WH Smith swings to interim profit as travel rebounds after Covid peak

The company posted profits of £14m for the six months to February 28 compared with a loss of £19m last year when Covid lockdown rules hit the retail and travel sector.

Total travel revenue in the eight week period to 23 April 2022 was 114% ahead of pre-pandemic 2019 levels. The company also said it does not have operations in Russia, Ukraine or Belarus, but warned it could take a hit from rising costs of shipping goods.

WH Smith said it was ready to capitalise on a new store pipeline of more than 125 stores in travel hubs, including 63 in North America and 31 in Spain.

“Looking ahead, we continue to invest in the business where we see attractive growth opportunities and have positioned the group well to benefit from the return of passenger numbers,” said chief executive Carl Cowling.

“We have improved the scale and footprint of the business and are operationally stronger than prior to the pandemic.

“While there are some uncertainties in the broader global economy, the group is well positioned to capitalise on the ongoing recovery in our key markets and take advantage of the many opportunities ahead.”