Book and stationery retailer WH Smith swung to an annual profit as a rebound in air and rail travel boosted revenues, with that momentum continuing into the new fiscal year.
The company on Thursday posted pre-tax earnings of £63m compared with a loss of £116m a year ago when Covid travel restrictions were in place. Group revenue increased to £1,400m from £886m.
Travel revenue in the 10 week period to November 5 was 148% of 2019 pre-pandemic levels, it said. For the year to August 31 the business made a trading profit of £96m compared with a loss of £44m. High Street stores made £45m, up £9m.
“We have started the year well and, while there is economic uncertainty, travel patterns globally continue to improve and this, combined with the strength of the group’s growth opportunities, means that we are well positioned for a year of significant progress in 2023,” said chief executive Carl Cowling.
Reporting by Frank Prenesti for Sharecast.com
