WH Smith has announced a surge in sales for the past six months, due to the return of people travelling.
In an update, the Swindon-headquartered retailer said that its revenue was boosted by people returning to airports and train stations, in addition to the openings of new stores. The group's revenues consequently have risen by 41% to £859m for the six months to February 28, compared to the same period last year.
WH Smith bosses called its current trading "strong" and "ahead of expectations for the full year." The retailer also said its pre-tax profits rose to £45m from £18m in the previous half-year.
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Carl Cowling, group chief executive of WH Smith, said: “We have seen a strong performance in the first half of the year, further strengthening our confidence in the prospects of our global travel business.
“We expect travel to represent over 70% of group revenue and around 85% of group profit from trading operations by the end of this financial year.
Mr Cowling added: "Looking ahead, we are very well positioned to capitalise on the substantial growth drivers across our markets and we expect to make further good progress in the years ahead.
“Current trading is strong and we are ahead of expectations for the full year.”
In January this year WH Smith reviewed its global travel retail business and said it was in its "strongest ever position" as passenger numbers continued to grow following the Covid-19 pandemic. In a trading update for the five months to January 14, the firm reported total group revenue was up around 40% on the same period a year earlier and by a fifth of pre-pandemic levels.
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