WH Smith has been boosted by a profit rebound in the first half of its financial year as it looks ahead to capitalising on its ongoing recovery.
In the six months to 28 February, the book and stationery retailer posted a headline profit before tax and non-underlying items of £14 million compared to a loss £19 million in the previous year.
Total revenue was also up, climbing by 45% to £608 million year-on-year after sales at its travel business rose by 125% to £338 million, although UK high street sales were flat at £270 million.
Meanwhile, its travel and high street businesses made trading profits of £10 million and £26 million respectively.
During the period, WH Smith launched 28 new technology stores in the UK under its InMotion brand, including a recently opened flagship store at Heathrow Terminal 5. Outside of the US and the UK, the retailer has opened and won a further 11 InMotion stores across six countries as it looks ahead to growing the brand globally.
WH Smith said its UK high street business put in a resilient performance despite retail challenges in the UK. It also revealed that total travel revenue in the eight weeks to 23 April 2022 stood at 114% of 2019.
