13th Oct 2020 19:08
Connect Group PLC - distributor of newspapers, magazines, books and consumables - News wholesaler unit Smiths News has agreed a new five-year contract with Associated Newspapers, publisher of the Daily Mail, The Mail on Sunday and the i newspaper. The exclusive agreement encompasses all the existing distribution territories, securing annual revenues of about GBP175 million at current market values, accounting for 16% of Connect's sales.
"The company has now secured over 95% of total newspaper and magazine revenues under new long-term contracts until at least 2024, with the remaining revenues within Smiths News largely representing smaller publishers and operating on rolling agreements," Connect added.
Current stock price: 25.20 pence
Year-to-date change: down 30%
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.