Smiths News, the Swindon-based newspaper, magazine and book wholesaler, today revealed that its revenues decreased by 5.5 per cent between September 1 and January 8 as it suffered a decline in its publications delivery business.
The group, which is also holding its AGM today at its Wakefield House head office, said it is making good progress on its key objectives for 2010/11, including cost-saving initiatives and remains on track to deliver pre-tax profits growth for the full year in line with market consensus.
Newspaper revenues continue to decline but at a slower rate than magazines where the market remains weaker, the group said it an interim management statement ahead of the AGM.
However, it said it continued to win new regional press contracts and has recently announced new annualised business worth £7m with additional contracts in the pipeline.
Revenues at Bertrams, the book wholesaler it bought in 2009, fell 2.9 per cent on a like-for-like basis. While the international market continues to grow year-on-year, the UK retail and library markets have been more difficult, it said.
Smiths News, which demerged from parent WH Smith in 2006, will announce its interim results for the six months to February 28, 2010, on April 13.
