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Smiths News PLC announced on 18 September 2024 a new long-term contract renewal with the Financial Times. This agreement secures all of Smiths News' current distribution territories in the UK for the Financial Times. Including this renewal, Smiths News has now secured agreements representing 75% of its current newspaper and magazine revenues on long-term agreements, with contracted revenues extending to 2029.
| Date | 18 Sept 2024 |
| Time | 07:00:10 |
| Category | Miscellaneous |
| ID | 5661E |
18 September 2024
Smiths News PLC
("Smiths News")
Contract Renewal with Financial Times
Smiths News (LSE: SNWS), the leading distributor of newspapers, magazines and ancillary services to retailers across the UK, is pleased to announce that it has successfully secured a new long-term contract with the Financial Times.
The new agreement secures all of Smiths News' current distribution territories in the UK with the Financial Times.
Together with other recently announced contract awards, Smiths News has now renewed agreements representing 75% of its current newspaper and magazine revenues on long-term agreements.
Jon Bunting, Chief Executive Officer of Smiths News, commented:
"We are delighted to confirm this new agreement with the Financial Times, which builds on our previously announced contract wins successfully securing contracted revenues with publishers through to 2029. Contract discussions for the remaining newspaper contracts are continuing to progress well and we remain confident that we will reach similar agreements in due course. Securing our publisher contracts underpins the long-term sustainability of the business and provides the platform for continued investment and future growth in line with our capital allocation policy."
For further information, please contact:
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Smiths News PLC Jonathan Bunting, Chief Executive Officer Paul Baker, Chief Financial Officer
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via Vigo Consulting |
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Vigo Consulting Jeremy Garcia / Fiona Hetherington / Verity Snow
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Tel: +44 (0) 20 7390 0230 |
About Smiths News
For over 200 years, Smiths News has been delivering newspapers to retailers across the UK. It distributes newspapers, magazines and ancillary items on behalf of the major national and regional publishers, delivering to approximately 23,000 customers across England and Wales on a daily basis. The speed of turnaround and the density of Smiths News' coverage is critical to Smiths News' position as a leading UK provider of early morning end-to-end supply chain solutions.
For more information, please visit: www.smithsnews.co.uk
Person responsible for arranging release of this announcement:
Stuart Marriner, General Counsel & Company Secretary
Smiths News plc, Rowan House, Cherry Orchard North, Kembrey Park, Swindon SN2 8UH
Email: [email protected]