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WH Smith records £69m loss for FY2020 but eyes US recovery
StockMarketWire.com
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WH Smith made a headline loss of £69 million in the 12 months to the end of August, according to its preliminary results statement.
On an IAS 17 accounting basis, the £69 million loss compared to a £155 million profit before tax in the 2018-19 financial year.
Revenue from its travel outlets was down 32%, while high street store revenue was down 19%.
Cash burn for the November lockdown in England was estimated at £20 million, while the company had more than £400 million of liquidity available, including cash reserves and an undrawn revolving credit facility of £200 million.
Despite having to close many of its stores throughout the first lockdowns, particularly in airports, WH Smith reported that its US business was showing signs of recovery through an increase in domestic travel.
Chief executive Carl Cowling said the company had been 'heavily affected' by the pandemic, but had 'responded quickly and took decisive actions to protect our colleagues, customers and the business, including strengthening our financial position'.
Story provided by StockMarketWire.com
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