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Trading statements

Connect Group revenues up

05 July 2016 07:29

Connect Group's revenues for the 44 week period to 2 July increased 2.1% compared to the corresponding period last year, including a full period for Tuffnells this year versus 34 weeks last year.

On a like for like basis total Group revenues decreased 0.9%.

The performance of each division was as follows:

- Connect News & Media: total News revenues decreased by 2.3% and like for like revenues decreased by 3.8%, with both newspaper and magazine performance continuing broadly in line with recent run rates. Total Media revenues increased by 5.5% supported by new contract wins while like for like revenues increased by 3.5%.

- Connect Books: total revenues increased by 1.1% while like for like revenues, excluding completed contracts, increased by 4.8%. Continuing tough conditions in UK Libraries were partially offset by the continuing growth of Wordery and a good performance in Wholesale.

- Connect Education & Care: total and like for like revenues decreased by 3.3%. Core revenues also decreased by 2.4% with a good performance in Early Years being more than offset by tough conditions in Secondary Education.

- Connect Parcel Freight: on a comparable 44 week basis, total revenues increased by 10.2% driven by a continuation of strong market growth and new customer wins supported by the continued focus on service.

Connect says that while it is too early to make a medium term forecast of the implications from the recent UK vote to leave the European Union, the group as a whole is predominantly UK centric and operates in large and resilient markets, with strong levels of free cash flow. Despite market volatility and uncertainty, forecasts remain in line with market expectations.

Story provided by StockMarketWire.com

Related Company: CNCT

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