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Smiths News adjusted profit falls; eyes dividend resumption later this year
StockMarketWire.com
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Newspaper and magazine distributor Smiths News booked a 12% fall in adjusted annual profit as the pandemic hit sales, but said it expected to resume its dividend later in the year.
Pre-tax profit for the six months through February actually more than doubled to £16.0 million, up from £6.7 million, due to impairment charges being booked in the previous year.
Adjusted pre-tax profit fell to £14.4 million, down from £16.3 million, as revenue slipped 12% to £551.6 million.
The company said it had returned 'a resilient performance' despite challenges in the wider economy and against a comparative period that pre-dated the pandemic.
'Our plans to deliver value by focusing on core operations and strengthening the company's financial base are firmly on track,' it said.
'Subject to current performance being maintained, the board expects to reintroduce the payment of a dividend later in the second half of the 2021 financial year.'
At 9:36am: (LON:SNWS) share price was 0p at 26.4p
Story provided by StockMarketWire.com
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