Smiths says News of the World closure will have "minimal impact"

Britain's biggest wholesaler of newspapers, magazines and books Smiths News said it expected "minimal financial impact" from the closure of the News of the World as readers switch to other titles.

News International said the weekly tabloid would be published for the last time on Sunday as a result of the phone hacking scandal which has triggered an exodus of advertisers from the title.

"Smiths News expects that a combination of significant buyer substitution and the group's flexible cost base will result in minimal financial impact," it said.

"The group remains confident it will deliver growth in pretax profits for the full year ending 31 August 2011 in line with market consensus," it added.