WH SMITH yesterday said revenues had surged in the first few months of its financial year as its airport and train station-based shops reaped the rewards of a rebound in travel.

In a trading update for the 20 weeks to 14 January, the stationery stalwart said revenues were up 40 per cent after bumper growth in its travel division across the UK and North America.

Bosses said UK revenues in its travel business jumped 70 per cent compared to the prior year and were up 18 per cent on pre-pandemic levels in 2019, after a strong performance in airports, hospitals and train stations.

However, the group's high street division slumped two per cent on last year amid a wider decline in high street footfall and a tightening in consumer spending. Revenues were down 14 per cent on prepandemic numbers in 2019.

Carl Cowling, group chief executive, said it had been a "strong start" to the year for the firm and it was now targeting growth in new products.

(c) 2023 City A.M., source Newspaper