Smiths News Remains on Track for Fiscal 2024 Performance
Smiths News announces its strong performance and market presence through contract renewals and new awards, ensuring growth and stability for fiscal 2024. CEO Jonathan Bunting expresses satisfaction with the positive start to the year.
Troy D. Hanson
January 31, 2024
Smiths News, the U.K. wholesaler of newspapers and magazines, has announced that its performance for fiscal 2024 is in line with market expectations. The company has successfully secured contract renewals and acquired new awards, ensuring continued growth and stability.
Contract renewals have been secured across 74% of Smiths News' current publisher revenue streams, extending these agreements to at least 2029. Furthermore, the company has successfully secured additional national and regional contracts, further bolstering its market presence.
For fiscal 2024, the adjusted operating profit consensus stands at £38.1 million ($48.4 million), with an adjusted pretax profit of GBP32.3 million. Both figures have been sourced from the company's official website.
Jonathan Bunting, the Chief Executive Officer, expressed his satisfaction with the positive start to 2024, reiterating the group's commitment to achieving financial results that align with market expectations for the year.
Smiths News continues to cement its position in the industry, providing wholesale distribution services for newspapers and magazines across the U.K. The company's strong performance and ability to secure renewals and awards highlight its commitment to staying at the forefront of the market.