By Najat Kantouar
Smiths News has reported operating profit in line with views as a result of revenue growth due to increased one-off sales.
The U.K. wholesaler of newspapers and magazines said Wednesday that it expects adjusted operating profit for the year ended Aug. 26 to be at least 38.3 million pounds ($46.3 million), in line with market expectations.
Revenue rose by 0.2%, driven by strong cover price rises, and additional sales from the World Cup and one-off news events, the company said.
The board expects to recommend a final dividend for fiscal 2023 of no less than 2.7 pence for each ordinary share held.
“Our strategy of securing operational efficiencies, while enhancing core operations and developing adjacent revenues, has been central to mitigating the impacts of inflation,” Chief Executive Officer Jonathan Bunting said.
Write to Najat Kantouar at [email protected]
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