Newspaper and magazine wholesaler Menzies Distribution has reported flat full-year sales and profits.

Turnover slipped from £1.338bn to £1.337bn in the year to 31 December, while profits were flat at £28.8m. Underlying newspaper volumes fell 8% but the decline was 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.