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STOCKS NEWS EUROPE- Smiths News rises on higher full-year profit

Reuters - UK Focus

Shares in Smiths News Plc (LSE: NWS.L - news) rise as much as 11 percent after it reports a higher full-year profit and says it remains on track to achieve 50 percent of its profit outside of newspapers and magazines by 2016.

Smiths News, UK's largest newspaper and magazine distributor, says full-year pretax profit grew 11.6 percent to 53 million pounds.

Liberum Capital analyst William Shirley in a note says that "cost cutting, organic growth in Education & Care, a deleveraging balance sheet (and) diversifying revenue streams... justify our buy."

The brokerage increases its target price on the stock to 220 pence from 203 pence.

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Reuters messaging rm://aashika.jain.thomsonreuters.com@reuters.net