering spares Cross dock and/or collection Client 1 Forward stock location and/or in boot delivery Client 2 Lockers Client 3 PUDO Client 4 16
Slide 17: Three-year internal investment programme
Three-year internal investment programme ⚫ Investment programme commenced – investing an additional £6.0m over three years to FY2027 to future proof the business ⚫ Seeking to optimise warehouse operations, enhance capabilities and deliver efficiencies ⚫ Successful implementation of new warehouse man
Slide 18: Outlook
Outlook ⚫ Resilience in news and magazines business alongside operating efficiencies ⚫ Ongoing strength in collectables market across FY2026, driven by one-off football and Pokémon events ⚫ New verticals will continue to diversify the business, broadening revenue and profit streams ⚫ Cost out progra
Slide 19: Any questions?
Any questions? 19
Slide 20: Our vision, purpose and capabilities
our vision To consolidate our position as one of the UK’s leading providers of early morning end to end supply chain solutions our purpose Making our customers’ lives easier and more profitable. We provide supply chain solutions that enable them to focus on what they do best. our capabilities Proven
Slide 21: Cautionary statement
Cautionary statement This document contains certain forward-looking statements with respect to Smiths News plc’s financial condition, its results of operations and businesses, strategy, plans, objectives and performance. Words such as ‘anticipates’, ‘expects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’
Slide 22: Smiths
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