Smiths News shares rise as it secures new long-term contracts
Smiths News PLC on Friday announced that it has secured new long-term contracts, which it said further reinforced its long-term partnership with publishers and distributors.
The Swindon, England-based newspaper wholesaler said the contracts are with Frontline Ltd, which it said is the UK's largest magazine distributor, and Seymour Distribution Ltd, part of the Frontline Group and the UK's largest independent magazine distributor.
Smiths News said the agreements with the companies include an expansion of the distribution territories in which the company is appointed as the exclusive national wholesale distributor for Frontline and Seymour titles across all of Great Britain, effective from April 2030.
Further, they agreed an extension in the contract term of Smiths News's appointment through to April 2037.
The contracts are expected to represent an incremental uplift in Smiths News's revenue of £105 million per year across the expanded territories of Great Britain from April 2030. The Frontline and Seymour portfolios together account for over 60% of the UK magazine market, the firm said.
"The expansion and extension provide Smiths News with long-term visibility over volumes as well as improved commercial certainty," the company said.
The firm added that compared to its announcement in mid-June: "Guidance around the implementation costs, early-life transition costs, benefits of network expansion, as well as dividend and financing arrangements, remains unchanged."
Smiths News Chief Executive Officer Jonathan Bunting said: "We are delighted to announce our new contracts with both Frontline and Seymour, further reinforcing our long-term partnership with publishers and distributors, which ultimately maintains great service for millions of consumers across the UK.
"The new contracts continue to reinforce the importance of the printed magazine market which our business model has successfully evolved to support, building a sustainable, efficient and resilient route to market for the magazine category, while maintaining service continuity for publishers and retailers."
The company will publish its results for the financial year ending August 29 on November 4.
Smiths News shares rose 3.0% to 69.00 pence each on Friday afternoon in London.
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