Cash generation is the result of good fundamentals in underlying business despite a core market in long term decline

• Newspaper and Magazine publisher contracts – 93% of revenues and all operating territories secured until 2029
• Slow and predictable long term revenue decline c3%-5% per year
• Predictable volumes enable cost savings c£5m per year
• Low capital investment requirements

Growth profit streams delivering strong profit returns (FY23 £0.7m, FY24 £2.0m, FY25 £1.4m) giving capital appreciation potential

• Proven early morning capabilities in delivery and returns
• Utilisation of existing delivery contractor network and 34 warehouse locations

Clear and responsible capital allocation policy

• Maintain strong balance sheet (<1x leverage)
• Continued investment in news and magazines and organic growth
• Dividend 2x cover
• Disciplined approach to organic growth and bolt on acquisitions
• Further returns to shareholders when appropriate