WH Smith profits climb, announces buyback

15th Oct 2009 07:02

Newsagent chain WH Smith announces full year results that saw profit before tax climb by 8% despite a drop in sales.The group also announced that it is returning up to £35m of cash to shareholders through a rolling share buyback programme. Profit before tax and exceptional items came to £82m in the year ended 31 August from £76m last year, despite sales dipping to £1,340m compared with £1,352m previously. Like for like sales were down 5%. The group said its operating performance was ahead of expectations in both its Travel and High Street divisions.The full year dividend has been bumped up to 16.7p from 14.30p. 'We continue to invest in the business where we believe we will create value for our shareholders,' said Kate Swann.'Whilst trading conditions are challenging, we have planned accordingly and the group is well-positioned to benefit when consumer spending recovers,' she added.