(Sharecast News) - Newspaper and magazine distributor Smiths News said on Wednesday that full-year adjusted operating profits were expected to be at least £38.2m, in line with current market expectations.
Smiths News said moderate revenue growth of 1.1% was supported by additional sales volumes attributed to the men's UEFA European Championships, cover price inflation, ongoing traction from organic growth initiatives, and an additional week of trading in FY24.
The London-listed group also noted that management had continued to focus on operational efficiencies throughout FY24, delivering cost savings of £5.6m, in line with budgets, and said growth initiatives had delivered "an increasing contribution to profit", in line with expectations.
Smiths will report further on its performance and strategic progress in its FY24 results, which will be published on 5 November.
As of 0925 BST, Smiths shares were down 1.05% at 56.60p.
Reporting by Iain Gilbert at Sharecast.com