14th May 2020 11:37
(Alliance News) - WH Smith PLC on Thursday said it expects the second half of its current financial year to take hit from coronavirus pandemic after 7% revenue growth in first half.
The FTSE 250-listed retailer reported revenue of GBP747 million for the six months to the end of February compared to GBP695 million a year earlier. Like-for-like revenue declined, however, by 1%.
Pretax profit slipped to GBP63 million form GBP65 million year-on-year.
Following the disruption to the business from the Covid-19 pandemic, the company has announced that it will not be paying an interim dividend in the current financial year.
"There was very little impact of Covid-19 on our first half results, however inevitably the performance in the second half will be very different," said Chief Executive Carl Cowling.
"Since March, we have seen a significant impact on our business as a result of Covid-19, with the majority of our stores closed around the world," added Cowling.
The company said its revenue in April was down 85% on the same period last year, as expected.
WH Smith shares were trading 6.0% lower in London on Thursday at 862.00 pence each.
By Evelina Grecenko; [email protected]
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