Newspaper and magazine wholesaler Menzies Distribution has reported flat full-year sales and profits.
Turnover was largely static, down from £1.338bn to £1.337bn in the year to 31 December, while profits were flat at £28.8m.
Underlying newspaper volumes fell 8% during the year, but Menzies said the decline had been offset by strong cover price growth, which resulted in retail sales value declining by a relatively modest 2.2%. Magazine volumes fell 6%, with underlying sales value down 4.4%.
“Menzies Distribution, as planned, maintained profits by driving efficiencies through the business,” said Iain Napier, chairman of parent company John Menzies.
Meanwhile, Smiths News has opened a new depot in Birmingham. It will employ 160 staff picking around 2.2 million newspapers and 1.1 million magazines a week for more than 2,000 retailers.
“Once fully operational the new Birmingham depot will be a world-class facility capable of the highest standards of service and efficiency,” said chief executive Mark Cashmore. “The investment further demonstrates our industry leadership and commitment to the long term future of the newspaper and magazine supply chain.”