Connect Group's adjusted pre-tax profits fell to £48.0m in the year to the end of August - down from a restated £50.4m last time.
Revenues of £1,594.3m were down 3.1%.
On a statutory basis, pre-tax profits fell by 2.8% to £34.2m.
The group declared a dividend of 9.8p per share - up 3.2%.
Chief executive Mark Cashmore said: 'In what has been a challenging year, we have concurrently managed a period of tough trading while refocusing our strategy, restructuring our leadership, and disposing of the Education & Care division.
'A two-year transformation programme is underway, centred on a comprehensive integration of our core businesses, extending from leadership and central services through to the network and frontline delivery.
'We are now wholly focused on opportunities in Early Distribution and Mixed Freight - and we are moving at pace with a transformation programme, to deliver a combination of efficiencies, service and organic sales that will underpin growth.'