By Laura McGuire
WH Smith said that revenues leaped 28 per cent for the year to August as the airport newsagent pans to bolster its presence at travel hubs through a “forensic approach to space management”.
The book and stationery supplier said revenues were at £1.7bn, as the firm was boosted by surging return to travel after the pandemic.
Its sites in airports generated profits of £164m up from £89m, as WH Smith said it has plans to open over 110 stores in airports and train stations across the globe, including over 60 in North America.
Chief of the firm, Carl Cowling, said: “Our North American business is benefiting from our forensic approach to space management which has always been a key feature of our UK Travel operations.
“In the same way, the ability of our North American business to provide bespoke retail formats is now being successfully harnessed outside of the US.”
On high streets, the group’s earnings fell slightly to £32m down from £33m last year.
During the year, WH Smith, has reduced its high street store portillo from 527 stores to 514, as the firm continues to turn its focus to its money making airport and travel business.
Cowling continued: “WHSmith is a highly cash generative business. In 2024, we expect to invest a further £140m which will drive further growth and at the same time we expect our leverage to fall within our target range.
“These results would not be possible without the extraordinary efforts of our entire team across the globe, and I would like to offer my sincere thanks for their support.
He added: “The board’s decision to propose an increase to the final dividend to 20.8p per share, making a full year dividend of 28.9p per share, reflects the good performance, the group’s cash generation and our confidence in the future given the multiple growth opportunities that exist for WHSmith.”
