4th Jul 2018 09:52
LONDON (Alliance News) - Connect Group PLC said Wednesday it renewed a long-term contract with newspaper owner News Corp UK & Ireland Ltd, known as News UK, securing annual revenue of GBP200 million.
The contract confirms the company's core division, newspaper and magazine distributor Smiths News' current distribution territories within the UK until July 2024.
Chief Executive Officer Mark Cashmore said: "We are delighted to confirm this significant publisher agreement for our newspaper and magazine distribution business.
"Visibility of future revenues underpins the ability of Smiths News to continue to deliver strong profits and cash. The contract is good news for the supply chain as a whole and positions the Group well to secure a similar outcome with our other publisher partners".
Connect Group shares were 5.4% higher at 31.30 pence each on Wednesday.
Related Shares:
CNCT.L