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Print media wholesaler Smiths News has reported performance ahead of expectations following 'trading resilience' throughout the UK's lockdown period.
In its audited preliminary results announcement for the 12 months to 29 August, Smiths said its adjusted profit before tax fell by 25.8% year on year to £27.9 million.
Revenue declined by 10.7% to £1.2bn, while net debt rose by 7.6% to £79.5 million.
CEO Jonathan Bunting said: 'Despite uniquely challenging circumstances we have returned a strong performance by meeting all our strategic objectives, resetting our business to focus on its core strengths and deliver value for our stakeholders.
'Inevitably, our financial results were impacted by COVID-19 but we have seen a gradual recovery with good momentum in the last quarter, demonstrating the resilience of our markets, our business model and our people.'
At 1:29pm: (LON:SNWS) share price was -2.1p at 26.9p