Smiths News PLC announces 2023 Interim Results

Published On: Wednesday, 3 May, 2023Categories: News
Today, Smiths News PLC announced its interim results for 2023.

Over the last 12 months, our core sales have benefitted from strong cover price rises across the newspaper sector; we see this as a consequence of inflationary pressures rather than a structural change in the market. Revenue and volumes are expected to return towards historic trends in the second half. We are confident, however, that with our continued focus on efficiency and close management of costs, the business remains on track to meet market expectations for the full year. As a result, the Board has the confidence to reiterate its intention to pay £10.0m in total dividends for this financial year, the maximum payable under existing banking facilities.

Jonathan Bunting, Chief Executive Officer, commented:
“This is a pleasing first half performance, founded on the hard work and focused strategy of the last three years. Our results have benefitted from strong revenues but are equally a consequence of robust cost management and the securing of efficiencies that can be sustained over time. Smiths News generates strong and predictable cash flows as demonstrated by a further year-on-year reduction in net debt. The business is on-track to meet expectations for the full year and with 65% of publisher contract revenues secured to 2029, we can look ahead with confidence.”

2023

Interim results 03.05.23
Press release
Presentation
Webcast

Share this news article