Profits and revenues fall at Connect Group

Specialist distributors, books, education and news company Connect Group has reported its unaudited results for the financial year 2017, showing a 3.1% revenue drop across the business.

Revenues fell to £1.594bn while adjusted profit before tax fell by 4.6% to £48 million.

In a statement Mark Cashmore, Chief Executive Officer of Connect Group, 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.”

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