Smiths News will start developing new “profit streams” this summer, according to chief executive Jon Bunting.
In an interview for investors published late last year and seen by betterRetailing, the wholesaler said it was approaching the start of the third and final phase of its turnaround plan.
The first phase was to offload non-newstrade divisions of its business. The second ongoing stage is to pay down the firm’s debts and the third stage will be to add new products or services.
In a sign of when the company’s phase three focus on new products and services could begin, Bunting said Smiths News’ target to reduce its debt to earnings ratio to 1:1 was a year off schedule, and could be completed as early as summer 2022.
Smiths News reaffirms priorities for this year
Commenting on plans to expand Smiths News once phase two is complete, the CEO said it would be “how we can use the assets and capabilities we have in the business differently to try to attract different profit streams”.
There will also be improvements ahead for Smiths News customers later this year. Smiths News director of customer experience Mark McConnell told betterRetailing: “We do have some further SNapp enhancements planned for later in the year.
“These will support our existing SNapp users in managing their everyday checks on deliveries and returns – and will help to encourage others to sign up to SNapp, too.”
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