October 26, 2017 / 6:44 AM / 2 months ago

Connect Group sees return to growth in 2018; to cut jobs

Oct 26 (Reuters) - Connect Group Plc, a newspaper distributor and parcel delivery company, on Thursday said it expected to return to growth in 2018 as it restructures its core units.

The company also said it would cut 340 jobs, about 6 percent of its workforce, in 2018 as it looks to integrate its businesses.

Connect reported a 3.1 percent fall in full-year adjusted revenue to 1.59 billion pounds ($2.11 billion). Adjusted pretax profit for the year fell 4.6 percent to 48 million pounds.

The company also issued a 3.1 percent higher final dividend of 6.7 pence, taking the full-year dividend to 9.8 pence, a rise of 3.2 percent.

$1 = 0.7544 pounds Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair

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