11 Feb 2019 07:00
Connect Group PLC
("the Group" or "Connect Group")
Smiths News agrees new long term contract with Reach PLC ("Reach")
Connect Group is pleased to announce that Smiths News has agreed a new long-term contract with Reach from October 2019 through to September 2024. The agreement secures annual revenues of circa £220m at current market values and encompasses all Smiths News' distribution territories
Reach's newspaper portfolio includes the Daily Mirror, Sunday Mirror, People, Daily Express, Daily Star, Sunday Express and Daily Star Sunday. The contract also covers Reach's regional press business and OK! magazine. In total, Reach accounts for approximately 25% of Smiths News' newspaper sales.
Jos Opdeweegh, Chief Executive Officer, commented:
"I am delighted that we have agreed a new contract with Reach. The accelerated renewal of Smiths News' contracts is a strategic priority and we have now secured approximatively 54% of our sales, including our largest newspaper and magazine partners. We are confident our remaining contracts can also be agreed, underpinning our plans for a sustainable recovery in the performance of the Group."
Enquiries:
Connect Group PLC Jos Opdeweegh, Chief Executive Officer Tony Grace, Chief Financial Officer |
01793 563641 |
www.connectgroupplc.com
| |
Buchanan Richard Oldworth / Jamie Hooper connect@buchanan.uk.com www.buchanan.uk.com |
020 7466 5000 |