WH Smith swung to FY2022 pre-tax profit on robust travel performance | Tech US News

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By Michael Susin

WH Smith PLC on Thursday reported a turnaround in pre-tax profit for the 2022 fiscal year, boosted by strong performance in the travel business, and declared a dividend payout.

The U.K. retailer reported a pre-tax profit of 63 million pounds ($71.5 million) for the year ended Aug. 31, compared with a loss of 116 million pounds in the 2021 fiscal year.

Revenue rose to GBP 1.4 billion from GBP 886 million a year ago.

The board declared a final dividend of 9.1p per share.

The company said its performance in the current fiscal year remains strong, with total travel revenue for the 10-week period to November 5 at two and a half times the level of the pre-pandemic 2019 level.

“We have started the year well and, while there is economic uncertainty, global travel patterns continue to improve and this, coupled with the strength of the group’s growth opportunities, means we are well positioned for a year of significant progress in 2023.” Chief executive Carl Cowling said.

Write to Michael Susin at [email protected]

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