Connect Group said its Smiths News unit agreed a new long-term contract with newspaper publisher Reach that secured annual revenues of around £220m at current market values.
The contract ran from October through to September 2024 and encompassed all of Smiths News' distribution territories.
'The accelerated renewal of Smiths News' contracts is a strategic priority and we have now secured approximatively 54% of our sales, including our largest newspaper and magazine partners,' chief executive Jos Opdeweegh said.
'We are confident our remaining contracts can also be agreed, underpinning our plans for a sustainable recovery in the performance of the group.'
At 2:55pm: (LON:CNCT) Connect Group PLC share price was +0.65p at 38.05p