WH Smith Pretax Profit Fell on One-Offs Despite Revenue Growth From Travel

Dow Jones04-25

By Elena Vardon

WH Smith saw revenue growth from its travel division in the first half and is confident in its full-year outlook, after it reported a fall in pretax profit for the period on exceptional items.

The U.K. retailer said pretax profit for the six months ended Feb. 29 was 28 million pounds ($35 million), down from GBP45 million a year earlier. It booked GBP16 million in impairments and provisions for the period, compared with GBP2 million the year prior, it said.

Revenue rose to GBP926 million from GBP859 million, driven by travel revenue, which rose 13% on year.

"The second half of the financial year has started well, and we are on track to deliver full year expectations," Chief Executive Carl Cowling said. WH Smith is well positioned for the peak summer trading period, he added.

At 0715 GMT, shares in London traded 7% lower at 1,170 pence. The stock is down 24% on a 12-month basis.

The board declared an interim dividend of 11.0 pence.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

April 25, 2024 03:26 ET (07:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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