5th Jul 2016 07:05
LONDON (Alliance News) - Distribution company Connect Group PLC on Tuesday said total revenue grew in the 44 weeks to July 2, helped by the acquisition of Tufnells, but like-for-like revenue dipped.
Connect said revenue for the period was up 2.1% year-on year, helped by a full contribution from Tuffnells Parcels Express. On a like-for-like basis, however, revenue was down 0.9%.
Connect News & Media revenue slipped 2.3%, with both newspaper and magazine revenue continuing to fall. Revenue at Connect Books, however, rose 1.1%, with a good performance in the wholesale business and at online bookshop Wordery.
Connect Education & Care revenue fell 3.3%, hit by tough conditions in the secondary education segment, while Connect Parcel Freight revenue grew 10%, helped by good market growth and customer wins.
Connect Group said it was too early to make a medium-term prediction on the impact the UK's vote to leave the European Union will have on its business, but said its forecasts remain in line with market expectations at present.
By Sam Unsted; [email protected]; @SamUAtAlliance
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