WH Smith: shares slightly down after 'in line' results

(CercleFinance.com) - Shares in British newspapers and books retailer WH Smith fell on Thursday after the company unveiled its first-half numbers.


WH Smith said that sales at stores open over a year rose 1% in the six months ended 28 February.

Headline Group profit before tax slightly fell to 81 million pounds in the first half, from 82 million pounds one year ago.

UBS says in a note that these interim results are "in line with expectations," with a "slight upgrade to full-year travel guidance, driven by a better InMotion performance than expected."

The company said that the integration of travel retailer InMotion was "progressing well."

The profit of its travel division was up 7% at 44 million pounds in the first half, and WH Smith said that it expects continued strong profit growth in the second half - slightly above expectations.

WH Smith shares, which have risen 24 percent year-to-date, were down 0.5% at 2,128 pence in London, valuing the business at 2.3 billion pounds.

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