Smiths News has posted bumper sales and profits after picking up business from the now-defunct Dawson News.

Pre-tax profits jumped 43% to £15.3m in the six months to 28 February, on sales up 50.9% to £919.8m, the newspaper and magazine wholesaler said.

Smith won contracts worth more than £450m and snapped up 20 depots when rival wholesaler Dawson News collapsed last year.

"The contract awards of 2009, together with recent regional press gains, have substantially increased revenues,” said CEO Mark Cashmore.

“Smiths News remains firmly on target to exceed market expectations for the current financial year.”

The wholesaler also announced the appointment of chief financial officer Nick Gresham. Gresham, who will join from DIY retailer Homebase, replaces Alan Humphrey, who is retiring.

Read more
Dawson demise helps Menzies to a ‘stellar year’ (13 March 2010)
Humphrey to retire from Smiths News (6 March 2010)
Smiths enjoys Dawson gains but like-for-likes dip (15 January 2010)
Profits down at wholesaler Smiths News (22 October 2009)