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Trading statements

Connect Group like-for-like revenues rise

26 January 2017 14:19

Connect Group's revenues in the 20 weeks to 21 January increased 0.2% compared to the corresponding period a year ago while total like-for-like revenues increased 0.6%.

The group said the performance of each division was as follows:

- Connect News & Media: News total revenues decreased by 2.6%, and like for like revenues decreased by 2.3%.

Newspaper and magazine revenues were both in line with thew group's medium term expectations and the ongoing cost efficiency programme facilitates continued investment in Pass My Parcel.

Media total revenues increased by 8.7% while like for like revenues increased by 6.0%.

- Connect Parcel Freight: Total and like for like revenues both increased by 5.2% in the period.

The group said it continues to make a sizeable investment in the parcel freight division, to establish a platform for growth through sales leadership, customer service and operational excellence.

It said it anticipated a greater percentage of Tuffnells' full year profit to be generated in the second half than was the case last year.

- Connect Education & Care: Total and like-for-like revenues both decreased by 4.6%.

Core revenues decreased by 4.4% with increased revenues in Early Years being offset by difficult trading conditions in other markets.

- Connect Books: Total revenues increased by 14.3%, while like-for-like revenues increased by 15.1%.

Strong growth in Wholesale and Wordery was offset by continued difficult trading conditions in our higher margin library markets.

Separately the group also announced that all resolutions proposed at its annual general meeting today were passed.

At 2:19pm: (LON:CNCT) Connect Group PLC share price was -8.5p at 141.5p

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