WH Smith Plc (SMWH.L), a retailer specializing in news, books, and convenience products, reported a 6% increase in group revenue for the fourth quarter and a 7% rise for the fiscal year 2024, compared to the previous year. This growth was primarily driven by the performance of its Travel division. The company anticipates meeting its annual expectations.
Additionally, WH Smith has unveiled a £50 million share buyback program. This decision underscores the company’s robust ongoing cash flow, the receipt of cash from the pension fund buyout, and a strong balance sheet.
In its pre-close trading update for the fiscal year ending August 31, the company noted that like-for-like revenues at constant currency increased by 4% in the fourth quarter and by 5% for the full fiscal year 2024.
Travel revenue surged by 9% in the fourth quarter and by 10% over the entire year, with growth observed across all regions. The Travel division performed particularly well during its peak trading period in the second half, bolstered by key initiatives and strong passenger numbers.
Conversely, High Street revenues declined by 6% in the fourth quarter and by 4% over the year.
WH Smith is slated to announce its preliminary fiscal 2024 results on November 14.
