LONDON--Book and magazine distributor Connect Group PLC
(CNCT.LN) reported a rise in full year pretax profit and launched a
new delivery service in partnership with the online retailer
Amazon.com Inc. (AMZN).
The company Wednesday posted a pretax profit of 43.1 million
pounds ($69.3 million) for the year ended August 31, up from
GBP38.9 million the previous year on revenue that was up 0.1% at
GBP1.81 billion.
Recent trading is in line with current management expectations,
the company said.
"Whilst the Books division has had a disappointing year,
management actions have now stabilized performance," the company
said.
"We are particularly excited about Wednesday's announcement of
the launch of Pass My Parcel with Amazon, which leverages the core
skills of the business and supports our diversification strategy,"
he added.
Pass My Parcel will offer a twice daily distribution to
participating independent retail outlets, 7 days a week, 364 days a
year, said Connect Group.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
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