News, books and stationery retailer WH Smith plc has reported a strong performance ahead of expectations for the first half of its financial year.
Group revenue for the six months to 28 February 2023 was up 41% to £859m, boosted by the return of global air travel.
Pre-tax profit grew to £45m, from £18m in the same period last year.
WH Smith said that during the period it saw strong momentum across its global travel retail business — encompassing its stores in airports and other transport hubs — as passenger numbers recovered after Covid-19 restrictions were lifted.
Travel is expected to represent over 70% of group revenue and around 85% of group profit from trading operations by the end of this financial year, according to chief executive Carl Cowling.
In its high street stores, WH Smith saw a small drop in first-half profit as the cost of living crisis impacted consumer spending habits.
“Looking ahead, we are very well positioned to capitalise on the substantial growth drivers across our markets and we expect to make further good progress in the years ahead,” Cowling added. “Current trading is strong and we are ahead of expectations for the full year.”
