Readers cutting back on mags

Readers are giving up their monthly magazines in the recession, latest figures reveal.

Smiths News, the UK's leading wholesaler and distributor of newspapers and magazines, warned of a declining magazine market as it told the City it would fall short of sales targets this year.

Reporting a 5% increase in profits to £32.5 million in the year to the end of August, Smiths said: "Magazines have performed less strongly.

"Weekly sales were flat whilst the monthly and partwork markets remain difficult."

Newspapers, said the company, are more than offsetting volume declines with price increases.

Chief executive Mark Cashmore said: "The general economic climate in the UK has impacted our business resulting in a 2% decline in total revenues for the three months to the end of September.