WH Smith has returned to profit after a successful year in which it reached its strongest ever position in the travel market.
In the 12 months to 31 August, the book and stationery retailer posted a pre-tax profit of £61 million compared to a loss of £104 million last year.
Furthermore, revenue climbed to £1.4 billion from £886 million in the previous 12-month period.
WH Smith’s travel business performed particularly well and posted a trading profit of £89 million compared to a prior loss of £39 million. While first half revenue was impacted by the Covid-19 Omicron variant from December to February, the business benefited from a recovery in the travel market in subsequent months which meant sales rose by 131% to £927 million.
Meanwhile, WH Smith’s high street stores grew their pre-tax profit to £33 million from £19 million in the previous 12-month period despite a 2% fall in revenue to £473 million.
