Several newsagents have sent me the GNS annual report for the year to June 30, 2020. It details a decline in revenue and an increase in losses.
With all newsagents remaining open through Covid and many doing so well that they did not qualify for JobKeeper, it is surprising to see the extent of the GNS losses. But … the business is going through realignment so time may show these results to be transitory.
The note in the annual report about the reduction in the number of newsagencies cited as a material risk needs to be noted:
For what it’s worth, I think the company continues fail on the technology front. Smarter and more modern engagement with retailers, including newsagents could reduce leakage to other suppliers, increase purchase, and provide data that can be leveraged to help newsagents increase stationery sales.