(Reuters) – British newspaper and magazine distributor Smiths News Plc (SNWS.L) said on Thursday its revenue for the 19 weeks to July 10 rose 37.7 percent, helped by the acquisition of book wholesaler Bertrams and contracts received in 2009.
However, the company said newspaper like-for-like sales fell 4.5 percent, partly due to promotional price discounting by the tabloids, while magazine like-for-like revenue was down 1.6 percent.
Smiths News expects the relocation of Bertram Library Services to Norwich from its existing site in Leeds to be completed early in the next financial year. This will reduce costs, it said.
The company. which continued to trade in line with expectations, also said it was operating well within its bank facilities.
Smiths News shares closed at 111 pence on Wednesday on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Vinu Pilakkott)