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Book and convenience retailer WH Smith said it expected to post a slight annual earnings beat, but warned that profits would be at the lower end of expectations for the 2022 financial year.
The company's annual revenue for the year through August 2021 had recovered to 71% of 2019 levels as footfall improved at travel locations and on the high street.
Travel revenue was 64% at 2019 levels and high street revenue was 84%.
WH Smith said it still remained confident that revenues would to pre-Covid levels in the next two to three years.
'While there will be a return to good levels of profitability in the year ending August 2022, the trajectory of the recovery in travel remains uncertain,' it added.
'This combined with the previously announced accounting finance charges relating to the successful convertible bond issue on 29 April, means that we currently anticipate the levels of profitability for the year ending August 2022 will be at the lower end of market expectations.'
'Although the pace of recovery varies across our markets, we are financially strong and well placed to capitalise on the multiple growth opportunities in our key markets.'