Smiths News PLC touted price increases as it said that profit and revenue in financial year 2023 rose annually.

The Swindon, England-based newspaper and magazine distributor said it expected adjusted operating profit for the financial year to August 26 to rise by at least 0.5% to £38.3 million from £38.1 million a year prior.

Further, it said revenue has grown by 0.2% from £1.09 billion in financial 2022.

Meanwhile, the company expects to pay a final dividend of at least 2.7p per share for financial 2023, compared to 2.75p in financial 2022.

Chief Executive Officer Jonathan Bunting said: ‘In what has been a challenging period for the wider economy, our strategy of securing operational efficiencies, while enhancing core operations and developing adjacent revenues, has been central to mitigating the impacts of inflation. We remain focused on providing an excellent service to our industry partners and expect to continue delivering a consistent financial performance.’

Smiths News will release its annual results on November 8.

Smiths News shares rose 2.2% to 41.70 pence each on Wednesday morning in London.

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