Smiths News, the leading wholesaler of newspapers and magazines in the U.K., has announced that its performance for fiscal 2023 has exceeded market expectations. The company attributes its success to price rises and increased sales of collectables.
Strong Financial Results
For the year ended August 26, Smiths News reported a pretax profit of £31.8 million ($39.1 million), up from £27.9 million in the previous year. Revenue also saw a slight increase, rising to £1.091 billion from £1.089 billion. The company attributes this growth to key events such as the FIFA World Cup and the coronation of King Charles.
Despite economic uncertainty and ongoing inflationary pressures, Smiths News remains confident in its future prospects. The company stated that it has outperformed market expectations and made progress on all key metrics, including an accelerated renewal of publisher contracts.
The board of Smiths News has declared a dividend of 4.15 pence, which is consistent with the previous year.
Looking ahead to fiscal 2024, Smiths News expects its performance to align with market expectations. The company is implementing cost reduction initiatives and continuing to execute its growth strategy.