Interim Management Statement

RNS Number : 5339V

Smiths News PLC

15 January 2013

 



For Immediate Release

15 January 2013

Smiths News PLC

INTERIM MANAGEMENT STATEMENT

Smiths News PLC ("the Group"), the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading specialist distributor of consumable products to the education market, is today issuing its Interim Management Statement covering the 19 week period to 12 January 2013.

The Group remains on track to deliver strong growth in underlying profit before tax for the year to 31 August 2013, in line with market consensus.

Total Group revenues increased 2.0% year on year, boosted by contribution from the acquisition of The Consortium in April 2012. The performance of each business unit is as follows;

·     Smiths News total revenues declined by 1.9% and by 4.7% on a like for like basis.

Both newspaper and magazine performance is broadly in line with recent run rates and with expectations.

·     Bertrams total revenues increased by 4.4% and by 1.5% on a like for like basis.

UK wholesale print revenues were broadly in line with last year, combined UK public and academic library revenues were marginally down, international revenues were up and digital revenues continued to grow strongly.

·     The Consortium total revenues increased by 5.0% and by 5.1% on a like for like basis.

Education performed strongly.

·     Media and Marketing total revenues declined by1.5% and increased by 0.5%on a like for like basis.

There has been no change in the underlying financial condition of the Group since the year ended 31 August 2012 and the Group continues to operate well within its bank facilities.

The Group will announce its interim results for the six months ending 28 February 2013 on 17 April 2013.

Note:  The following definitions apply consistently throughout Smiths News PLC results

            (1) Underlying profit before tax results exclude non-recurring items.

            (2) Like-for-like revenue growth in Smiths News excludes newspaper and magazine contract gains and losses during the year and the annualised impact of gains and losses in the prior year. It also excludes revenues for part-works and one-shots. Like-for-like revenue growth in Bertrams excludes new sales channels and the results of acquired businesses in the year. Like-for-like  revenue growth in the Consortium excludes the impact of gains and losses in the prior year. Like for like revenue growth in Media and Marketing excludes liquidated titles.

Enquiries:

Smiths News PLC Mark Cashmore, Group Chief Executive Nick Gresham, Chief Financial Officer	01793 563641
Buchanan Jeremy Garcia / Gabriella Clinkard	020 7466 5000

About Smiths News PLC:

Smiths News PLC comprises Smiths News, the UK's leading wholesaler of newspapers and magazines, Bertram Books, a leading UK book wholesaler and The Consortium, a leading independent distributor of consumable products to the education and care markets.

Smiths News distributes newspapers and magazines on behalf of all the major national publishers as well as a large number of regional publishers. The business serves approximately 30,000 customers across England and Wales, supplying large general retailers as well as smaller independent newsagents. Smiths News has an approximate 55% share of the newspaper and magazine wholesaling market in the UK. In addition to its distribution activities, Smiths News collects and processes returns, supplies sales information to publishers and provides a range of services for its retail customers.

Bertram Books supplies books to a mix of independent booksellers, on-line and multiple retailers, and libraries. Bertrams is a leading supplier of consumer and academic books in the UK and a growing player in international, digital and B2C markets.

In April 2012 the company acquired The Consortium. The Consortium is the UK's leading distributor of educational and care consumable products servicing 30,000 customers. The business has a 6% market share in large and growing markets.

 

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