14th Jan 2015 09:14
LONDON (Alliance News) - Distribution company Connect Group PLC on Wednesday said its performance in the 19 weeks to January 10 was in line with expectations, despite a fall in revenue over the period.
Connect, the former Smiths News PLC, said its revenue for the period was down 1.5%, broadly in line with its expectations.
News revenue was down 1.8% and like-for-like revenue was down 2.8%, as newspaper and magazine performance continued in line with recent run rates. Media revenue increased by 5.2%, with like-for-like revenue rising 0.4%.
Books revenue was down 1.2% owing to an increased focus on more-profitable contracts as part of a turnaround plan. Like-for-like revenue was up 1.8%.
Education & Care revenue fell 2%, and like-for-like revenue was down 1.2%, as its education and early years business outperformed the care channel.
Parcel Freight, formed via the acquisition of Tufnells Parcels Express in December, has started well and its performance over the festive period was in line with Connect's expectations.
Connect shares were down 2.0% to 143.375 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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