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Smiths News PLC announced a special dividend on Tuesday, after annual results which landed ‘ahead of market expectations’. Shares in the company rose 6.7% to 60.80 pence per share in London on Tuesday morning. The wholesaler of newspapers and magazines announced it will pay a 2.0 pence per share special dividend, compared to no special payout the year prior. It also lifted its final dividend for the year to August 31 to 3.40p per share, a rise of 24% from 2.75p a year prior. Its total ordinary dividend amounted to 5.15p for the year, also an improvement of 24%, from 4.15p. Including the special dividend, its total payout amounted to 7.15p. The Swindon, England-based firm said pretax profit rose 7.2% to £34.1 million from £31.8 million. Revenue was 1.1% higher at £1.10 billion from £1.09 billion. The company said: ‘Trading performance was further bolstered by sales of collectables from England and Scotland’s participation in the men’s UEFA European Championships, and the additional benefit of a 53rd week in the reporting period,’ Adjusted pretax profit climbed 2.8% to £33.2 million from £32.3 million, beating market expectations of £32.7 million. ‘Our performance over FY 2024 reflects the resilience of our news and magazines business and impact of our cost efficiency initiatives. The refinancing agreement announced in May removes restrictions on shareholder returns and also enables internal investment to support both our news and magazines business and our growth plans,’ Chief Executive Officer Jonathan Bunting said. ‘Our growth programme is centred around Smiths News’s asset-light, flexible cost base and our established competencies across reverse logistics, warehousing and early morning final mile services. These position us well to drive profitability from complementary market opportunities in growth areas such as recycling, final mile and warehousing verticals.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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