WH Smith PLC on Thursday reported robust growth across its travel divisions.
The London-based retailer said in the six months ended February 29, pretax profit fell 38% to £28 million from £45 million the year before.
Over the same period revenue increased by 8% to £926 million from £859 million.
An interim dividend of 11.00 pence per share was announced, up 36% from 8.10p.
Group Chief Executive Carl Cowling said: ‘The group is in its strongest ever position as a global travel retailer. We have had a good first half and our businesses are well positioned for the peak summer trading period.’
During the first half revenue grew consistently across all three of the company’s travel divisions, spearheaded by 19% growth across the ’Rest of World’ division which includes Europe, Middle East and India, and the Asia Pacific region.
Meanwhile, the UK and North American travel division saw revenue growth of 15% and 17% respectively, in contrast to the company’s High Street business which saw a 4% decline in revenue.
For the opening seven weeks of the second half WH Smith reported 9% revenue growth across its three travel divisions.
Looking forward, the company expects to finish the second half with profit across these divisions exceeding the year before.
WH Smith shares were down 5.1% to 1,194.00 pence each in London on Thursday morning.
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