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(Sharecast News) - Newspaper distributor Smiths News has inked a long-term contract renewal with the Financial Times.
Smiths News said on Wednesday that its new agreement secured all of its current distribution territories in the UK with the Financial Times. Financial terms of the deal were not disclosed.
The London-listed group also noted that together with other recently announced contract awards, it has now renewed agreements representing 75% of its current newspaper and magazine revenues on long-term agreements.
Chief executive Jon Bunting said: "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.
"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."
As of 0935 BST, Smiths News shares were up 1.28% at 57.73p.
Reporting by Iain Gilbert at Sharecast.com
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