Newspaper and magazine distributor Smiths News has reported a 14.3 per cent rise in profits, in its first half-year figures since demerging from WH Smith.
The company, which delivers more than 60 million publications to 22,000 retailers across the UK, reported pre-tax profits for the six months to February 28 of £15.2 million.
The group separated from WH Smith last August in a bid to work more effectively with other retailers which viewed the operation as being part of a competitor.
Despite admitting trading conditions were challenging, Smiths said revenues for the half year were up 4.5 per cent to £615 million boosted by contract gains. Operating profits rose 13.5 per cent to £17.6 million. It said newspaper cover price rises had helped offset continued circulation decline but said the magazine market remained challenging.
Chief executive Mark Cashmore said: "Despite tough trading conditions, we have produced growth in underlying profitability and cash generation."
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