Interim figures from Smiths News (SNWS) were well received by the market, as a solid trading performance was combined with more positive news on the collectibles front, the latter driven by continued interest in UK football and Pokémon collections. With the Fifa World Cup starting next month, combined with the ongoing clamour over the 30th anniversary of Pokémon, we can realistically expect volumes to find support through the remainder of the year.
Management reiterated adjusted operating profit guidance of £37.2mn for FY2026, although first-half profits were 6 per cent adrift of the 2025 comparator at £18.3mn, a consequence of the “annualisation of national insurance contributions and ongoing investments in the cost base”.
