Connect Group Fiscal Year Pretax Profit Rises, Partners With Amazon

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 [e-mail]; Twitter: @RoryGallivan

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