Smiths News PLC on Wednesday said that it has successfully secured a new long-term contract with the Financial Times.
Smiths News is a Swindon, England-based newspaper and magazine distributor.
According to the firm, this new agreement secures all of Smiths News’ current distribution territories in the UK with the Financial Times.
Alongside other new contract awards, Smiths News has now renewed agreements representing 75% of its current newspaper and magazine revenues on long-term agreements.
‘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,’ said Chief Executive Officer Jon Bunting.
‘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.’
Shares in Smiths News were trading 1.2% higher at 57.70 pence each in London on Wednesday afternoon.
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