Highlights:
Group performance in line with management expectations
Adjusted revenue up 4.2%
Adjusted profit before tax up 13.0%, driven by post acquisition profits and growth in Parcel Freight
Adjusted EPS of 8.9p, up 3.5%
Strong free cash flow generating £18.0m, up 12.5%
The Group continues to make good progress on its strategic priorities
- Impressive revenue and profit growth in Parcel Freight
- Continued resilience in core News business
- Pass My Parcel growing customers, services and brand awareness
- E-commerce initiatives in Books and Education helping to offset currently challenging markets
Ongoing confidence in Group prospects reflected in DPS of 3.0p up 3.4%
Mark Cashmore, Group Chief Executive, commented:
"The Group has performed well in the first half, making pleasing progress with our strategic priorities. In particular, Parcel Freight has continued to deliver impressive revenue and profit growth, supported by the significant levels of new business secured in the period. The solid performance of the core News business is underpinned by resilient newspaper and magazine sales and Pass My Parcel is growing brand awareness following the launch of our new mobile enabled returns service with ASOS."
