Connect Books' sales increase 4.8%

Connect Books' sales increase 4.8%

Connect Books increased like-for-like revenues by 4.8% in the 44 weeks to 2nd July.

The book wholesaler said "continuing tough" conditions in UK libraries were partially offset by the growth of online retailer Wordery and a good performance in its wholesale arm, to achieve the sales hike.

In all, total revenues increased by 1.1% in the division.

Connect Books’ parent company Connect Group PLC, which also owns education, care, news and media businesses, increased total group revenue s by 2.1% compared to the same period last year. Group revenues, however, decreased 0.9% on a like-for-like basis.  

In a trading update, the company said: “Whilst it is too early to make a medium term forecast of the implications from the recent UK vote to leave the European Union, the group as a whole is predominantly UK centric and operates in large and resilient markets, with strong levels of free cash flow. Despite market volatility and uncertainty, forecasts remain in line with market expectations.”

The Connect Group will report its preliminary results for the 12 months ending 31st August 2016 on 18th October 2016.