Smith on course for 'top end' profit rise

Shares in the newspapers and books distributor Smith News jumped more than 5 per cent yesterday as it said annual profits in the year to August should be at the top end of expectations.

Book sales are up by a third, helped by its acquisition of the educational goods supplier The Consortium, and newspaper cover price rises had "largely offset" falls in circulation. Total revenues for the 44 weeks to 7 July rose 3.3 per cent.

Liberum Capital raised its profit forecast for Smith by 4 per cent.