Menzies Distribution has posted a 3.7% fall in half-year turnover, as newspaper and magazine sales continue to decline.
The distributor said turnover for the six months to 30 June stood at £648.2m, down from £673m for the equivalent period last year. But operating profits improved by 2.2% to £14m.
In the newspaper market, Menzies said volume declines had been offset by 12 titles increasing their cover prices during the period.
Sales of monthly magazines were down 4.4%, while weekly titles fell 8.4%. Despite that, Menzies said both sectors were “slightly boosted” by Jubilee-related products.
“Menzies Distribution again produced a stable performance,” said chairman Iain Napier.
“The evolution of the business model continued with a further rationalisation of the branch network. Operating profits were up on the previous period following strong newspaper cover price growth and excellent control of costs.”