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Trading statements

Connect in line with expectations

24 July 2017 09:25

Connect Group said its overall performance for the 45 weeks to 15 July continued to be in line with expectations with a stronger second half from News & Media offsetting softer trading in Parcel Freight.

Group revenue for continuing operations totalled £1,497.5m - 1.3% down on a year ago with the anticipated decline of newspaper and magazine sales outweighing revenue growth in other markets.

The sale of the group's Education & Care division to RM plc completed on 30 June, for a cash consideration of £56.5m, delivering an internal rate of return of 10% over the lifetime of ownership.

The group said the disposal was a milestone in its strategy to focus future investment on core operations, facilitating the transition to becoming an integrated specialist distribution business.

At 9:25am: (LON:CNCT) Connect Group PLC share price was +0.63p at 105.88p

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