WH Smith has reported a strong increase in sales and profit for the year, driven by the continued resurgence in travel.
Group revenue for the 12 months to the end of August was up 28% to £1.79bn, with stores in airports and other transport hubs seeing revenue growth of 36% in the UK, 32% in North America and 99% in the rest of the world (ROW).
Profit before tax and non-underlying items almost doubled, growing by 96% to £143m compared with £73m in the prior year.
Total trading profit for Travel amounted £164m, up from £89m in 2022, while High Street trading profit fell back slightly to £32m from £33m a year ago.
The retailer confirmed plans to open over 110 stores in airports, railway stations and hospitals, including over 60 in North America.
“Our global travel business is growing in all our key markets,” said WH Smith chief executive Carl Cowling. “It is highly scalable with multiple medium and long term growth opportunities and we are seeing great results from sharing our expertise and innovation across our different geographies.”
Cowling added that the new financial year has begun well, with revenue in Travel UK up 13%, North America up 15% and ROW up 27%.
“With good trading and very positive prospects, despite the uncertainty in the economic environment, we are confident in the group’s outlook for the new financial year,” he concluded.
