WH Smith hails strong UK travel performance as FY profits rise
By Michele Maatouk
Date: Thursday 14 Nov 2024
(Sharecast News) - WH Smith reported a jump in full-year profit and revenue on Thursday as it hailed a particularly strong performance from the UK travel business and over the summer.
In the year to the end of August, group profit before tax and non-underlying items rose 16% to £166m, while total group revenue was up 7% at £1.92bn.
Total revenue in the travel segment was up 11%, with Travel UK revenue 12% higher, North America up 9% and Rest of World 18% higher.
Total trading profit in the travel business grew to £189m from £164m, while total profit for the high street segment was flat at £32m.
Chief executive Carl Cowling said: "The group has delivered an excellent performance throughout the year, particularly over the key summer trading period.
"Our travel divisions are trading well with a particularly strong performance from our UK Travel business, with trading profit up 20% to £122m. We are making excellent progress in the UK as we continue to benefit from the rollout of our one-stop-shop format which is creating significant opportunities to further grow profitability.
"Our most exciting opportunity for growth is in North America. We are very pleased to have recently won some significant new airport business, including wins at Dallas, Denver and Washington Dulles airports, and we are the preferred bidder for a further 15 stores across two major US airports. Our store opening programme is on track and we have a new store pipeline of circa 60 stores already won."
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