Smiths News has insisted it remains on track to deliver pre-tax profits in line with expectations, despite a fall in sales.
The newstrade wholesaler said its revenues had fallen 2.8% on a like-for-like basis in the 19 weeks to 9 July – despite the boost of the Royal Wedding.
Sales in its Bertrams books business fell 7.5% during the period, but Smiths said recent trading had been “stronger, with like-for-like sales for the most recent six-week period being in line with last year”.
Last month Smiths revealed plans to buy the book-publishing arm of former rival Dawson News in a deal worth £20m.
Smiths stands up for carriage charge hike (2 July 2011)
Smiths News seal buyout of Dawson books business (7 June 2011)
Smiths News hunts takeover targets to diversify business (13 April 2011)