PRE CLOSE STATEMENT
Smiths News PLC ("the Group"), the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading specialist distributor of consumable products to the education market, is today issuing its Pre close statement for the six months ended 28 February 2014.
· Smiths News newspaper and magazine revenue has continued to perform slightly above recent run rates, and we now expect the division to deliver profit marginally above last year's performance and our expectations.
· Bertrams total revenues continue to grow at c10% driven by growth in Wordery. However, the ongoing mix of lower margin categories, price competiveness and delays in realising the benefits from investments to drive long term growth will result in profits being below last year.
· The Consortium continues to perform in line with recent run rates and in line with expectations.
· Media continues to perform in line with expectations.
As a result underlying Group profit before tax for the first half is expected to be in line with the prior year.
There has been no change in the underlying financial condition of the Group since the year ended 31 August 2013 and the Group continues to operate well within its new bank facilities.
The Group will announce its interim results for the six months ended 28 February 2014 on 23 April 2014.