Contract Renewal with Financial Times
Smiths News renews long-term distribution contract with Financial Times, securing all current UK territories.
- Contracted revenues as percentage of current newspaper and magazine revenues 75%
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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."
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