Smiths News the Swindon-based newspaper, magazine and book distributor, today said it remained on track to deliver annual pre-tax profit growth in line with market forecasts.
Group revenues in the 19 weeks to July 9 declined by 2.8% on a like-for-like basis, it said in an interim management statement to shareholders, although sales of newspapers and magazines were given a boost by the Royal Wedding.
Revenues at Bertrams, its book wholesale business, fell by 7.5% on a like-for-like basis although recent trading has been stronger with like-for-like sales for the most recent 6-week period in line with last year.
Smiths News, which recently took fall control of independent book wholesaler Dawson in a £20m deal, will announce its preliminary results for the year ending August 31 on October 20.
It said there had been no change in the group’s underlying financial condition since the half year ended February 28 and it continued to operate well within its bank facilities. Last week it said the demise of News International's News of the World would have no material impact on its results.
