Magazines to play smaller part in profit of UK's largest newsstand distributor

The largest distributor of magazines in the UK, Smith News Plc (better known popularly as W H Smith, a high street mainstay) reports that is intends to reduce its dependence on newspaper and magazine distribution, though it accounted for three-quarters of its operating profit in fiscal 2012. 
According to a story from Reuters, Smiths said it expected that half of its profit by 2016 will come from books and educational supplies. The news sent its share price up as much as 8 per cent.
The company's diversification strategy is similar to that of rival John Menzies Plc (MNZS.L), which receives most of its profit from aviation support services, said the story. Smiths' newspaper and magazine business slipped 4.3 per cent last year, mainly because of poor magazine sales.