Smiths News on track for strong growth in 2012

MAGAZINE, book and newspaper distributor Smiths News said yesterday it was on track for strong profit growth in 2012, despite sales of print books disappointing over Christmas.

Revenue at the group have increased 1.9 per cent year-on-year since September, with sales boosted by the recent acquisition of Dawson Books, Dawson Media Direct and Dawson Marketing Services.

Smiths News said “a good start to the trading period was softened by more difficult Christmas trading”, with chief executive Mark Cashmore saying the consumer shift to reading newspapers and magazines on tablet devices.

Shares in the group rose on the news, closing up 1.95 per cent at 78.5p yesterday.