Newspaper and magazine sales continue to decline at Menzies Distribution.

The newstrade wholesaler’s full-year results, released this week, revealed like-for-like magazine sales fell 6% in the year to 31 December 2012, while newspaper sales were down 3% despite events such as the Queen’s Diamond Jubilee and the Olympics.

Weekly magazines were hardest hit, down 7%, which Menzies said was due to “fierce price-cutting activity”. Monthly magazine sales fell 5%.

However, although newspaper sales had fallen, sales were ahead of expectations due to cover price increases by publishers, Menzies said. The demise of the News of the World and launch of the Sun on Sunday had been “broadly neutral”, it added.

Overall sales fell 2.8% to £1.3bn, while profits were static at £28.8m.

“Menzies Distribution, with its strong market position and stable cash generation, provides stability to the group and it will continue to innovate and evolve the business model to mitigate declining sales,” said Iain Napier, chairman of parent company John Menzies.

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