WH Smith sees profits rise

Published on: 10th April 2014

WH Smith has seen its cost cutting strategy succeed as the group reported a rise in profits before tax of 3% to £69m, for the six months ending 28th February 2014.

The retailer found £9m of cost savings on the high street in the first half, with a further £5m pencilled in for the second half. However, group total sales and like-for-like sales were both down 4%. Investors will be welcoming a rise in the interim dividend from the previous year of 15% to 10.8p. WH Smith also welcomed its expansion into travel hubs, with 150 units being won.

Stephen Clarke, group chief executive, said: “The group has delivered another strong performance, with profit growth in the travel and high street sectors, demonstrating the continuing success of our strategy.”

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